The Washington times., 1909-10-22
STOCK MARKET WEAK AND LOWER,
WITH GENERAL LOSSES IN
THE LIST.

NEW YORK, Oct. 22.-Conditions to-
day are just about as they were during
four hours out Of five on Thursday,
when the Stock Exchange was In ses-
sion. None Of the tone and strength
shown in the last hour yesterday is
Visible, and with the weakness has come
the same pervading dunness. The bears
realize that the big men on the Street
have the power TO turn prices 70
higher range on short notice, and for
this reason they hesitate 10 make an
attack all along the line, despite the
evident fact that existing conditions are
against any legitimate upward move
ment in stocks.
Probably the most important news OF
the day Is TO be found in the advance
in sterling exchange TO the gold export
ing point. This means that gold viii
20 out before the end Of the week or
with the coming week at least. This
condition is the result of the fight across
the Atlantic for gold. France. England,
and Germany are all in the market,
and England is making the strongest
bid for 1t.
As a result of this scramble, loans are
being called, discount rates raised ana
HouIdation follows in seqU nee. Not
only are Londoners selling Americans
but New Workers are hquidatins on
strong spots in The London market.
Traders are simply scalping in this
market. making play for recoVeres
when the list IS weak and taking profits
on anl rally that develops. The fact
tl.aI nearly one-third of the sales yes
terdav and for several days have been
steel. common, is another feature
~ the situation not to the liking OF
conservative traders
The announcement of the advance IN
sterling helped along decline ina ~ ~
making headway' anu ,1i- 49, sr,,-a
reached an average OF d uo'-"' "
before the noon hour 49,. -
Steel common made the greatest loss,
2L points with but little recovery A''0
preferred lost q. ,- mr.
The AIN shares were again weak no.
tcl5sna with ANYTHING ike the SLISilslll
thew should show IN view OF IlS -
cent maintained dividends ana Lle edI
ings and prospects OF Ihess - -
Tvfa,- are DOints below Reading. ana
other stocks that do not yleld any Inlus
IKE the same dividend on the investment
This probably because tntLe II 10 eec,Ii
nipulation in these investment sec'iIi
ties because J. J. Hin does not seem 70
care whether they 90 up or not
Steel Weak.
During the noon hour there was
sttu further break. adding probably 2
point to the losses on an average. Tne
selling movement surprised the friends
Of higher. prices Some OF the best Wall
Street brokers wired their customers
that stocks should be bought for a sharp
rally. Perhaps this rally may come III
the last hour-another repetition OF the
late rally Thursday-perhaps not
The fact of the matter Is the market
is getting tired There has been no re-
action worthy Of the name since the
market reached the top. Steel common
was carried from 65 to 94s without
sefhacE ana the world bought II and
made money on # Most OF the trading
was speculative and on margin. Money
suddenly becomes a factor the world
over. prices sag, calls for margins fol-
low, and then the hoping ends ana
stocks are sold. The market has lost Its
greatest leader. a new Moses mas not
matured.
VIII Not Touch Emergency Fund.
There are 100000 Of emergency
money in the vaults of or controlled by
the Government IN washington. Good
securities are sufficient to get a large
block OF it. but the banks understand
thoroughly that the frst Indication Of a
draft on this fund would be taken as
meaning an emergency signal.
Stocks may rally when short sellers
cover, but the closing level each day is
likely 10 be a little lOwer-untl after the
crop movement and the return flow OF
cash. We should be importing gold not
exporting IL. Money rates, ~ per cent
The Indications. actually, were not
favorable for a rise in the final hour
this despite the fact that the rise may