The Washington times., 1909-02-18

market instead Of turning firner be
came weaker and the selling reached
larger proportions. Steel common broke
10 1851 the lowest prices for weeks,
Union Pacific was also soft and the
whole market about p point Oft from
the ] o'clock quotations.
The bears were working vigorously
TO increase the decline.
NEW YORK, Feb. Isl p. MIN
mediately after the opening the selling
movement so much in evidence with the
closing OF yesterdays market was re-
Sumed The liquidation seemed to oe
especially directed toward Union Pa eifc
and Steel common. IL was evident that
this was liquidation move that ac-
tual stocks were being sold and the
bears joined In and helped along the
movement. About $4,000 shares OF Little
Steel were sold during the first hour,and
q like amount in the second hour. while
market observers saw in this selling the
unloading of $1,000 shares of stock that
had been bought on the road UP to %.
a disguised holder taking his losses with
as good grace as possible.
The hattening out of the boom that
started Monday was a complete dis
courager to the hopes Of the bulls. It
was accompanied with reports OF inside
selling and also by the discOuraging es-
innate of less than 100000. as the
United States Steel Corporations earn
ings for February.
Some One Bought It.
And yet the fact that 5000 shares of
Little Steel found buyers on concessions
OF little more than a point was con
Gid in %
ed that there WIS q point at which it
was tempting. II was considered that
the recession in the common stock
about discounted the reduced prices for
finished product, as the Steel Corpora
ton has finally decided that IL is time
TO Hecede from its position in attempt
ing to hold prices It seems to be well
understood / that cutting in prices is
quite general.
The liquidation in one stock caused
selling in the others 1t was apparent
that some of the pretty tales that have
been told from time to time Of favor
able developments were more or less
invention rather than fact. Some Of the
stocks that have been touted the most
as gold mines, the GOuld's. New York
Central, etc. received severe JOlts. 81.
Paul lost its individuality as one OF the
very strong stocks by losing more than
Tho average Reading, because Of the
fact that il had been weak for days.
was less responsive 20 bear raids than
other stocks that have not been on the
slide.
Denver. Chesapeake & Ohio. Atlantic
Coast Line. St. Paul, Northern Pacific
and Illinois Central were IA and ? points
lower
Declines Average Point
The average declines were a little over
point For once there do not APP
pear 10 be a strong spot on the LIST.
The tipsters thought they saw good
buying at the declines of the last three
days and some Of the best observers on
the Street wired customers that the
market looked more like d buy
The latest report Is to the effect that
there Will be no cutting Of steel prices
If the tariff on steel is not reduced. %
Pin il down that the tariff on steel viii
De cut 80 per cent at least. A number
Of manufacturers are in conference on
the matter
Baltimore and Ohio to Buy Road
1t is stated that the Baltimore and
Ohio has acquired the Cincinnati
Hamilton and Dayton, or that negO-
tiations are on for the transaction
The acquisition Of this property viii
add about 1000 miles 10 the Baltimore
and Ohio system
In the noon hour the majority or the
stocks remained al about the low point
of the morning, while Union Pacific
went to rs, net loss Of rs. Stee
common TO 5914, the low of the session
TO O'Clock. these being still the weak,
est points on the list Atlantic Coast
Line lost nearly 2 points of its recon
heavy advance.
There were not as many believers II
the tales Of the gossips as usual anC
the bears seemed to be more inclined
70 take liberties with the market thar
they have been for months.
1t is within the probabilities thai
shorts taking profits viii give the mar
ket a better closing. although IL the
selling continues undated, further loss
ss are possible.