The Washington herald., 1910-11-11
WALL STREET NEWS
Weakness Due to Specula-
tive Operations for Fall.
REAL LIQUIDATION IS SEEN
Little Effort 20 support the Market
Ia EVidence-Banks Probably NOti-
fed Heavy Speculative PIungers
40 Tighten Their LOads-Pressure
ON Steel Stocks Not Abated.

New York. New. l0-Further progress,
even If by no means yet sunicient, was
made to-day toward releasing the stock
market from the unnatural and artificial
position In which it was maintained for
several weeks previous to the election.
No doubt a considerable portion of the
weakness Of the market to-day was due
10 speculative operations for the fall. a
fact which was attested by the recovery
OF prices in the late afternoon. which
took place In the hasty manner that
usually indicates "short covering
1t was. however. open to no question
at ali that the bulk of the sales during
the day represented real liquidation, and
much OF it seemingly Of an enforced
rather than a voluntary character. None
OF the efforts to support the market that
has been common in the immediate past
were to-day in evidence. and had more
cautious and guarded liquidation been
going on. stocks would not have been
pressed for sale at the low prices in the
way in which they were.
Banks Take Hand.
A stock exchange rumor. which might
or might not have had truthful basis, ran
TO the effect that banking interests had
taken a hand in the market to the ex-
tent of notifying certain heavy specu-
lative plungers in whose hands an enor-
nous volume OF stock had accumulated
previous TO the beginning of the present
week that it was high time they light
ened their load. II was at least plain
that stop loss orders were caught on to-
days fall in no small volume: and
whether or not the authors of the boom
in the market that has lately been car
ried have managed to escape themselves
without loss. the indications favor the
probability that the amount OF genuine
public buying that has been excited has
been altogether too small 10 allow OF
any great amount of additional liquida-
tion in the market without causing fur
Their decided recessions in values.
The drop in prices that occurred to-day
carried the quotations for many stocks
down to a lower level than any reached
IN the last month and resulted in fall
taking yesterdays and to-days dealings
together, OF over six points in certain
other prominent stocks, notably the
United States Steel common shares. which
now occupy the most prominent general
place in the market.
Untitled Orders Fewer.
The pressure upon Steel stocks was
not at all abated by prophecies during
the morning hours of business. which
were afterward found 20 be entirely ae-
eurate. that later in the day the man.
agement Of the corporation would an
nounce that the unified orders on hand
at the end OF October would be In the
neighborhood Of 2S000O tons less than they
were thirty days previous.
With every desire 10 take a hopeful
view of this branch OF the country's in
dustry. grounds for existing optimism 90
not seem 20 be either firm or broad The
long-predicted rush Of railway orders for
iron and steel has not only failed TO put
IN an appearance, bat according to every
fair indication Is 20 be indefinitely de-
layed. The president Of the Baltimore
and Ohio Railroad Company added his
voice 10 those of many other railroad
presidents heard yesterday in the declar-
alton that his company would place no
orders for rails or equipment in the near
future. but would await business and
financial developments.