The Washington times., 1909-06-21

hour. The whole list brOkS badly
- she catching of Etop-lOss-Orders
carried the market down severely
There was no rally.
NEW YORK. June III p. m.-There
were further declines in the second hour
of the afternoon and few rallies The
market was decidedly active AT TINS
bo,r Union Pacific is 1S9, Reading 14s.
Northern Pacific 1904, Great Northern
las Conner 70, Smelling S9is, Steel co.'s
for common. and 122ss for preferred
Lively trading is the order Of the ses-
sion.
NEW YORK, June 21.-Up until the
noon hour it was an uninterestli
slow market, sometimes showing Mite
strength and again receding. There 10
a mixture of news and comment Gen
orally the } atter is Of a very favofaOie
trend havhg to do with the improve
ment in 10 siness as shown by the eho4
nous clearings. the employment Oh sleel
and iron mills 10 a greater extent thaH
at anv time for nearly two years. the
prospeets for good crops, and the great
abundance of easy money. ms Is 'n7
bull side of the story, and II IS at
tended with the story OF last WEEK
reaction TO further impress on the pup
lie the good points Of the market But
there are those who. while admitting
all that has been. insist that the mar
ket has discounted all good things, and
that the decline must 60 further
Bearish Influence.
one ~ the most important banking
institutions in the city. a recognized
TO-DAY 10 circularize its customers IN
strong article holding TO the idea that
stocks were high and that they would
have to go lower. In our judgment
material setback in the stock market
is 10 he expected at an early date.
This warning IS set forth IN careIulIy
rreDared analysis in which the various
factors pro ana con are SET IOIth az az
length and balanced. The outlook TOT
the distant future is said TO be good, put
the speculative position at this time VIII
not it Is claimed, stand bulllsh &C
tivity on a broad scale without re-
adjustment Of a drastic kind
This circular unquesIionably had much
eject in restricting bullish operations,
and later in helping along the down
There was nothing from Paris on the
Steel listing-indeed, the street is III
quanGary as TO why this whole scheme
was put up. whether Il has any merit
or not and whether or not It was simply
a spectacular play TO account for the
bfg rise that antedated the movement.
the rise being IN Steel common,
The publication of table OF the oper-
ating activities of various Industrial
companies was an early influence
Smelling and Copper were shown 10 be
per cent, and the average increase was
% per cent in the last six months on
practically all industrial corporations
Some Early Rises.
Following the opening there were
some rises here and there throughout
the list, but on Union Pacific, Southern
Pacific, St Paul, Reading, and the
Steels the actual charges we're inconse-
auentiaI. The Hill shares were firm.
Great Northern rose and held Z OF
a point gain until nearly noon, while
Nipper made, 1t a little over a point net net
Smelling with business at full capacity
rose a point and so did a few other
stocks.
Cyclone Storm Hits Market
And then. just after midday. the cy-
clone hit the list, churning It from d
calm and undisturbed stately minuet-
sort-of-a-market into busting, active,
receding, surprising market, where
stocks were thrown over freely and stop
orders. caught right and left. Stop-loss
orders have been the bane Of the list
during the last two weeks, and they
will continue TO disturb the serenity OF
the market as they have been placed
on practically all orders on the buying
side that did not emanate from the big
people themselves.
This turmoil and trouble may be laid
partially at the door OF the circular sent
out by the big bank. Partially, but
the immediate cause was the big break
in Wabash. which sold aown from 575s
20 532z. For a time II looked like the
bursting Of the Wabash pool, although
the story from the exchange was on
Etop-loss orders.
Whatever il was the break in Wabash
his the list hard and uncovered this
plethora Of stop-lOss orders.
Big Breaks Follow.
By I o'clock THIS afternoon. in just
an hour Wabash had lost points. Cop
per had been smashed S15t TO IS, Smell
ter from 91ss 20 Sg3s. Steel common from
g. to GI4. the preferred from 1237s 70
LIZ, Union Pacific from 1915 back be-
low $50 and the whole list was on the
down grade-soft as mush.
But the lower prices brought some
good buying and stated the bears 70
covering, so that 1t a least awakened
the market
Irregularity is certain for the rest
Of the session
SEABROOKS Def.