Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-04
Opening Active and Small
Fraction Higher.
VERY LARGE DEALINGS
RALLIES AND REACTIONS ALTER
MATED FREQUENTLY.
Break in q. s. Steel Disturbed Market
Reaction Checked by Upshoot in
st. Daul and Pacifics.

NEW YORK October 4-The stock mar
ket today opened active and small frac-
ton higher There were very large deal
ings in Erie and the United States Steel
stocks. first transactions In them ranging
from 5000 to 600 shares. The Metropoli-
tan Stocks New York Central and Tenn
essee Coal made small declines.
Rallies and reactions alternated frequent
ly in the first hours business, which was
very large. The general tone was g. Cd
and prices held consistently above yester-
days closing. except for the Metropolitan
stocks. the United States Steel stocks. On
tario and Western. Chesapeake and Ohio.
Norfolk and Western and Union Pacific.
A break in United States steel preferred
from 76s to 70 disturbed the market. With
a recovery to the top again and confident
buying of st. Paul, Pennsylvania and Union
Pacific, the entire market rose strongly.
st. Paul gained a point and other leaders
" to y. United States Steel preferred sold
off again to 75M and the whole market
yielded. Republic Steel preferred and
Pressed Steel Car rose !. and Pacific Coast
az.
A buoyant upshoot in st. Paul and the
Pacffics on enormous dealings checked the
reaction st. Paul was rushed up to 162a4
and Union Pacific. Southern Pacific Penn
sylvania and Illinois Central rose l to IA.
The response elsewhere was not marked.
ana United states steel preferred Tell Dack
to the low level Erie, Norfolk and West
ern and some of the cotton carriers were
held back by realizing on yesterdays adj
vance.
The Wheeling and Lake Erie stocks and
Ice preferred gained 1 and Minneapolis, St.
Paul and Sault Ste. Marie and Lake Erie
and Western preferred 2. Kansas City
Southern lost 1 and Consolidated Gas IL.
Bonds were firm at noon.
Continuous selling went on throughout
the market. despite the sensational adj
vances in st. Paul and the large demand
for other western stocks. st. Paul toucied
164h before its advance was checked.
Meanwhile Erie. Reading. Louisville and
Nashville. Wabash. U. S. Steel and a few
others sold fractionally below yesterday )
closing, and Delaware and Hudson, Metro
poitan Street Railway, L. S. Steel prefer
red and Tennessee Coal to the extent of a
point.
A relapse in st. Paul to 1913 undermined
ether strong stocks. and a large part of
the earlier rise in the grangers and Pacifics
was wiped out. At l o'clock st. Paul was
rising buoyant1y again and had touched
164ss. The Pacifics moved up again to the
highest in sympathy and the general mar
ket was showing a better tone.
The cotton carriers were bought extern
sively after the earlier proft-taking sales
Rad been completed Missouri Pacific led
the movement and its rise of 15s was fol-
lowed by a general Improvement in the
Gould stocks st. Paul moved erratically
at intervals. but generally touched higher
level after each setback. By o'clock it
had reached 167.
Union Pacific was selling at 104A, but
there was not much alteration in other
prominent stocks. Some of the afternoon
gains included in American Express, Car
preferred and Consolidated Gas. and l to
~ in the Kansas and Texas stocks. Texas
and Pacific. Canadian Pacific. Western
Union and United States Express.