The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-02-20
DAYS GAINS.

NEW YORK, Feb. 20.-Close-The table
o. declines published at the top OF this
column tells the story Of today's market
perhaps more truthfully than could any
comments. It was A market Of Iiquida-
ton, and though the rails for a time
showed a disposition to break away
from The weakening influences of the
lndustT1als, and particularly the Steel
stocks, they could not make much head
way against the liquidation and finally
turned and slid gracefully down the
toboggan without meeting with much re-
sistence on the way.
The breaks in the Steel and similar
stocks were very severe, especially on
the independents, that are expected to
bear the heat and burden of the strife
when 1t comes to cutting. for the biz
corporation viii probably be merciIess
in this contest Of Order-getting ire
spective OF cuts in prices to land the
orders
Colorado Fuel Leads Decline.
The most severe break was in Col
orado Fuel, the far Western producer.
Holders Of stock therein were early
sellers and Immediately after the OPEN
ing sold II down from 375z TO 20lL with
a recovery TO 311s Most of the other
steel shares were grinding on the bot
tom when the close came. RepubIfc
common, cropped "a to ll5z. with d z
EdBy. ana the preferred from Sll5 to
iol5. without rally. Sloss- Sheffield was
10 Il, as compared with a close yes.er-
day at GSI. Pressed Steel Car. with a
pau statement and no chance for
common stock dividend. lost 2lz, and the
tTlted States Steel Corporation shares
we're of 2ss from the closing OF Friday.
dropping 10 IS and 1888 for the common
ana preferred, respectively
Dread Holidays.
Monday will be a holiday and the Ex-
change win not hold q session. The
dread Of going over two holidays and
the effect of today's liquidation on
foreign holders Of steel and industrial
as we'll as rail shares was a serious
factor in inducing selling, and the
strength or sterling exchange with the
calling Of margins added quite a little
10 the rush TO liQuidate
The bears watched the downward
mover with interest, helping II
along in general selling and taking
profits now and then, although the fact
tnat there was little or no recovery in
me closing hour is an evidence that
.ne pears were rather satisfied with
lhelr position. and not anxious to get
under cover.
All Industrlals Break.
~HA vf'4Et 4AtublIidlS shared to q
greater or less extent in The downward
movement. Sugar, General Electric and
Car Foundry lost two points. Conner
was = off, Anaconda q. Srueltcr -. and
other industrials 1z01 point.
IA Tie rails Reading was again the
weak sister. The fear Of decision adj
verse TO the commodity clause" lower
court decision Is on the holders Of Read
ing, and they are selling H. Il found
4 level at ESls. below which Il refused
70 bulge and then rallied a bit. there
atter. pennsylvania tTOtted I'm the same
class with Reading breaking from l2Ils
10 lZ85z. OF " points net. Colorado
southern, Chesapeake and Ohio Alton
and Denver. each lost a point Wabash.
preferred, broke l9s, 81. Paul IA Union
Pacific, e.
Rails Make EARLY Stand
Immediately following the opening the
rails made "a stand and actual gains Of
5znaf Of a point were made IN Southern
Pacific, Union Pacific, AtcLisou. and
fractional improvements in other rails
This was probably movement or the
part Of the insiders 10 divorce the rails
from the iudustriaIs. but the effort was
Futile, and IL was not long before the
Nst was on the slide-glidiug, with some
resistance during the whole session, but
not enough TO materially check The
downward movement
IlpSters are advising buying on recess
SIOHs. and there was considerable out
side buying al the low points, in anti
cipauon Of q late rally, that failed 10
uaterialiZe-
AS stated before the market was
grinding on the bottom when the bell
tapped