The Washington times., 1909-01-30
NEW YORK STOCKS IN WEAK CLOSE
WITH BEARS CONFIDENT OF
THEIR POSITION.

NEW YORK, Jan. SET was case
of sell stocks today. The walters who
have been carrying moderate amounts
looking for a Title more profit largely
on specialties, found the market
sufficiently soft to threaten further
losses and sold. The bears pressed for
the advantage time and again and find
ing resistance to their efforts feebIy
made mare confident raids for good
success. It was evident to any praCuced
observer that the insiders, the Harri-
man clique was not giving the market
any support whatever, but were permit
ting the decline. perhaps with view
Of either extending the short interest TO
greater proportions, or, more probably,
with a view of permitting the reaction
10 reach a point where the puolic might
be interested and shift from the buy
ing of bonds TO the buying of stocks.
Bull Movement But Resting.
No one believes that the bull move
mept has Culminated-it is but resting,
afId the paper value of the securities in
Which the clique is interested, is lower,
but the decline can be recovered-when
the bulls care TO take up the control
they have laid down.
Theirs has been a large following Of
the Harriman-ROckefe clique;
Eemi-pTOfessiOnal following that has
been making much money on The way
up. though getting in and out fire.
qUently.
ket-it is 2. habit followers usually have
and many of them have clipped their
profits in two as a result.
Causes for Decline.
In addition to the readjustment Of
European finances as a result of the
Italian disaster. the Street fears a re-
newal Of the gold expert movement.
and is dissatisfied with the industrial
situation, especially in the steel line.
Then, too, there IS not the slightest
chance for the repeal of the Sherman
antitrust law at This session of Con
gress, and these with the investigation
OF the Steel merger, the various rail-
road changes that may or may not lead
10 trouble, all tend TO cause holders OF
stocks TO consider the adVisabllity or
selling and the consideration usually
precedes the action. Moreover there is
Information OF the most positive kind
that the tariff on steel viii be one that
will surprise even the officials OF the
corporation who expect a considerable
cut as a result OF the testimony OL
0Ir. Carnegie and Mr. SchWa0-
Lowest Prices Of Week.
The weakness OF the last few days
has CulTnlAaLt0 IN kAC ESNabliotLiilta4it RA
the lowest prices of the week on many
stocks. This is true with regard ia
New York Central Chesapeake and
Ohio, Colorado Southern, Union Pacific.
Southern Pacific, Chicago and Alton.
Missouri, Kansas ard Texas. Northern
Pacific. St. Paul. Copper Locomotive,
EmelIer, Sugar and Anaconda
The declines were several, and when
coupled with the losses for the rest of
the week make the showing four 10
five mad even six points below the high
est prices.
Net Losses.
The net losses for the day were is on
BROOKLYN Rapid Transit Is on Chesa-
Peake and Ohio, 30 on Alton, lls on
Colorado Southern. . points on Biscuit I
rs on Katy and Great Northern. Is on
Missouri and Pacific, IA on New York
Central. Southern Pacific lost q point
and Uuion a like amount Locomotive.
Copper, Sugar and Railway Springs
lGLi4 lower. SmeIter sold Oft from -
TO E2es, but recovered q. Steel, common
broke 10 5lss. but COlsed III 81 The pre-
feTred was very firm.
The wax closing was taken by many
Is Indicative of continued weakness, but
the insiders are liable 30 turn anytime
and relI the bears. The latter, how
ever, are more confident than they have
been at any time for months past