The Washington times., 1909-10-18
STOCKS BECOME DULL AND LOWER
ON HEAVY PROFIT-TAKING
AFTER SHARP RISE.

NEW YORK, Oct. 1s-As every one
expected, the market got under way
with a full head OF Steam and sharp
advances all through the list. The de
Inand for shares was urgent, and would
not be denied The shorts were scared
out and rushed to cover, forcing up
prices on the leaders over 81 a share on
the average. and then the Insiders sold
stock freely and checked the advance
sharply. this stoppase being followed
by reCessiOns In which practically all
of the Improvement Of the morning
went by the board.
Everything came in natural sequence
just as might have been. and really
was, expected. The great bank state
ment on Saturday, real or manipulated
was the good and sufficient reason Tor
the bulge. and the bulge was the cause
of the selling.
There was nothing but favorable
comment in the news Of the day; moth
ing that could be twisted to the aid
or the bears, except the probable fact
that the bank statement did not re-
fleet the credit position of Wall Street
From the West came glowing accounts
of the satisfaction experienced by bust
ness men and railroad men, as well.
over the condition Of their business
Pfttsburg reported a famine in Steel
in direct contrast TO the late condi-
ton, namely, a famine in ORDERS.
There was a repetition of the story
that the Morgan interests had entered
Copper for Coppers good. Public an
nouncement of the movement on the
part Of the Steel magnate Is expected IN
the near future. 1t was rumored IN
some quarters that there would be fur
r.eanH
that there would be an increase in the
dividend rate, and that new stock
issue would be announced IN the near
future or as soon as Pennsylvania hau
marketed a new issue. the pest iuiiloI
in the three is the first The passing
Of the Hartman interests as a prob
ability in New York Central Is the
wherefore.
katy made and held a good
advance The Street seems TO think
that the Hawley viii md a way 10
make this stock pay dividend, also
that 1t will be carried to about 90 on
vance of 10 points. It added points
to its price this morning, and then went
back TO rs net gain. 1t was one OF the
active minor rails
The Old-tfme leaders made modest
Jumps at the opening and went back
without much trouble. Union Paclnc
rose 10 205E4 at the first crack OF the
bell. made il 206i4 and then dropped back
&c JUS a net H+J-AAl USE
added 4 point early ana then lost IA
10 1895. Southern Pacific lost g mex.
c. & O.. and Denver, We're y hisner'
y. Y. c. lost y. Pennsy vas steady
Most Of the Southern and Southwestern
shares we're holding their own much
better than the rest of the trsts IN me
late dealings. They are favorites with
TnduStrials were nearly all strong car
", and many stocks in this list held at
least part Of the gains throughout;
Steel common jumped to 9S, or Us, and
retired to gllE, a loss of =. The pre-
ferred went back 8. Rubber was IA
higher, Railway Springs =, Republic
Steel q, Lead s.. Copper y and Sr1eIt-
ing z higher, although the last gain
Was not maintained
After the slump the volume OF busi-
ness gradually decreased and during
the noon hour was very moderate:
SOhme further recessions followed, steel
common, going to e0'4 and recovering to
sos net loss OF 1ss- Union Paclne
touched 2O3Ls, and recovered to 203s4-
Southern Pacific 12S7s TO 1914. Read
ing broke TO 1885 Toledo and south
western was IA higher Some of the
Southern and Southwestern shares
eased of a little. out they were the
strongest on the list.
In the second hour OF the afternoon
the dullness continued undated, with
slight recOveries of an eighth or
quarter here and there throughout
the list The volume OF business after
the noon hour did not improve much.
The chances are for some short COW
ering in the last hoUg-