The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-30
STOCKS UNDER PRESSURE
Some Heavy Selling Apparent in
the General List.
Small Volume Of Trading Indi-
Gates That Liquidation Is for Com
mission House Account - Buliish
Manipulation Altogether Absent
. SLIGHT Declines in the Industrinis.

NEW YORK, Oct. 29.-This morning
news and the days developments COM
prised nothing which would account fer
tie tendency of the stock market. the day
being virtually bare Of any developments
of general Importance. Liquidation, how
ever, appeared upon the opening of bust
ness, and it was evident in practically
every quarter of the market
The trading was not indeed. in large
volume, and it was observed that the salss
were in comparatively small amounts, an
indication that the liquidation was for
the account of commission houses. Sell
ing of this kind, indeed, was continuous
throughout the day and during the greater
part of the business session no 5horts
were apparent in any direction to cheek
the decline.
Builish manipulation such as was noted
in last weeks market, was altogether
missing today but on the other hand, the
professional element was quick to recog-
nize the technical conditions Of the trad
ing. and sold stocks freely. The LONDON
market for American stocks was shown in
the early cables materially below parity
with the local final figures, circumstance
which added to the depression in the local
market upon the opening of business. Inc
dealings here for foreign account. how
ever were en- balance in inconsiderabie
volume.
The gross declines in the railway list
we're in q number of instances in excess
of one point, and more extensive declines
were shown in the local traction group
and amcng the industrials and the spe-
cialties Virtually nothing in the way OF
news attended the movements in partlcu-
lar stocks even in those cases where the
price changes were the most violent In
the railway list, the pressure was pro-
nounced in the anthracite coal shares,
Southern Railway preferred, Southern Pa
cific and Norfolk and Western.
The traffic returns submitted today
showed the September statement OF 81.
Paul wherein an increase in net earnings
for the month of something ever SSo,ooo
was shown. The company closes the hrst
quarter of its fiscal year showing an In
crease in net Of some S228,Oco. The gam
in Bet earnings would not have been shown
except for the reduction in operating ex-
pcnses for the quarter OF about L. per
cent, and it is now apparent that the COM
pany is reaping the benefits Of the extra
ordinary outlay for operating expenses
made by the management out OF last years
exceptionally heavy returns.
The dealings in the Pacific stocks were
particularly heavy and the strength of
Northern Pacific common attracted some
attention. The dealings were fairly active
in the industrial quarter, which moved in
line with the remainder of the market.
The trading in Sugar Refining was partic-
ularly active.
Later advices regarding the decision re-
Gently handed down in the litigation from
the Woolson Spice Company case show
that while, specifically, the decision was
against the interests of the American Su-
gar Refining Company. Its actual signif-
canoe was nothing more than nominal.
and, in fact, the complaining parties were
worsted on every important point.