The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-10-13
STOCKS BREAK EARLY, THEN RALLY.
MARKET LACKS STAMINA.
GAINS ARE SMALL.

NEW YORK, oct 13-Imme5iateiy
on the opening the bears began to sell
stocks right and left i'm an effort to
break the market in order TO secure
a more profitable basis for covering
their contracts The movement was sue
cessful, but only TO a moderate degree,
as but little actual stock was forced out
81 the concessions. ON covering small
rallies followed ard Their the most pro
nounced weakness of the session follow
cd. prices going OF over n point on the
average and in some cases nearly
points High foreign money rates
over the holiday the calling ot loans
en- pools operating in various stocks the
pressure 10 liauidate industrlals, nor
. only the Steel tut TO more marked ue-
gree throughout the list smelling ana
Copper setting the pSce down the slide
and decreased earnings On some OF the
important systems all jeU1ed to encour-
age the bears while eXerilnE about the
same influence on the bulls.
Room traders VINO have watched the
situation closely have become skeptical
of any rally. and are inclined TO the
belief that the market is sale on any
marked recovery.
They base their belief largely on the
approaching session of Congress. the
certainty that President Taft will send
in recommendations for extremely radi-
cal legislation and that his suggestions
will find many lawmakers ready and
3 willing 10 do what they can TO enact
them. Also on the theory that tight
money is likely 10 make stock opera
tious more difficult This feeling Is
growing among "A class Of traders that
usually favOTs the bull side
some of the closest observers on-the
street are mvstided by the manner IN
which the market acts, and have fire.
queutly advised customers bullishly in
clined TO refrain from operations until
conditions become less hay.
Rally in Rails
After the general decline all along the
list the market spurtod on :he covering
Of shorts, the rallies in some cases, and
especially in the rails, marking a recov-
kery OF nearly all of the session losses,
while here and there net gains ON the
movement were recorded These better
ments did not extend to the industrials
as 4 class, although the Stecls shared
in the recovery completely, while others
came back only fractionally, and did
not show anything approaching strength.
List Advances.
In the neon hour the market presented
q stii better appearance, the advance
increasing TO large proportions, and
being evident in the iLdustriaIs as well
as rails. with the exception Of Copper
and Smelling. which were still under
the ban Al the better prices offerings
appeared 10 be "A little more liberal and
slight declines from high were noted
ground oclock. but the setbaczs were
+ small
There was a feeling Of uEeasiness over
the possible advance IN the Bank Of
England discount rate tomorrow, and
this caused some traders 10 get out and
stay out The bears believe that any
sharp advance will be used by pools
and by heavy holders of securities to
unload upon. Sentiment is by no means
as buIlish as it was on much higher
levels and the only apparent hope of
advances is based on the covering OF
shorts satisfied with the prohts oHered
hy the declines.
Rails
Union Pacific opened at 20lls, z.
loss. broke 10 -0oss and rose 20 2o3 and
hack TO 2021k. making a net gain of 2.
by the recovery. St Paul made the
same net gain after losing about a
point. Southern Pacific also y better
after a point loss; New York Central
made the best gain. 1lldi5s, but At no
time was il lower than on Monday.
Reading finally made q Is advance, Can
adian Pacific over a point, and Chesa-
peake and Ohio = point Rails were
generally = better than on Monday.
Industuals.
= Steel common gained q to 81 and
dropped back Is the preferred was q
higher. Most Of the industrials other
than the Copper and Smelling shares
recovered their early loss IN the first
hour Of the afternoon Copper started
At .. touched 7lss and back 70 49,