The Washington herald., 1909-06-23
WALL STREET NEWS
Active Stocks Close atHigher
Level Than Monday.
RAIDERS FIND RESISTANCE
Improved Technical Position shown
IN Last Half Hour-NIarket Stag
nant I'm Middle OF Day, Due TO Ex-
tremeIy Oppressive Weather-SIOw
Buying Back of stocks.

: New York. June 22.-Prices on the
stock market to-day pursued the path
which nearly all persons of experience In
wan Street and close students Of exist
ing conditions expected that they would
following yesterdays break. There was
In general throughout the day a slow
buying back Of stocks that had been sold
speculatively for the fall accompanied by
certain amount Of purchases by people
who have for a long time been waiting
Tor fair reaction upon which TO make
accumulations; and the result Of this
was that although net changes in quo
tauonS for the day We're irregular. the
majority Of the active stocks left OF at
q higher level than they did yesterday
and that the market as whole evinced
a harder Undertone.
Improved Position Seen.
The improved technical position OF ar
fairs was shown In the view Of manv
observers In the effect Of what seemed
10 be another raid upon prices made in
the last hour Of the stock. exchange ses-
sion. Hasty and "at the market" selling
or stocks took place at this time in all the
principal issues; but a stronger resist
2nce was presented to this attack than
was exhibited at any time on Monday
and the market in the last fifteen minutes
OF the dealings rebounded with a rather
notable resiliency
In the middle Of the day the market
was utterly stagnant and seemed TO dis
close a rather even balance Of speculative
forces for the time being The extreme
'(iy oppressive weather OF the day was un-
doubtedly TO some extent a factor in the
trading.
Every ore knew before the close Of busl-
ness yesterday that the rlnnors Of Mr..
T. H Harriman's death were unfounded
and II IS doubtful whether any amount
OF stock worth mentioning was sold by
persons who We're really IMPRESSED bJ-
the tale. The truth is that the Hartman
story yesterday was used as a pretext on
the part Of spectators for the decline in
ther endeavors 10 get the market down
Just as II is evident, on the other hand
that the position OF these operators has
latterly had some foundation in the fact
that the market had passed temporarily
INTO more or less topheavy condition.
Ends "ShOestring" Margins.
Just how much Of a reaction In prices
IS necessary TO correct this topheaviness.
must, Of course, be a matter for indivi-
dual judgment But from certain tori~s
to-day Of stock exchange gossip II was
obvious that yesterdays decline had serv-
ed at least one useful purpose in Kidding
the market of certain relatively bulky
speculative accounts that have recently
been carried on ''shoestring'' margins.
and there is no doubt that 20 this extent
the recession in prices that has occurred
has been viewed with favor by the more
comparative and the higher financial in
terests.
II may very well be that some Of their
Interests would Ike 10 see the decline
continued further. but the underlying
strength OF certain prominent stocks was
To-day much in evidence. Steady buying
Of the AtchisOn common shares continued.
New York Central stock was again con-
spicUOUsly strong
The various Erie issues reflected the
prevailing belief that several gentlemen
Of the first financial prominence are about
TO become members of the Erie director
ate. But more attention than anything
else was attracted by a rise OF two and
One-hah points in Union Pacific stock 10
a price not far from the highest quota
tion ever recorded for the security.