The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-02-08
STOCKS OPEN WEAK, THEN RALLY
ON HEAVY COVERING BY
THE SHORT INTEREST.

NV IOtkE1 Z Cd '---N' F'N--
or edge for the opening, hoping that
the hands Of the raiders might be stay
ed. but fearing the worst The absolute
indifference Of the great moneyed Inter
ests. while the hears EamDOl, can have
but one Interpretation and that in the
line Of irnpressinE more euphatiCally
an '.obiect lesson on Congress. and, II
possible, on the President and his ad-
visers- There are those who draw a
second meaning from the slump and this
on the line Of discountiTz, the Supreme
Court decisions in the great trust cases
now pending. Wall Street hasn't time
10 wait for the eventUaIity before DIS
counting II
The slump in stocks amounting in
nearly all leaders 20 $50 a share since
the first Of January, and che apparent
lack Of all support has not been with
out effect on many MISUNDERSTANDING
some and restricting the scope. OF OJH-
ers- The persistency IN the calling Of
loans IS in itself a warning to many
10 get out, a fOrcefuI reminder 10 others
that they can not stay in
Want To Be Let Alone
The insistent Teiteration Of first one
and then another movement in the pro-
gram al the Capital has recalled the
manner IN which Lord Salisbury. prime
minister Of Great Britain, replied 10
urgent requests 10 do this or that, with
a view 10 remedy Of ills real or ap-
parent cant YOU let IL alone2' This
was the favOTite reply Of the great man
Constant stirring ND or the business
interests Of the country cannot but dis
1urb the serenity Of business A policy
OF letting alone" even Just little
while, in this country would be greatly
appreciated
II has come to a time where legitimate
influences. earnings crops. business, eLc-r
are not Of any particular importance IN
the market 20 time when politics ana
law take precedence intrinsic Nalues
10 not count
There was a simiIe in the big advance
ON Wall Street following the break IN
October, 1907 The recovery in business
was as nothing compared with the
manner in which the stock market us
counted IL Hartman and mis- friends
virtually lacked the movement up
ward by main force. and the army OF
IrsileTs. ignoring rhyme or reason. 1Ct-
lowed and made money
Threat N Opening.
Yesterdays break was severe The
opening this morning was attended with
much uneasiness and for a few minutes
Il looked as If the dose was 10 be re-
pested- some serious declines were in
GfCated by the first quotations Copper
was Of IL points, Smelling SIss Ana
conda- IL Union Pacific IA New York
Central q point and c. & O. 49, Not a
sale Of Steel common came over the
ticker for FIVE minutes and then at d
: loss.
While things looked decidedly gloomy,
the change for the better developed
The army ofoVeT-e xtCuded shorts rushed
IN to garner the harvest and checked
the decline They continued buying and
put the market u on Themselves There
were those who thought they could see
but # there were signs they wee scarce
= visible TO the naked eye
In the present nervous condition Of
me market IN the present temper OF
The laWma kerS- at the present time
when banks are calling loans and fore
ing closures Of accounts and insiders
Indifferent IN the extreme II would be
foolish TO attempt prediction as 10
whether the slump had run its course
or not The chances would seem
To favor the continuation or the
theory that the liquidation viii con
tiuue until there has been such q draS-
tic cleanup that there VIII not be any
necessity for further liquidation in TIE
event Of the two big cases now before
the court being decided. against the
trusts and the Sherman Antitrust law
installed IN high power
Wall Street discounts all possible fore
seen difHcuIties- The storm signal seems
10 be flying
Advance Well Held
The buying by the shorts and much
odd lot Investment buying continued
very active and the gains that followed
within half an hour OF the opening and
continued during the morning were well
held Shorts were the chief buyers ~
the end Of the second hour OF the az
reruoOn most Of the rails and iuduStriaIs
were IzF1 point above the closing Of
Monday
Copper. which had dropped to 117f,
rose TO 7gis, Smelling 20 a-s- Just a.
fractional gain. steel Common TO 1fas. a
- advance Union Pacific was IS of a.
uofur higher than on Monday. while
Reading was UD TO la, Us gain
Southern Pacific IL higher Other
changes were less important, but the
Hills made as good q gain as any stocks
on the list They were IaE6rltes with
investors
The market continues active, with d
lair show Of strength