Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-11-12
FINANCE AND TRADE
Trading Continues Nervous
on Disgusting Rumors.
MANY SELLING ORDERS
POOL LIQUIDATION IN STOCK OF
SOUTHERN PACIFIC.
Interest in Report of New Issue by
Northwestern-Shareh
to Buy at Par.
MANY SELLING ORDERS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. November 12-Eariy trad
ing in today's stock market was nervous
and reflected the tension Of the last three
days of liquidation and disquieting rumors.
The latter factor was relieved of its sig
niflcance by the now generally accepted be-
lief that prominent western operator had
been forced to sell securities In order to
meet certain underwriting obligations in
recently created corporation.
The fact became known yesterday, and
confirmation of a practical kind was sup
piled today, that some round amounts of
high priced stocks had been transferred
from western to eastern holders as the re-
suit of private negotiations. These trans
actions were thought to have supplied the
funds necessary, and the market was re-
lieved in consequence.
Traders covered few stocks for a time
and during the middle of the day prices
rallied slightly, and the pressure to sell
would be offered down today by a promi-
nent trader for the decline were circulated
during the morning. Some manipulation
to this end was recorded, but the street
was most interested in the new issue of
$40, OO0. 600 in the stock of this company.
Details Of the plan were lacking, but the
opinion prevails that both common and pre-
ferred shareholders will be allowed to sub
of subscription will be fifteen shares of new
stock for every one hundred shares of old.
The selling of Baltimore and Ohio carried
the price of that stock below par, and there
was some evidence of scattered liquidation
in Louisville and Nashville.
The west was credited with the sales in
these issues, sources most conspicuous in
the receat buying selling today.
The selling of Southern Pacific had all the
earmarks of pool liquidation. Selling orders
in this stock were well distributed. Five
commission houses sold $1,000 shares dur
ing the day, each firm handling a 10000
share stock.
That the market took this stock within
the relatively narrow range was quite as
surprising in its way the bullish inter-
view with the pools manager, noted yester-
day. Union Pacific sold down in sympathy,
but inside buying was conspicuous around
1O1. On declining scale the support in this
stock has been of good character.
Some good buying of Norfolk and Wess-
ern under 20 was recorded. and in a few
similar instances where stocks had declined
in advance Of the general slump and mad
held well since there was a moderate in
vestment demand
Colorado Fuel was conspicuous feature
of the day because of it's substantial rally
in the face of the uncertain trading else
where
The Gates party is not so formidable in
the contest for the control of this prop
erty as formerly.
Smelling common was sold down on the
declining prices for silver, but was taken
for inside account.
Rumors of NEUTRALITY-SUSPICIOUS. buying
of certain pooled specialties were heard
during the day, such buying being purely
a relief measure.