The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-08-06
BULLS RESUME MARKET CONTROL
WITH EVERY INDICATION OF
HIGHER PRICES,

NEW YORK, Aug 6.-The vhirl of
liquidation that marked the last hour
Of the session on Thursday afternoon
vas simply the outward and visible eX-
preston Of Wall Streets intention not
10 violate precedent For years it has
been custom, habit, unwritten law. call
II what YOU will, for Wall Street, to dis
count good news, to run up prices on
something that is carded TO happen,
and in like manner to sell out. take
profits, and break prices just as soon
as the schedule shows the happening
has happened. The certainty that the
tariff bin would become a law through
the adoption Of the conference report
had been discounted; the party chief
tians had admitted the almost certain
adoption of the report-no one expected
either failure or "A veto.
And when 1t was all an accomplished
fact. Wall Street had to make good on
precedent. OF course, the selling was
accelerated by the fact many stop or
ders had been placed a point or two
under the noon range. and this very
danger point helped along the slump
That there was no good reason TOT the
slump. nothing untoward in the news or
the trend toward higher prices during
the morning hours today was even more
pronounced than the slump.
Sentiment is very bullish and the best
sources of information are for higher
figures today ana a strong market to-
morrow Much long stock was ilqul-
dated yesterday through the Catching
OF stop orders, and the holders or tlls
stock before the slump VIII De comns
In again The interview with Frank A.
IA mr. gfln nF
CITY Bank, mention of which was made
Thursday, was very effective. IN its en-
larged publication in the morning press.
Good RecOveries.
The market recovery was not limited
10 any group of stocks, the rails and in
dustrials rallying Immediately at the
tap of the bell. Point rises were fire.
suent. u point jumps general. Reading
again came to the front as an active
leader. as it was also prominent In the
late slump Thursday. 1t gained a point
in fifteen minutes which proved the hlsh
OF the morning. but the reaction did not
amount to anything beyond traction.
Among the specially strong stocks, 81
Paul occupied prominence. II also GAIN
Cd points Union Pacific did not starr
81 veV as some others, but II gained the
point Just the same selhns 70 -ylt7.
ferred. s.: Chesapeake and Onio, ~
Great Northern. q 4; New York central
q n0fnt. Canadian Pacific, - Atchlsoh,
a point Great Northern Oregon moved
IN = Delaware and Hudson strong al
1e6ss. is advance Atchison I point up.
In the industTials Colorado Fuel au-
vanced q; Republic Steel point COP
per, 8; Smelling. IL. and the Steeis' IS
on both common and preferred. Leao
was = higher
Market Grows Firmer-
In the second hour of the afternoon
the rush of buying orders appeared to
have been taken care of, but there was
no disposition to force sales at the eX-
pense OF prices. There were some slight
recessions. but also some modest addi-
tionaE recoverIes. Union Pacific was
Srnl At 20lss. St. Paul had touched 1914
and was firm at a recession, making
9IL Doints net gain. Reading showed no
change. Southern Pacific hrm' pea
ware and Hudson was 1858, nolalhs
well the earlier gain. Pennsy was III III
at 142 = gain. Illinois central IA
net Gain for the session. missouri "a
ritfc held a point rise. The rest Of the
list showed little change.
In the industrials there was Ialr
strength. the steel issues being =
higher