The Washington times., 1909-09-08
MARKET is NERVOUS, BUT HOLDING
WITH REASONABLE STEADINESS
AND SMALL LOSSES.

NEW YORK, Sept. S.-The market Is
very steady at this hour with a fairly
strong tone. Their is but little doing
Union Pacific is 1861. Southern Pacific
12,I5 Reading 1904, Pennsylvania 1908
Northern Pacific 154, Great Northern
151as. Steel common 1875, and Smelling
sS1k.
The chances are for a GOOD close
"
NEW YORK, Sept. S-The market
started out well and maintained good
show OF strength during the first hour
or the morning, actual gains of consid-
cradle Importance being established mere
and there throughout the list Union
Pacific actually gaining IA points. while
Southern Pacific was Is better But
this squirt was simply the covering OF
some few shorts who we're inspired with
n fear that the financial support prom
Used by the big men or the Street might
make IL unpleasant for them.
II has come to the point where the
conservative traders are OF the opinion
that Wall Street has nearly discounted
f1e worst. and that IL eventually would
be followed by a quick price recovery.
due 10 shorts covering and aided by
the Investment demand for stocks. for
there are many actual investors waiting
for further concessions before getting
in.
There are those who consider that
prices are still too high and who con-
tend that it would be impossible to hold
the list once the dreaded hould occur.
Few Stocks Require Support.
Il IS perhaps fortunate at this time
that there are comparatively few stocks
that viii need support. Also that Union
Pacific Is now a points below ~ recent
high record. 1t may be necessary to
stand under Union Pacific. Southern,
Pacific, New York Central-not that the
market in general can divest itself of
the influence OF the leaders. but il is a
fact that the stocks named have shown
the greatest gain, have bean doomed
on expectancy and that others have
not responded with anything like the
same degree Of advance.
This does not refer TO Steel common.
which has been one OF the boom stocks,
but the bears in days past have been
taught to respect Morgan support, and
may heed without another application
OF the same medicine.
Turns Easier
Passing into the second hour Of the
day the temporary squirt gave way to
weakness and before midday losses be-
came general here and there throughout
the entire list extending under pressure.
and contracting as shorts covered, yield
ing again on raids. SO far as could be
observed there was no inside support
none being necessary through the morn
ing operations. The short line has beer
materially extended. and in its growing
largeness OF this account there is hope
OF a speedy recovery. The short inter
est is always the best kind of supper:
in its self.
Dull and Steady.
The decline extended TO 1851 on
Union Pacific. as compared with a close
at 197 yesterday. and with 1881 the high
Of the morning. Then there was an
other recovery IN the afternoon to 1863.
making the net loss for the day up 70
Is 2. m. only Z Of point South
ern Pacific sold at 126 TO 1864 70 124%
70 125A 70 1854, just s loss.
Southern Railway was a point off Read
ing was one Of the strong stocks making
small actual improvement. Great
Northern lost a point and recovered u.
New York Central lost = net. Losses
throughout the list varied from y 10
a net point decline. Little Steel start
ed at 7S7s. dropped tours. and TO ex-
actly yesterdays closing.
Late in the session the market became
very dull. but at the same time reason
ably steady. There was little indication
Of unprecedented. Il was not necessary
-as the market as a whole acted well.