Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-09-01
FINANCE AND TRADE
Room Traders Forced Stocks Down
by Short Sales.
BIG JUMP IN OMAHA
On Rumor Of Probable Absorption
by Northwestern.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK. September LIN spite of
| higher prices in London and an encourage
| ing change in sentiment at that center the
| local market opened under the influence
| of traders sales. The professional element
| was inclined to regard the weekly bank
statement as deterrent influence. and sold
| STOCKS on the prospects for loss of cash
| in tomorrow's exhibit. The holiday on Mon
| day played the customary part in the ex-
| cuses offered for the decline. Dullness was
| very pronounced at times showing the
| movement against prices to be professional
| and void of significant liquidation
The attack on Southern Pacific was re-
| newed. with the usual results, the support
| ing party holding aloof and giving tacit
consent to the creation of new risks in the
short account
The trading in Union Pacific was signih-
cant, inasmuch some very large indi-
Viduai purchases were reported In the com
mon STOCK. This buying Is based on the
prospect of early dividends, equal in
| amount to the full rate just declared on
the preferred. There may be some disap-
pointment as to the time of beginning
these disbursements. but that is the only
present doubt on that subject
The feature of the day was sharp adj
vance In Omaha. the price advancing from
~ 10 10, under volume of business OF
exceedingly small proportions. in view OF
accompanied by a rumor that two bonds OF
the northwestern, the majority owner of
OIndna, would be exchanged for every fif-
teen shares of the last named stock AL
lowing par for the bonds. the stock lacked
about per cent of selling at parity The
transaction lacked official confirmat ton but
Northwestern is practically certain of max
ing some such provision for this property
so that the street did not hesitate to ac-
cept the report
Later in the day . per cent of the gain
was lost DIS the result of profit-taking
northwestern and New York Central were
DID up by the room and the great trans
continental alliance was once more ouoted
as a basis for the advance. As some of the
larger houses began to realize on all the
stocks included in this alliance including
Union Pacific, traders Immediately changed
'front.' ana sold out the stocks bought earl
er in the day. Standard Oil brokers were
rather free sellers during the afternoon
ana this fact forced sharp reaction In all
departments. particularly among the low
priced shares.
International Paper was weak and lack
ing in support during the early trading the
change in dividend policy inspiring sales
Tor both accounts. The industrial list as
a whole, was not more than steady at any
Tine owing to the uncertain temper of ths
room ana the absence of new business
Inc money market is attracting consider
ably more attention than the rates quoted
from day to day would indicate. The enor-
nous new interpretations, the phenomenal
trade demands and the numerous needs in
cident to a revival of business have cur
tailed reserves and bring the legal rate
again into prominence as the prevailing
charge for time accommodations. Prudence
Always demands a consideration of the time
rate rather than the call rate since the
latter Is too fieeting to inspire confidence