Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-10-19
Geo. N. Punman's Death Causes
Sharp Break in the Stock.
OTHER STOCKS SHOWED IMPROVEMENT
Market ReIapsed Into Dizziness at
the Close, However.
MARKET REPORTS
Special Dispatch to The Evening star.


NEW YORK, October 19.-An increased
foreign demand and some activity on the
| part of local commission houses resulted in
higher range of values during the opening
hour this morning. Renewed strength in
the bond market was a noteworthy develop
ment Of the day and is taken to indicate
an improving investment demand. Should
the influx of idle money seeking investment
assume large proportions the present range
OF prices must prove but temporary.
Earnings were generally favorable and
fully up to previous estimates. The south
ern roads, with the exception Of Louisville
and Nashville, reported substantial IL
creases for last week, and western prop
critics are relied upon to duplicate recent
reports. Confidence in gradual improve
ment seems to be growing. and an increas
ed volume Of business adds color to this
view.
The market needs some important new
incentive, however, and this may come
shortly from one of several sources. The
most likely development is an early decis-
ion on the Dutch export bounty question.
The Treasury Department is thought to
have completed tits ruling on the subject
and Is awaiting only favorable oppor-
tunity for publicly announcing a counter
the Netherlands government
The American Sugar Company is inter-
ested primarily in this decision, but the
rest of the market will undoubtedly reflect
the good or evil fortune of this active in
duStrial.
A second influence is to be derived from
the Supreme Courts decision in the Ne
braska maximum freight rate case. All
sorts of rumors are in circulation to the
findings in this case, but there is no conf
dence in the adverse view. The streets
appreciation Of the significance of the case
was shown by a sharp fractional rally in
Burlington, based on rumoIS that the court
had departed from precedent and handed
down a favorable opinion al noon today.
The PROMPT denial of this report did not
detract frC:n the strength of the stock,
however, ewing to the impression created
that the decision would be favorable at
whatever date il was announced.
A decline of S12 per cent in the price of
Pullman Palace Car stock upon the an
nouncemcnt of the death of the president
of that company was the feature of the
Gays operations. This decline was largely
The result of traders sales based on the
prospect of future liquidation of the Pull
man holdings.
In this connection it is well to consider
tha- the management of the company is
still above the average. The buying back
or early sales resulted in a recovery of
mere than ; per cent of this early loss.
Chicago Gas was weak and in this re-
spect was conspicuous exception to the
general INST The various consolidation
schemes which Were considered feasible
Tor time were reported to have failed by
reason of some disagreement relative 10
method of paying the consideration in
viewed.
There Is still some hope of a transaction
which will again take the company out of
the hands of ambitious financial conspira-
tors.
The market relapsed into dullness during
the final hour. and again reflected its pro-
1eSSiona1 character. The local political! sit
uatlon was quoted against the wisdom of
large undertakings, but there is every rea-
sen for believing that the next change will
be for the better.