The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-23
SENTIMENT is BECOMING BEARISH
DESPITE FACT THE PRICES
MADE SOME GAINS.

NEW YORK. September b p. M
In the last few minutes the duliness mas
been accumulated, and the market is
easing off on small sales. Pennsylvania
has gone off to 1853 Reading to 1919,
and many stocks on the list from 4 70
u point. The Southwestern stocks are
inclined to be weak - the theory that
the cotton shortage and the storm dam
age viii lessen earnings. Colorado
southern was off pa. and Delaware and
Hudson showed 12, loss.
NEW YORK, Sept. 23-The advice all
along the line is TO be conservative, to
go slow and to sell on rallies. The
temper of the market has evidently
changed, and not for the better. The
theory advanced ia this column some
days ago, and reiterated again on
Wednesday, that the big men of the
Street have been selling stocks right
and left for some time. that they have
been making a show of strength here
and thzre to facilitate liquidation else
where, finds ample confirmation. Yes
terdaE the strength OF PENNSYLVANIA
was used for this purpose; other days
1t has been Reading, and occasionally
other shares. The most evident fact
IS the changed position Of the Harri-
man shares Union Pacific is not want
ed with anything like the persistency
It was a short time ago, and it looks
as II Il might cease to be attractive to
the speculative element. Illinois Cen
trRl, another Hartman, was a weaklinE
with a break OF 23k points on limited
trading. This was another feature or
today's session, indisposition 10 ex-
tend operations. New York Central
was slow.
Midway in the second hour Of the af-
age Improvement Of about e point,
while there was q notable lessening I'm
the volume Of business, support being
Withdrawn as the market showed a lit
tie better undertone. Pennsylvania was
holding around 141, a IL net advance ,
Reading was 16S, Il gain. the Steels
were at s. and 129. respectively. South
ern Pacific End ST Paul made the aver
age inprov ernent. So did Union Pacific.
Smelling was Is better. Sloss lost a
point. Republic Steel gained = on a
story Of dividend possible.
Grows Stronger.
After the declines In many stocks
during the morning the market grad
ually grew firmer. but, despite some
moderate advances. the feeling was de
cidedly unsettled. and the prediction
was made around the room that support
was being given to check the reaction
and stop selling. but that II would
probably be followed by an easier clos
Ing, the theory being that the rally
would induce sales The features Of the
session were Pennsylvania, Reading.
Consolidated Gas. and the Steel shares.
There was no let-up in the bullish
talk. It was worked hard throughout
the entire session. Officials of the Har-
riTnan roads asserted the fact that their
earnings and car loading was Just about
equal to last years: Brooklyn Rapid
Transit is expected to show an increase
OF $4,000 in earnings for the September
quarter; a large block OF Steel common
has been sold In Paris. and many other
bull tales were on the tape.
Support Necessary.
The buying orders PUT into the mar
ket were necessary. for the bears were
out in force and pressed for an ad-
vantage on the early operations. They
broke Reading to 167, Southern Pacific
20 1921 ST Paul 20 1898. Union Pa
cihc TO 2o21z and the list about y a
point
The recoveries during the noon hour
were sufficient 10 Of = and "A IN the
rails and y in some iudustrials.