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Show SHORTS MAY HAVE TO PAY FOR RAID ON THE MARKET Test of the Reactionary Movement in Wall Street Will Come Today and Monday. By Thomas C. Shotwell. By International News Service. NEW YORK, 7ray 3. Stocks yielded this afternoon to a dashing raid by bear traders Most of the stock sold had to be borrowed for delivery, de-livery, but some real liquidation was excited. The declines were heavy in standard Issues, Reading and Steel being be-ing under severe pressure. The close was near the bottom, with no evidence that the raiders had becrun to cover their open contracts. Thus the raid is only half over, and it is too early to sny that It has been a success. Judging from the character of the buying in the last half hour and from the character of the operators op-erators who refrained from Joining the raid, the shorts may have to pay clearly for their activity. The test, of the market will come tomorrow to-morrow and Monday. If the leaders of the advance have been sincere, thr market mar-ket will rebound sharply, for the raid has given the opportunity to pick up bargains. bar-gains. If the bears are permitted to cash in with material profit, the public will be frightened still further from tho ticker. Bad NewB Discounted. No news developed to account for the break on prices. It seemed to be the result of an accumulation of forebodings. The Modern Miller report on winter wheat was discouraging, but not a word of it was nows It has been known for weeks that winter wheat Is in poor condition con-dition and It Is also known that there is still abundant time to plow up the abandoned acreage and plant corn and oats. Refusal of some anthracite minors to accept tho agreement for a wage adjust- ment was also known some days ago, but it was also known that most of the men are anxious to go back to work after their long holiday and that the leaders cannot hold them together much longer. The longer an official settlement Is delayed, de-layed, the poorer terms the minors will get. Demands of the locomotive firemen for an advance of wages has been expected as a matter of course. It was this expectation ex-pectation that led the railroads to insist on arbitration with tho engineers. The demands of the firemen come at a good time, for the whole question can now he arbitrated at once. Having clamored for a square deal, the engineers and firemen cannot refuse to accept arbitration, since the railroads have bound themselves to abide by whatever decision Is rendered. Old Story Revived. The nnclenl story of a dissolution of the Amalgamated Copper company was exploited again. It may come true some time, and that time may as well be now as nny other. But it furnishes no reason for selling stocks. On the contrary, it Is a reason for buying stocks. The copper metal market Is strong and seems destined des-tined to swing between IS and 16 cents for a long time. Because the whole market was under one influence, Individual price movements move-ments were not important. American Can common and preferred made new high records and Cotton Oil reached tho highest price of the year on Inside buying. buy-ing. Canadian Pacific touched the record high price made the previous day. Other shares were sold freely In the afternoon, but these particular stocks held In a way such as to suggest Important backing. |