Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-21
FINANCE AND TRADE
Railroad Stocks Sold Freely
by Professionals.
PRICES WERE LOWER
MISSOURI PACIFIC WAS CENTRAL
POINT OF ATTACK.
There Was Some Effort to Attract At
tention to Some Low-Priced
Industrials.
PRICES WERE LOWER
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, October 21-Profe ss:onal
selling, aided by one or two favoring argu-
| ments in the routine development of the
Gay. forced a lower range fof prices in all
the active issues. London sent over lower
range of prices, and sold a few stocks in
this market.
Brokers acting for a prominent Broad
street operator sold the railroad list rather
freely and sought to arouse interest in the
industrial department. Several low-priced
industrial shares of doubtful value were
given some prominence, in the hope of Of
fering spectacular offset to the railroad
liquidation. Evidences of a contest between
| rival speculative factions were early detect
ed in Missouri Pacific. Selling orders came
in on a large scale. but met with stubborn
resistance by brokers said to represent the
inside faction. Continued selling however.
forced the price down in the neighborhood
of no. at which level supporting orders
were sent in for round amounts.
The publication of August earnings, show
Ing decrease of $500, 900, making the net
decrease for the seven months 81 026. 400.
disclosed the reasons for the recent selling
of this stock on all rallies. Floods and de-
layed traffic are assigned as reasons for
this showing and official reports Indicate
that better record is now being made.
The entire railroad list was heavy in sym
the pool favorlteS being Of short duration.
An attempt to advance Norfolk and West
ern was short-lived and the western ele-
ment soon ran through their buying orders
without materially helping.
The easier money rates resulting from the
unlocking of treasury funds to cover bond
purchases and the selling OF stocks by Lon
don found reflection in a stiff rate for for
eign exchange. This is condition which
will bear careful watching during the next
few weeks American bankers have their
own loans to look after as well as the con-
siderable advances made to this country
by Europe.
The export crop movement will fix the
burden of this responsibility. Conservative
bankers incline to the view that crop de-
llyeries alone will not wholly meet the de-
| mand, and the relief to the local market
| must again come through a reduction of
loans.
The settlement of the coal strike failed
to lind reflection in the market, the result
having been generally anticipated The
was given to the falling off in earnings as
a result of the strike
This latter fact is not new, but the ten
sion being relieved, selling was a most
natural outcome.
The buying of the steel stocks was said to
be good In character but no Roadway was
| made owing to the heaviness of the general
list. An appearance of new buying in
Amalgamated Copper was noted, but under
cover Of the demand some significant SET
ing was disclosed
The western element had a large selling
In Union Pacific at 106 and were trying in
dustrously to feed out Illinois Central
There was little demand for these shares
except at concessions, and the securities
were not forced out in view of the unwilling
market Closing prices were generally under
the opening level and the volume of bus
mess was almost wholly professional.