The Washington times., 1909-05-20
NEW HIGH RECORDS MADE AND LOST
IN THE LEADING STOCKS.
MARKET SOFT.

NEW 1OkN, May ~ =. ~
liquidation was further aided by the re-
port Of three or four suspensions oI
moro or less important Boston houses.
Unquestionably they had some effect On
the market, but the chief cause of tie
weakness was liquidation by the big in
terests. Many traders associated this
liouidation with the passing Of II. II
Rogers. although the actual loss. was
not very large other than as it marked
the loss of the gains.
Little steel. which was one of the
market leaders. eased to 59is, a 5 net
decline. Southern Pacific lost its gain
all but =. Union Pacific lost its gain
and = additional. ST Paul lost its gain.
practically. Reading lost the gain and
= additional.
In the Industrial list Ama.gamated
Copper was the weakling, losing its gain
of = and an additional 3 of a point,
while Smelter lost y net.
An the rails and industrials suffered
in the liquidation. The promise is for
a weak close.
NEW YORK. May 2o-1 p. m.-There
was a strong surface tone TO the market
and yet there were evidences here and
there Of considerable liquidation on the
strength shown in the Union Pacific,
Reading and Steel common shares.
while Southern Pacific was also well
maintained. Prices are not fer from the
high records OF many. of the leading
stocks They are only high enough
considering the dividents paid. The de-
Law in reaching a conclusion in the tariff
bill is vexatious and many of the big
men OF the Street are anxious for their
usual summer sojurn in foreign coun-
tries, indeed many of -he leaders are
over there now. It is rather peculiar
that the death of a man as important
as an industrial captain and a holder Of
enormous Quantities OF stocks should
he followed by such pronounced strength.
Surely some adjustment must be made
as an incident 10 the passing of such
a personality
Prices On High Level.
That the market is on a high level is
admitted even by those who believe that
it viii 90 higher, while the bears ap-
pear TO be willing to take chances only
FOR temporary reactions. The theory
that passage or the tariff law will be
followed by immediate prosperity of
the real character is quite general. but
some of the thougntful, conservative
men of tho Street consider that a good
reaction is due to appear on schedule
some time between now and the middle
OF June.
They point to the fact that Europe is
drawing our gold slowly. but in mod
crate volume in the aggregate, and that
our trade balance Is being materially re
iuced by the limited shipments OF
wheat. corn, and beef products, and the
lower prices for the cotton exports. II
Is interesting TO note that the gold eN-
ports to date have reached S5l.250.o00 for
the current year. and that our banks
have commenced TO Ship gold coin. while
sterling exchange holds very strong.
Steel Common Shorts Cover.
Little steel touched 50 today It was
evidently a case of going cunning for a
bunch of shorts who had fixed their
stop-ioss at the 50 point. The gunners
sold them stock at co and then the
market eased off. The preferred touched
40. Reading moved up to 159st. the high
since 1908. High enough even on 4 6
per cent basis with prospects. Southern
Pacific moved Up from 122sl to 1241s,
reasonably high. new high. on e&-
pectations OF something favorable de-
welcoming at today's session of the direc-
tors ST. Paul rose from 1904 TO 15l&,
and back a.
These were the market leaders. these
the strong points. though Sioss-SGe<held
rose another point, and Republic Iron
and steel was strong at Z. net gain.
Chesapeake and Ohio. Atlantic Coast
Line. and Hartman directors meet to-
day. Each meeting may be responsible
for some new development, but the
chances arc against IL.
London was the only European mart
open today. and there Americans were
strong under Reading leadership.
The His, Eries, etc. showed slight
gains. Erie is said 10 show indications
Of 4 S3.0O00oO surplus over fixed charges
for the current fiscal year, thereby JUS
tifyinc President UDderwOOds 8 predic-
tiOns as to the result Of the years oper-
stIons.
Turn About Midday.
II was iu@. about i:S0 q. m, when the
market began 10 wobble-iust bit at
FIRST and then more and more, passing
into the noon hour with some conces-
sIons, and in the noon hour the Street
evidently suspected tho inside selling
that was scattered throughout the list.
At the end of tho hour the slump had
reached respectable proportions. This
was shown with Little Steel lowering
around 50ss, = net loss Of =. the pre-
Pacific al 1891, = below yesterday S
final sale and nearly = point from high.
Reading turned 10 15S5z, the gain being
wiped out iu the recession of = of a
point Copper fell back from SSiz 20 S23S
and Smelling from 93iz TO 927s.
AS these stocks acted so did the whole
list, everything joining in the slump and