The Washington times., 1909-10-25


IL has held its position with Jenacity.
Il may be that the firmness of the list
in spite OF bear sentiment. may scare
the shorts into covering in the last hour.
Prices are practically where they were
at 1870 o'clock
NEW YORK, oct Naturally after
the sharp losses of Saturday there were
material recoveries in the stocks most
severely affected by the weak SPELL or
more literally by the six days declines
of last week, eliminating in SATURDAY 8
cleanup.
There were a number of influences
working 10 bring about the improve
nnent, despite the opinion expressed by
many brokers that market Is a sale
no advance can be maintained
..stoclxs are going into weaker from
stronger hands and numerous equally
discouraging suggestions.
The meeting of the United states
steel Corporation tomorrow exerted a
strengthening influence, No one can
tell exactly what the directors viii do,
nor lust what the report win show.
That an increased dividend will be de-
clared on the common stock is be-
lieved. 4 per cent being the most IA
vored estimate. The market has dis
counted this declaration. If it should be
5 Der cent there might be a sharp rise,
but this is not considered at all likely.
Much interest is expressed IN the
statement of earnings for the IEtfI
quarter OF the year, and IN the unnlie9
TONNAGE. An engineer who has visited
the steel-rail mills Of the country Is
authority that these mills have on hand
contracts for 800 900 tons OF rails which
viii be invoiced at about Sl0OSO0, Vy0- Ine
a.Hs HTTnUn
companies are said to have orders booked
aggregating a value of about Sla0,uO0,ptl-
The Steel Corporation VIII nave us
share of orders for rails, car steel, struc-
ttlral steel etc and the untitled ton
mage is likely to be something enormous
All OF which, however, has been isrgely
discounted in the sharp advance on the
road from % 10 941s-
Street Cautious on Steel.
Despite the excellent condition in the
industry the street is inclined to believe
that there viii be but little betterment
in industrial stocks. more especially
with regard to the steels. The cOmbina-
lions and pools that carries Steel COM
mon 10 94Es certainly displayed great
ability as market manipulators. They
made a market to sell on. and they
have been liquidating all the way from
the top TO the present price. Close OBJ
servers expect that the recoverles created
by shorts covering viii be. used FOR
Conditions abroad are not improving
10 any appreciate extent 1t is stated
that thirty-fOur OF the leading British
investment stocks have shown an un-
broken record OF declines since April
% The Bank Of England again adj
Vanced the price on American eagles.
London bankers are hostile TO any fur
Their expansion Of activities in the spec
ulative line in securities There are
fears that an ADDITIONAL advance IN
the rate Of discount may Is made by
the Bank of England Ii4es there are
some airing notes in European politics
and policies
Industrials Generally Slow.
It was noticed that while Steel shares
We're higher. while the leading rails
made gains, the average line of indus
trials moved but slowly and added but
fractions, with the additional excep-
tiOns OF Copper and Smelling. These
stocks are being supported to degree
IL was also evident that the South
western shares were not inclined To
follow the leaders
During the noon hour there was
very little business doing, out the eX-
Dected slump failed to appear. The
sentiment seemed a little too uniform
and some orders were executed on
the theory that IL was time TO buy
when the Street was nearly unani-
nous on the cry of wolf. The West
sent in buying orders and every dis
play OF strength sent in some cover
ing commissions by the bears.
Bears Not Aggressive.
Moreover. the success Of the bears
last week did not seem TO create a
desire to increase their short lines
and they hesitated TO make fresh at
tacks on the list, waiting for the ex-
pected indications of further liquidat-
ing by pools and the threatened call
ing Of loans.
Steel common, the active leader in the
industrials. started the session at S71z
a rise Of 3, eased on 10 SIS, then rose
10 8s7k. and dropped back To $50 The
preferred in the meantime sold at 1855
10 127 TO 1868, the latter also a Is rise
Smelling touched S5A. a gain OF IA
Copper gained points Despite the
fact that the dividend returns are small
Copper finds better support than ale
more persistence than high grade pay
eTs. Most OF the industrials We're ,.
point better.
Union Pacific opened IA points high
ct. rose from 1919 % 1892 and then
10 1859 Southern Pacific maintained
less than a point gain. St Paul but
q OF a point. Reading made points
advance and held the better part Of it.
Pennsylvania q better. New York Cen
fral gained ~, TO 49,
The Hill stocks again gave q bad exc
hibition Of their staying powers. Great
Northern Pacific was also week and IL
lluois Central did not have the strength
40 rise even a fraction. Gains were
general here and there throughout the
list.