The Washington herald., 1909-03-29
BEARS ARE ROUTED
Spectators for a Decline Are
Forced TO Cover.
PRICES RISE SPONTANEOUSLY
Course of Stock Market Indicates
Liquidation Is Nearly Completed.
Trading Remains Dull and Narrow
Until Saturday, when sharp Ad-
vance Oeeurs-GOOd Crop OutIoO<.

New York, March z.-For about two
weeks past the action Of the stock mar
ket has been such as 10 engender some
thing more than a suspicion that Mquida-
ton in II has been completed
The market during most Of this time
has been duh and narrow. and specuIa-
tors for the decline we're stout IN their
asseverstions up 70 last Saturday that
the advances that had been made we're
50 small thar they could be entirely wiped
out by a good round drop that might
easily occur as the result OF a single days
active trading.
Nevertheless. the course OF the market
was OF a kind that was obviously dis
concsrting 70 these same spectators for
the decline. as the rather rapid cover
ing movement on Saturday testified
There have been no evidences in the mar
ket OF pushing upward OF stocks, or
even of the taking OF more passing in
terest IN Il BY the larger financial pow
ers. Some OF the minor stocks have. n
deed. risen considerably IN consequence.
perhaps. OF the work OF one or two small
market pools. but the great men OF Wall
street are stin most Of them away from
the scene OF action. and such OF them as
are present are only paying the same Ian
guid attention 10 the market that they
have been for many months past
Advance Is Natural.
The rise that has gone on has been
apparently a spontaneous and natural
afisir. and testIfes 10 the growth OF a
feeling OF confidence on the part OF the
general public regarding the essential
soundness OF business conditions On
every occasion latterly when the market
has fallen the level touched on the de-
cline has been a little higher than that
OF the previous fan, and on each sue
eeeding rally a new high point, even Il
but little above The one last touched. has
been reached.
Whether this is or Is not what Wall
street calls "a creeping hull market" re-
mains 70 be seen; but IL is C'-1~ that peo-
pie who have stocks c. - -e TO sell
them and are not scared t taIk OF de-
uloraIization IN the steeI trade. foreign
war scares, the effect of a possible ad-
verse decision IN the commodities clause
case, and b. emphasis laid upon other
actual OF contingent unfsyorabls factors.
On the other hand. there have been sew
/ eraI Developments recently, none OF Jhem
/ OF the first rank, perhaps, but all OF them
/ Of a kind calculated 10 create a uO7e
cheerful feeling II Is now all but as
sured that the trouble in the anthracite
I regions has petered out. even II the coal
( operators suspend work on April !, pend
I ing a formal settlement OF the three
years agreement with their men. OF
suspend work at that time anyway on
/ account OF the large surplus stocks OF
| coal In store. The operators VIII, OF
/ course. be foolish 70 allow the men 70
! postpone the time OF making this agree
ment until the autumn. when the men
/ could use the leverage OF a strike 70 Ear
/ better advantage than they can now.
/ But the matter IS a stock market con-
| sideration has substantially disappeared.
Case Lacks Terrors.