The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-10-09
DAYS GAINS.

NEW YORK, Oct. 9.--There isn't much
IN the stock market TO the liking of
traders with a prediction toward the
buying side The uncertainty that has
surrounded the operations all week, the
apparent liquidation by prominent lead
ers and the reiteratiou of stories to the
\ effect that they had been selling out
Con each other. all operated TO unsettle
conditions and create a nervous feeling.
AS a result the trading this morning was
almost entirely confined to semi-profes-
SIGNALS and professionals OF the room
trader variety. The public and the semi
occasional trader have no liking for
market that says with each succeeding
day.
The calling of loans earlier in the
week was the signal to the big financial
interests to get out from under and
they did Il, selling right and left They
caught stop orders in Steel and a large
liquidation followed that gave the whole
list a Jar. 1t is stated that some OF
the largest houses on the Street have
reduced their loan lines by as much as
100000 while the general reduction in
the loans will probably show great re
lief to the market
The Government report on crops OF
corn and wheat showed plainly that
much money will have to be used TO
bring the great crops to market. And
money and big crops If It wasn't for
the big crops the outlook would be unfa-
vorabie-money would be easy--there4org
we must have tighter money to harvest
and market the crops.
Recessions Early.
Tho short session was not profits
either in business or in price-changes.
Immediately following the opening there
were recessions all along the line. al
most without exception. after which The
market gradually steadied itself, and on
some covering Of contracts. taking or
profits. and evening up generally. mod
crate recoveries were made, but during
most Of the last hour the active stocks
we're at an average OF u TO y point
below the final figures OF Saturday. the
volume OF business slackening as the
session wore on 70 an end. but the prices
recovered 70 practically to Friday 8
close.
The news Of the day, the actual news.
was satisfactory. The heavy reduction
in the loan stem, the reduction OF one
third in the Idle car report. and an &C
tual shortage in certain sections OF IA, 552
cars. al tend to Indicate the real and
actual prosperity OF the commercial and
manufacturing interests Of the country.
Roads having surplus car equipment
prefer to hold on 10 the cars. because
they understand that the demand viii
u. require them. and then they viii be on
hand. Crop movement will demand all
car capacity.
Bears Encouraged.
The bears have been greatly encour-
aged by their successes in the last few
days and are pressing hard for I'D
vantage. TIE actual technical position
of the market has been greatly helped
by the heavy liquidation, in that the
reaction has established a short interest
and given the market a thorough shake
out on We9iIly marEined trades on pyTi-
Tnided transa ctions. The speed was too
fast. a check was necessary. But the
future is promising and the last two
months of the year will probably be
characterized by a big bull movement
Steel cOIlmon was active but at the
opening full point lower, selling al
S6H. From there II dropped 10 S65s,
and then as the shorts covered. II rose
70 S77b, recovering the entire loss, going
of Il before the close. The preferred
opened strong but eased Off 2. and did
showed little change Most OF the In
dustTials were a little easier, Copper
and General Electric. with Leather, be-
ing the exceptions. Copper was = high
Smelling steady. Locomotive was weaH
4 and lower
The Rails
4 Union Pacific managed to make a
& small gain. Southern Pacific was also
steady. Reading was a little higher
q The closing showed few changes Of i'm
4 portance. Fries were strong. Chesa
peake and Ohio weak. Southwestern
II shares were generally fractiOnally lower