Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-09
BEAR|SH BROKERS
BOOED ON FLOOR
Traders in Highly Emotional
State as Result OF Steady
DecIinue in Prices.
BY CHARLES w. STORM.

NEW YORK, October 9.-Tne steady
decline in the prices of good '2s well as
poor stocks during the last tlree weeks
has placed the Street in highly emo
tional condition. Not only are the pro-
fessional bears booed on the floor OF the
Stock Exchange and insulted outside OF
that institution, but the mem5elS than
selves became greatly excited yesterday
when after selling at new low prices the
market began to rally in the last half
hour OF business.
The floor element became SO eXhil-
arated that cheers resounded through
out the trading floor of the exchange as
United States Steel began to lead for
ward movement in the pivotal stocks.
This feeling of hopefulness was sEort-
lived, however. as stocks. following a
rally of from l to points from the
lowest figures, began to recede toward
the close.
Prices at Bottom.
In the last hour of trading when
prices we're at the bottom, and Steel
common was selling under Isl, rumors
began gaining currency throughout the
Street and on the floor of the Stock Elk
change that the bears were going to
break Steel common down through $50.
These stories were so numerous that
they Immediately found reflection in a
wild rush of floor members to the Steel
post. In a short time the crowd around
the Steel post was unusually large, all
waiting to see Steel sacrificed and put
down to another new low level, figure
only reached during the November, 1929,
crash The bears did succeed INJECTING
the price down to $50 2, but at that
level supporting orders came IN, CAUSING
q quick rally.
Following the clesc Of the market it
became whispered about that there were
some really large supporting orders in
the market in a number OF the pivotal
stocks. For instance. it was declared on
good authority, that there was an order
for $4,000 shares of Steel common at
$50. and another buying ordsr for 50,CO0
in Standard Oil of New Jersey at 81.
The knowledge that these buying
orders were in the market had a cheer
ing influence and sent the knowing
brokers home in better. frame of mind
than they have been for weeks.
Other Large Orders.
Another encouraging development
was the quiet solicitation by large IN
vestInent house of brokers, asking Tor
offerings of blocks of 10000 and $4,000
shares OF certain stocks at the current
market prices, the transactions to be
put over the-counter instead of over
the-f1oor of the stock exchange.
At least three stock exchange houses
were asked if they had such offerings
of stocks and this started the street
guessing as to whether these inquiries
meant that big pool had been formed
in the market or whether the inquiries
reflected the activities OF big profess
sional bear to c3ver quietly without run
ming the prices of the stocks desired up
On himself The execution of such
orders would undoubtedly cause sharp
advances in the stocks wanted owing TO
the large short interest in the market.
Coolidge in Wall Street.
simultaneously with the rally in the
market, under the leadership of u. S.
Steel, 1t became whispered about the
Street that former President Calvin
Coolidge had had lunch at the First
National Bank. The Street remem-
bered that while the Chief Executive of
this country Calvin Coolidge was the
owner of so shares of u. S. Steel Cor
poration common stock. but that re-
cent perusal of the stockholders list
failed to locate his name. The mad
wags of the Street found time during
their apprehension to ask whether Cal
was at the bank wondering If Steel
had declined far enough to repurchase
his stock.
Steel's heavineSs was due to lower
operations reported for the steel indus
try for last week and sharp falling
on ms pig iron production for Sep
tember.
Important bankers say there is no
mistake about business being better,
but add that there is an excess of stock
offered over the demand.