The Washington times., 1910-01-13
STOCKS WERE SEVERELY RAIDED
FOR MODERATE DECLINES.
BEARS VERY BUSY.

NEW YORK, Jan. 13--The weakness
50 rampant at the close yesterday m
spired by the expected verdict on tle
hock ISLAND fuke, and the heavy sell
ing by professional operators kept on
with the opening this morning The
Street evidently feared that the people
involved. aside from the big commission
house. would make a demonstration on
the market. Moreover. the Street has
come to realize that much Of the heavy
selling OF the past ten DAYS has been ac-
tuaI Iiquidatfou OF securities and not
oil short sales This has been the big
geSr market influence Of the year-this
Rock Island development and its at
tendant evils The fiFU of :. s. Chapiu
* &C, is a very old Chicago house and
has been enlarginE its New York Office
and business fo- ten years, having some
- the heaviest traders operating
through i. The edict OF sixty days sIs-
pension carries With 1t the absolute en-
largo against trading directly or indi-
rectIy or the Exchange, leaving the
trades that are on the books of The
company standing - although CnqueS-
tionaBly most Of the firms business has
been closed out in anticipation OF the
penalty
Then. too. the leaders IN the market
appear TO be suspicious Of each other,
and II has come 20 the case or the
various pools watching each other. fear
ful OF any attempt of one to take pfoHtS
by liQuidatlnE- ANY trcaCneTE at IliS
time might be bad although there IS
always the possibility Of Morsall-Rock-
efeIler taking hold and making II warm
for the delinquents-
Hope In Short Line.
The hope OF the market just At this
time seems TO be in the short line,
which IS fast overwhelming itself, IN
deed. the decline this morning was
checked along toward noon by the COW
ering Of some Of the professionals sat
ished with the profit they have made on
the short side
On the other side Of the question II
must be admitted that the declines have
been quite severe Steel common AZ the (
low this morning, S5ss- represents q nine 1
points drop. Union Pacific at ly6 Is a F!
. point from high, and so throughout /
the entire list, IN lesser deEVee- because /
the two stocks selected as examples are
really the leaders in the class
From the low prices TecOveries Of = /
point were quite general
4 feature Of the morning operations /
was the extension Of the slump to the 1
industrial list Heretofore the indus 1
trials, other than Steel common. have /
been reasonably independent especially 1
Copper and Smelling Today they coined !
the rest IN the slump copper Wnlcn I
week. dropping yesterday TO S6-zs I
plunged 10 S47s. with heavy liquidation {
II recovered to S5lz- Smelling dropped I
70 g, and recovered TO g17s- Eubbe- I
sIumped II. Westinghouse . and Rock /
Island ?. Most of the list were below I
the closing Of yesterday. even on t0e /
recovery
Raid It Again
IN the noon hour the bears became
very busy again and sold stocks right
and left The result was a general /
EIump again which brought levels very
close to the low point again, not quite. 1
but within q fraction The ease with /
which the bears brought abOUt-the re- |
action surprised them Having profits
in sigh the shorts started 10 cover .
again and brought prices back to within .
a fraction OF the late morning range
At the end Of the second hour Of -,
afternoon the market was very uer-
Eous, shorts we're covering moderately. E
with Indications Of more liberal COW
erinE before the close of the session
There was practically no investment +
business, speculation being the only .
kind Of trading In sight. Some bulls
VINO sold out ten days ago, were tax
ing Of a little stock for quick turns.