The Washington herald., 1909-02-24
BEAR RAID SENDS
STEEL STOCK DOWN
Abrupt Decline in Prices
After Day of Activity.
READING WEAK UNDER ATTACK
Opening of Market After Holiday
Influenced by PessImistic Reports
Clause Case Before Supreme Court
n BugaBoo to Brighten Investors.

New York. Feb. 23.-In the stock mar
ket to-day there we're sales Of more than
1,5o0,000 shares. Of which about one-quar-
ter were in Steel common and a sixth in
Reading
The day was the most active IN many
weeks. and the market was a briskly de-
clining one throughout practically all Of
the session At the close, which showed
about the lowest prices Of the day, prices
showed the most abrupt decline since the
panic days in the fall Of 1907.
The opening Of the market succeeded a
holiday here, which was a business day
IN London and other foreign markets,
and on which the London Stock Exchange
and the Berlin and Paris bourses had
been weak on account OF pessimistic re-
ports cabled over regarding the condition
OF the steel and iron trades here, fol
lowing the declaration OF the so-calIed
open market last Friday. Preceding the
opening here also was to-day's London
market. in which prices Of American
rails, as well as industrials, were quoted
even below the low prices ruling on the
holiday in this country.
On The opening OF the local exchange
trading was by far the keenest in Steel
common, which had declined most sharp
~ IN the London markets Yesterday and
to-day The stock closed here on Satur-
day. the last previous trading day. at IS.
TO-day's initial transactions were punched
on the tape at prices ranging between 442z
and ~. the former turning out TO be the
high price OF the day
Selling Pressure Strong.
On the opening OF the market the week
before the stock sold at 81. and brokers
had an abundance Of orders from custom
ers who regarded the stock cheap after
decline ranging from 81 10 points in
six trading days While these orders
were being executed the selling pressure
Overbalanced the strength Of the buying
orders and there was a decline. gradual.
in consideration Of the enormous volume
Of trading until the stock sold at sSlt late
in the first hour.
At this point, which was so a share be-
low the price at the opening last week.
the aggregate market value Of the corpO-
ration's common stock showed a decline
Of 50. 10000. Whether on this account
speculative and investment buying was
stimulated or because OF the covering of
short contracts put out last week, the
days stuTdiest resistance TO selling pres
sure here set in. From that tine until
shortly after noon there was waged one
OF the sharpest conflicts between the op-
posing forces that the stock exchange has
ever witnessed
SeeSaw for n Time.
In little more than an hour there were
sales Of 10000 shares Of Steel common,
with the stock obstinately refusing to 20
below 1915 CT above 1875. In only a few
instances did the stock come within an
eighth Of the a and 43 which the bulls
and bears, respectively. seemed 70 be
aiming al in order 10 carry the floor
crowd and the traders IN the Offices with
them.
The end OF the struggle came sOcn after
noon, when the price had been forced
down 10 43is for the fourth OF fifth time
Buying orders az that figure were ex-
hausted. and the next block was A000 al
g. Thereafter there were few indications
Of any concerted resistance 10 the selling
pressure
At about the time Of the relaxation OF
resistance 10 the selling movement in
Steel there were sent around reports OF a
decision in the commodity clause-a case
Of vast importance 10 al the anthracite
roads. Il was freely predicted that the
decision would be UnfavOrable TO the
roads, and attention was al once diverted
10 Reading. which Owls more coal mines
than any Of the other hard COaleTs- The
decision was not announced. and for that
matter. is not Yet, but there came a dis
patch from Washington that the court
had decided against the New York Gen.
Jral IN a Relating case OF minor impOr-