The Washington times., 1909-09-11
DAYS GAINS.

NEW YORK. Sept u.-Cleariy the
feature Of today's short session was the
LIQUIDATION for the account Of those who
had nerve enough TO accumulate securi-
ues on Friday. The coming Of the usual
weekly holiday operated TO accentuate
the profit-taldng, and the rush was
further stimulated by the renewal OF
operations on the bear side by many
bears who took their pronts on THUS
day.
Then. TOO. there was JUST shade Of
nervousness on the part or traders gen
orally. There were rumors as TO a dis
agreement on the part OF Union Pacific
directors. disquieting IN their character.
and. if there is one thing that Wall
Street breads more than anything else
il is a misunderstanding among the
powers that be. One story was to the
effect that J. P. Morgan had made a
determined effort and would continue
to break INTO Union Pacific as a pow
erful factor.
Union Pacific Leading.
The business Of the day was largely in
the old favorite. Union Pacific. II
started With a rush on the covering Of
some beiated shorts, and rose from 2l0
10 2lols. or II points better than its
| Thursdays closing. Then the selling
seemed TO increase materially. and the
stock turned weak. breaking gradually
TO D1. and finally closing at 207Ik. but "
point better than on Friday, With enor-
nous selling. The last few minutes Of
| Irading was attended with intermittent
/ fluctuations between 107 and 1O71L
/ The action Of Union Pacific did not
SUIT the traders nor the brokers. Warm
! ing messages were sent out, urging a
! stand-pat policy on the part of those
out OF the trade. declaring that a VhfD-
saving was about the best that could
/ be expected
/ started a slump shortly after the Open-
/ Ing OF the second hour.
/ Serious Declines.
/ Not only did the rails grow weak but
/ the metal stocks slumped viciousiv
Copper breaking to 7s% and smeIti5r
/ 70 81. with but 4 point recovery. 'Tba
losses IN these stocks totaled sss In Con
/ per and 2lt in Smelling Lead was also
/ weak, while Steel common resisted yyi+b
/ considerable stJbbornness early in the
/ cay. but yielded z before tho c1oea
/ Other industrials. except Ice, and West
/ ern Union showed Jess effect of the
! weakness in the general list than did
/ the rails.
Average Losses.
/ The average losses in the rails were
/ between = Of a point and 2 points. and
/ these declines were accentuated nv -br
/ additional loss Of earlier gains. for the
/ first hour was marked by advances all
! along the line
| The Gould shares were decidedly weak
/ Reading was also especially soft aofng
! OF from 1898 10 1f07k Missouri 'pacfGc
/ dropped from 7l1t To g.. and both cIo-e,,
1 AT the bottom. Western Unions de-
/ cline was 2i4 points from the high marx
I q the session.
Poor Statement.
| The bank statement was uufaVora.,Ie
/ showing a heavy loss In reserves. bring
/ ing the surplus down TO SG.SSs.675.
With the business demands for accom-
modatiOns. the call for aid in fran
movements, the chances are that the
| surplus reserve will disappear in the
/ immediate future, and a hardening of
rates Is prOba bile.
Today's market missed the desperate
7 buying OF tke OVfr-sold shorts. so e,i-
I dent on al sides yesterday. The cnor-
nous operations yesterday, the Great
I trading I'm Union Pacific today. the prob
I able new alignment Of forces and the
| fear Of a disagreement all tended to
make the non professional trader r,r-,.-
/ Gus and TO keep him out Of the market
| II also made the professional Owe rpgff-