The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-29


second hour of the afternoon there was
some little show of strength in South
crn Pacific and IT moved mp to lI9, while
Union Pacific rose to 155a4, asQia net
gains. Most of the other rails were =
better. but the intense dullness that
characterized the market during the
greater part of the last three hours has
been i'm uo way relieved. It Is just as
dense as ever.
NEW YORK, Jan. 29.-1 p. m.-SOme
Of the stocks that presented the strong
est front against the bear raids yester-
day suffered more severely than yester-
days wcakliugs. Europe is selling hold
inCs of American securities. and sterling
exchange is becoming very firm. The
prevailing opinion is that this is the re-
suit OF the threatening situation in the
Balkans, but it appears TO be the out
come OF the Italian disasters. The re-
adjustment Of financial conditions the
necessity for money, and the wiplng
cut OF such vast amounts Of property
and capital compel the liquidation Of
the most salabIe assets for the purpose
OF rehabilitation of supplying, In
measure. the assets destroyed
The powers have the Balkan situation
an hand, and viii probably prevent any
outbreak of a serious character
Tariff Delay Hurts Business
The continued reference 10 the tariff
revision as q revision downward is also
causing much dullness in lines Of bust
ness likely TO be affected and no one
knows just how much various indus
tries viii be affected. The knowledge
that steel and iron viii get a cut Of
q vicious nature is ehecUug the indie
pendent stocks more than IL is the big
combination known as the United States
Steel Corporation. But the officers OF
this company have helped the slump
along with the prediction that the four
weeks IN February VIII be the duleSt
four I'm the next few months. For the
sake OF the business interests OF the
country. Congress should not delay &C
ton on the tariff.
Railroad earnings are showing better
Canadian Pacific for December reported
gross increase of 1851, 29S, Erie gross in
crease of sol. u45s net Sl3S,3UIt Reading
system net increase S2S5,lS9, with a sur
plus after all charges for December
S-95.3G6, but for six months the net de
crease was $l,6l1,Il0- For six months
after charges the surplus decrease was
1883, o6S. Southern Pacific made rath-
er poor showing for 1908, but even this
Was helped by the earlier months or
The year.
Selling Pressure Early.
Shortly after the opening selling pres
sure was put on the market. and prices
fell. nearly isGs5 of q point, on some
stocks even more. The liquidation OF
actual holdings was ecCentuated by the
bears putting ont short lines with a
freedom that they have not displayed
for some time That the market weak
ened up to the tap of the bell yesterday
gave them 3 little more confidence than
they had shown fof many days pre-
Viously, and they were IurIher encouf-
= Eed by the sales OF actual stock. But
the profit offered caused other shorts 10
take in their lines put out yesterday,
and this helped 10 steady the list ma
terIally.- especially on the stocks titat
we're the easiest yesterday.
Reading, one e the leaders IN the
list. started al 133, & drop Of IS and kept
on TO 1895. loss Of q point Lhen II
turned drmer under the covering re-
ported ana rose 20 1885 with another
slump TO 1885, New York Central fell
from 1cSlz 10 12S with rally 70 12S4s.
Union Pacific started AT lHssQllliz and
1ouched 1905 before 1t turned y better.
ST Paul vas reasonably urn- HllI
shares steady Louisville and Nashville
lost p, Colorado Southern broke from
a. last nights closing. 10 IS at the open
ing and later TO 6l1s, raliylng a point
Big 4 was on =. Northwestern point
Chesa peake and Ohio a point, Canadian
Pacific point and many minor stocks
In the industrialE little steel lost e
and recovered "a Sloss-Sheffield = OFF.
Republic steel and Iron IL with y re-
Covery. Sugar weak at points loss
Shelter and Copper irmer,
Density of Dizziness Evident.
These figures were current just before
midday-they were current into the
second hour of the afternoon. This
but accentuates the density OF the dull
ness that is hanging over the market
at this time.
There seems to be no disposition 70
push for further c0ucessiOns-less to
get under the market for recovery