The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-11-22
STOCKS WEAK--SLUMP is GENERAL,
THOUGH COPPERS LEAD IN
THE DECLINE.

the standard OH decision ana the I'M
portance attached TO il was effective
in breaking stocks all along the line.
It mattered not whether it was trust
issue or a railroad, save in the case
Of Reading and Consolidated Gas,
which for some reason were decidedly
firm and both made good gains. OF
course it was but natural. if the Sher-
man Antitrust law is TO be enforced
in all its meaning, that owners of Sc
curities in trusts should grow nervous
and that the timid would rush in to
liauidate before the case should be de
cided in its hnality before the Supreme
Court. But the holders Of the great
hulk of stocks, and they are not the
nervous, timid public, did not go crazy
hut stood pat and let the scared ana
the bears have their inning, after which
the market was taken IN nahu anu
given some adVanCe-nOt net but recoV-
cries from the break.
II was fortunate that the public was
not in the market up TO its neck. IOrtu-
nate that the brokers nave been 50
cautious Of late and have kept so many
margin traders sitting quietly waiting
for easier money. Those VINO traded on
margins did not hld Them exhausted,
bur there was some calling and some
Humiliation as a result
The fact that the copper combine was
nut in peril for It's very existence, NOT
vet begun, that the merger of Western
Union in the Telephone Company IS
imported: that the cardinal system OF
doing business IN this day AMI age Is
put in peril, was enough 10 nave
thrown the public and small Tnargln
traders into a panic It Jared old
timers and caused more or less con
sternation regarding plans Tor com
bines now under way ...-
The declines were severe, averaging
close to 50 a shares in the coppers'
= g. in Steel common and - TO ZOO IN
the rails generally
Bears Press Advantage.
The bears, and they have been rather
quiet Of late, were not slow to take
advantage of the opportunity and they
sold stocks with considerable freedom,
covering now and then. as their long
experience has taught them that IT is
NOT wise to take every decision for law
and f1naltty.
There are too many projected schemes,
combines. and increases in capitalize
ton TO permit of any runaway market
on the down grade at this time The
big people have the bulk of the stocks.
They are carrying them just as they
did in October, 1907, and from thaJ Tune
TO this with occasional reHeI through
liduidation and later buying back-DuJ
they still have them.
There was a rumOr OF hitch 81 the
copper deal In fact there was a TuIlG ~
of q hitch in all deals, and II came III
the shape of the Standard OIL decision
and IT Jared even the SelI-relianL MT
Archbold the active head OF the cor
poration involved.
Rally Follows.
AFTER the break amounting TO % "a
points in the rails and Up to 34 in some
OF the industrials. there WAS sharE
recovery, developing toward noon anl
carrying prices about halfway between
the high and low, but the rallies in Steel
Copper, coppers generally and the indus
trials was not as good as in the rails
Ii Is scarcely possible that the decision
viii in any way anecL the various az
roads that have not been more or less
connected with or implicated IN compi'
nations and mergers. Perhaps not even
these. although Mr.. ArchbOld asserts
that it viii affect even business co-part-
Wall Street has been Jared too Otter
nv decisions that did not go-tOo many
ioopholss have been found Tor dOcSlns
decisions for the Street TO 20 OF its bas'
even on q sweeping decision Ike the on
handed down on Saturday.
Quiet and Steady.
AS the afternoon wore on the marlze
gradually quoted down. The scared one
had taken their dose and the level
headed were inclined 10 wait for furthe
returns without change of position. TIL
market. entering the last quarter Of tn
second hour Of the afternoon, showe
Great Northern 14lSs. Northern PACING
i43lk. Missouri Pacific, 6912. Pennsyl
vania 1926, Reading 10. Union Pac'h
a0l7s, Southern Pacific 128. Smelling 1O2A
Steel common &ss. and the prrIerrr
70 Copper was S2A. These prices an
others We're but slightly changed froT
the current figures two hours earlier