The Washington times., 1909-10-20
STOCKS WEAKEN, THEN RECOVER,
AND BECOME VERY SLOW.
SENTIMENT BEARISH.

hook as If the stock market had dis
counted practically every bit of good
news that has developed or Is likely 70
become public in the immediate future
With nothing to look forward to as
stimulus to still further advances, with
crops, industrial and commercial pros
peritv, investment demand for securities
all discounted. the bears are beginning
to be more pestiferOus, and are making
raids here and there. finding yielding
spots, and working for general reces-
sions. once more were hear the story
OF overextended credit abroad, coupled
with an assertion to the effect that
continental bank absolutely refused TO
consider steel common as collateral Tor
3 loan. The Street misses Mr.. Harrl-
man more and more. His plans were
formerly good for a sharp rise almost
ANYTIME. whether facts or simply
rumors.
There is a story in circulation this
morning to the effect that the North
western Railroad Company was plan
ming to build to the coasta. 1t doesn't
seem possible that there is anything IN
il but If there should be IL would mean
another alignment of the map. North
western in the Union Pacific's big stay
between Chicago and Omaha its East
ern terminus. It delivers the Nanderhllt
through tonnage and passengers 10 lhe
Union PacifC-it is essential to The VAN
derbilt-Harriman through line, II the
Northwestern Is to build through TO the
Coast il means that the Nanderbilts are
TO again come 10 the front and have
their own through line. Il was Harri-
mans dream &c enter New York Central
and control the Vanderbilt properties.
This proposed extension if really and
seriously contemplated and then carried
out would play hob.
London again set the pace on the
down grade Americans. Renewed sell
ing for New York account was reported
and there were evide nces that the Con-
tinent was selling American shares on
the London market OLndoq operators
are. nervous over the speculative activ-
ity and fears are expressed fer an un-
favorable bank statement Thursday.
Once more the attention of the bears
has been directed to the large number
of stop orders in Steel common, and
they have gone cunning for them-ex-
pecting TO find large number under
50 to So one OF the morning stories IS
that Charlie Schwab will sell control OF
the Bethlehem Steel Company to the
big corporation because of the rail Tacll-
tiles which the big company could use
10 good advantage. There is no con
firmation of the report and il is prob
While the Street confidently expects
20 fnd untitled orders on the corpora
tion's books for at least oUUO,UOJ tons IN
since September SO, 1907, sentiment IS
less favorable on the theory tnat even
the best and the increase IN olVluSIiiu, i
j. made, have been discounted, 1 @ llS
-fF
earlier in the week, have Withdrawn
support. When the price qIopSG
through 80. the stop orders caught .,lS dlo
not amount TO mucns nor were IiivS
numerous around oS9s -,
story OF the forthcoming issue Dei4s
marketed around 10. Discounted said
the bears. In fact discounted was the
Fevnote Of the bears movements al
day
Make Little Headway.
DESPITE this feeling and the indisposi
ton of the pools and Insiders TO give tn'
market support the bears made littI'
headwav in their campaign An aver
age recession Of 2lk TO point was th'
hest they could do, while here and there
strength was shown as IN the case o.
Big 4 which advanced rs and Atchison
Finding that the market yielded bu
slowly 10 the discount argument and q
their attacks the bears were ready q
pun or about noon an dcoFer thei
trades. with the result that during th
noon hour the greater part of the earle
losses. were recovered. steel which ha'
been down 20 S9ik pulled up TO sJ4 OF
fraction better than the finals Of Tues
day. Copper added y point net gain
Union Pacific which had been down Z
2g21t. rose TO 203 again and this stor
was repeated here and there thrOughou
the list Northwestern was on ~
probably on the report Of the construe
tion TO the coast
On the recover Of strength the mar
ket became very dull, moving sluggish
and with the probabilities for an easie
closing.