The Washington times., 1909-10-11
STOCKS HAMMERED
FOR HEAVY LOSSES
Little Steel, Smelling, Cop
per, Union Pacific, and
List in a Slump.

NEW YORK, Oct. 1.-THE market
started with a spasmodic squirt showing
gains averaging = point, but il proved
TO be short lived. It was occasioned by
the execution Of some orders on the buy
ing side and the covering OF shorts. Be
fore the market had made much prog
ress II was checked by the free selling
of Little Steel and the accelerated liqui-
dalton in Union Pacific. Bankers called
more loans and the bears, encouraged by
the signs Of lower prices. raided the
market here snd there with considerable
persistency. The manner In which the
strong opening met stock did not please
the buyers. There is no question but
what traders are bearish but aside from
their sales there doesn't seem TO be
much stock pressing for sale. An over
sold market would be the best thing
possible. but there seems TO be some
difficulty in executing large orders eth
er way. The display of weakness in
Smelling and copper is noticeable and
adds to the disquieting feeling, coming
on the heels Of such good strength as
was shown during the greater part Of
the previous week.
Most of the market I'D 70 the noon
hour was made by traders on the floor
Of the exchange. The selling Of Steel
be admitted that the absorption was
satisfactory. nor did the morning price
shown any net loss, the decline being
simply loss OF the earlier gain.
Union Pacific was really the weakling
of the first half of the session. It ac-
tually rose = OF a point on the initial
trading, then turned, lost the gain and
in addition thereto matter Of IL points,
and showed but little rallying power at
the decline
On the Toboggan.
During the noon hour the slide was
well creased. Stocks came out in vol
une. ard the bears stated with success
kept hammering away at the list. which
declined by fractions and half-pOints TO
new low levels on the reaction. Little
Steel finally yielded to the pressure. and
gave away after bravely resisting for
two hours. on the slump II dropped sos
with a small fraction recovery. Smelt-
ing continued TO drop, touching 1872. a
loss OF nearly points, and showing no
disposition to rally even at the cones
sion. Copper which mad made an at
tempt TO rally around %. dropped to sS7s
and recovered a of a point These were
the weak three in the industrials, the
rest of the list holding well IN the face
OF the weakness.
Union Pacific 7oz.
Union Pacific touched zoe. the low
point for many days. a loss Of 21k points
and did not show the slightest raIlying
power. Reading lost over points net
while the decline from the early ad-
vance was from 1854 10 1873. Southern
Pacific was points off and the de-
clInes throughout the list averaged from
] TO 2 points. New York Central was
nearly points lower. Great Northern
Northern Pacific. and Atchison point
lower. All stocks almost without eX-
ception acted decidedly soft after mid
day.
The bears were in clover and pressinG
for advantage right and left Unless
short covering should give the marlSe
a rally the closing is likely to be weak
There doesn't seem 10 be any concerted
effort on the part Of the big INTEREST
usually supposed to be back OF tn
bull party 10 check the decline.