The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-01-09
BAD SLUMP IN THE STOCK MARKET
WITH SERIOUS LOSSES IN
ENTIRE LIST

NEW YORK. Jan s--IUcr9 was de
cided change in sentiment on Wall
Street. the bears again assuming con-
troll. with declines OF ? 10 3 points being
quite general throughout the list, Right
with the tap of the bell came the sell
Iug movement and it was continued all
along the line, the standard shares and
the seconds that have been much
doomed during the last few weeks keep
ing pace with each other on the down
Grade Some wise observers are said to
have noticed unmistakable signs of
heavy selling by Harrimau-ROckefell
interests during the period of imitation
OF the cats and dogs; others do not ike
The Seuate.s resolution OF investigation
of tho purchase by the United States
Steel Corporation OF the Tennessee Coal
and Iron Company. while "a large follow
ing OF conservative people do not un-
derstaud how business conditions can
improve very much so long as tariff agi-
ration is continued and the outcome or
the schedule making is in doubt.
None of these things is Of yester-
days origin save the resolution Of in
vestigation, and this is not expected
10 result in any particular change in
the statu quo.
Leaders Getting Nut'
Internationally the Hartman
Rockefeller combination has sold time
and again on the way Up, and time
and again turned in and purchased Sc
,.urities to give the market fresh i'm
uerus to aid in more unloading, Il
has always been a questionable Tea-
son for the imitation OF Kansas
City Southern, Missouri Kansas and
Texas, Missouri Pacific, and a number
of seconds that are somewhat lacking
in merit and not on the sure and GER
tain dividend list
Public Keeping Out,
Moreover, the reinyesJmsnt OF millions
account OF January disbursements has
not been realized 10 any etent, nor Is
there much possibility Of the public
coming i'm until such time as stocks have
reached lower levels. The public bought
freely on the low level OF the panic and
for ouce>soId near the high, on at least
well on the movement toward the nlsh.
France has bene drawing gold ana
more Is likely TO 90 out on This move
ment For some reason or other Eng
land was inclined 10 take q gloomy view
OF the situation and sent over gloomy
aJVices.
Investors prefer bonds TO stocks.
present levels.
SmelteTs Slump.
Another uufavorabIe feature of the
market was the coming out OF the old
weakness iu Smelters. With higher
prices FOR silver, and with the strength
l4 the midst of the weakness ocsasioued
by the Gas decision. it was hoped that
this disturbing factor had settled itself
and would remain steady hereafter.
VVaen IL opened on , point nothing
was thought OF IL but drop from 831a
TO s45s was a Jar to the confidence that
IL would not be a disturbing element
again. It recovered but little from the
low. Steel common was another dis
turber. IT opened at 523s, rose to 535s,
and then turned down 10 51st4 recovering
Cd 3, q net loss Of a point, Copper was
4d points and this attracted some at
rention- The whole industrial list was
sort.
Some Losses.
Tn the rails Union Pacific broke from
ls0iz 20 lUss- St Paul from 1893 10 1455z-
Toledo and Wabash or points South
on Pacific. 12z lower. Illinois Central
Irz Great Northern a point lower. Ms
sour, Kansas and Tennessee was lSs off,
Reading. from III to 1874 Northwestern,
~ or: Brooklyn Rapid Transit, points
PENNSYLVANIA. 1; Delaware and Hudson
5 lower. and the whole list IN general
slump with little recovery.
The report that a big assessment
would be levied against Metropolitan
Traction had q positive effect IN weak
cufur the International Metropolitan
shares. The common stock was points
and the preferred points lower.
The close of the market was soft, bur
little covering attending the last hdlL-
hour. and prices were but fraCti0naliy
better than the low.