The Washington times., 1909-10-23

NEW YORK. Oct. 23.-Ciose-Ihe
week closed with heavy liquidation GU
ing on. with EFFORTS here and there 20
make the decline gradual. There was
fairly good buying only towards the
end OF the first hour. when the declines
averaged about = point. The one ap-
parent fact noticeable at the present
time IS the lack OF a leader. It is also
said that there is a difference Of opin-
ion between the Standard on interests
and J. PierpOnt Morgan, in that the
latter favoTs a buH movement while
the Rockefeller opinion is that condi-
lions abroad with regard to financial
matters are such as TO prevent legiti-
mate bull movement; that there are
large interests waiting 10 get IN on the
market at lower levels, and that
complete shaking out at this time
would make a good advance after the
crop movement much easier.
No one questions the substantial. ex-
cellent Improvement in business con-
ditions here Foreign experts have
passed upon the betterment as real, the
prosperity substantial and we'll based.
But with the Bank Of England and the
continental banks actually contending
for gold and making speculation abroad
unhealthy because of the high rates
on money accommodations, with Eu-
rope selling American securities, even
while admitting that they are the best
that they have 10 dispose OF. IL doesn't
seem TO be the part Of wisdom to try
TO maintain a bull market. It is gen
orally believed that Morgan viii see
TO II that the liquidation in Steel com
mon does not become a runaway affair.
but that IL shall be modest and OF mod
crate proportions. The declaration Of
basis than generally expected might
be the best means OF making any re-
action slow moving.
II is also reported that the Moore
party has become very bearish. The
statement that this following has
been selling stocks has caused some
curiosity, because II is admitted that
the movement In Rock Island has been
cumulative and the buying has been
largely accredited TO insiders.
Something Wrong.
So much bearish sentiment has
created a theory that there is some
misunderstanding between the big
men of the Street, though just what
it is OF course is mystery. The little
paragraph anent the alleged inten-
zion Of Northwestern TO extend it's lAne
90 the Pacific coast. would, should It
% confirmed. be reason enough 20 dis
Rurb the serenity OF the Street. 1t
would mean that the Vauderbilts, who
have been considered more devoted to
pleasure than business, had come into
their own and proposed to be coast 20
coast magnates themselves, to the ex-
clusion OF Hartman interests from
consideration and the biggest 'Harri-
man interest is Union Pacific. II
would be the biggest move IN the
railroad world ga years and would
checkmate ali the plans Of the late
magnate. However. IL viii require
confirmation before being seriously
considered as market influence.
Bears Get Busy.
Finding that the liquidation continued
and that there was but little disposition
10 check the downward tendency, the
bears obtained a mOdicum OF their old
nerve. and hit the market harder IN
the last half hour than they have dared
70 do for months. They pounded Steel
and they hit Union Pacific and Reading
hard. Then. meeting with good success.
they passed TO She whole list. and
made great Roadway.
The greatest weakness OF the session
was in the last twenty minutes. stop
orders were caught here and there. de-
clines exhausted margins. and many
tired traders simply refused additional
margins and gave orders TO sell, these
coming on top Of the speculative raid
accomplished the defeat OF the bulls.
Union Pacihc passed under the POI
mark Immediately after the opening.
When u viii cross IL again remains for
the future to indicate There was a few
minutes midway when IL looked as If
20 might be reached again, but the ac-
ton in the last half hour dispelled this
idea. II broke 10 1871 and was weak at
the decline. But while these breaks
were coming IN the traders in Great
Northern gave the bulls a smash by
breaking three points Ina as many min
Utes. 1t reached 1884. or within a frac-