Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-24
SuddenandC ictingSwings
in Prices Today.
IRREGULAR DEALIN GS
SPECTATORS PREDICTED MATE
RIAL REACTION IN PRICES.
Market Opened Unfavorably Influenced
by Substantial Declines OF Ameri-
cans Quoted in London.

NEW YORK. October "a - There were
many sudden and conflicting swings In
prices in todays stock market, which i'm
parted very irregular appearance to the
dealings as a whole. Broadly considered
the market reflected the quite heavy dis
tribution of securities that has been In
progress since yesterday morning. and also
continued presence of fresh and persist
ent outside demand.
The rank and file of professional specu-
lators were quite unanimous this morning
in predicting a material reaction In prices,
and at the outset of the market 1t looked
as If the forecasts would be vindicated. 1r-
regular rather than reactionary tendencies
characterized the trading however. through
ont the day.
The market opened unfavorably, influ-
enCed by the substantial declines at which
American stocks were quoted In London,
and the prices cabled from that point were
followed up by selling operations here ag-
gregating upwards of 10000 shares.
Other disquieting influences were the
feelings OF uncertainty with regard to the
approaching mayoralty election and the
further rise in sterling exchange. The
latter not unnaturally suggested that gold
exports might be imminent, as indeed they
apparently are Now that the interior de-
mand for currency has abated, however.
and a decided relaxation occurred in money
gold might be viewed without concern.
Current heavy purchases of exchange
are still thought to be mainly In connec-
ton with the remittance of the proceeds
of the japanese loan. In the LODI money
market easier conditions prevailed, money
ON call lending between and Az per
cent Apart from money market c1rcum.
stances there were no developments or
any Importance in the situation at large
and little real news over night or during
the course of the business session relating
to one stock or another
Commodities Strong.
The commodity markets were very strong
with a particularly sharp rise in cotton. Inc
irregular tendencies of the stock market
were accompanied by very material con-
traction in activity. There was again op-
served however. a very general Distribution
of speculative interests throughout the va
rious quarters of the market. In the rail-
way list the strong features were Norfolk
and Western. Chesapeake and Ohio, the
anthracite coal stocks, with the exception
OF Erie Southern Pacific and Kansas City
Southern.
In the early dealings Delaware and Hud-
son enjoyed a rapid advance OF over three
points much of which was lost in the sub
scQuent transactions.
The exceptional strength of Norfolk and
Western was based upon the general belief
that at tomorrows meeting of the directors
the dividend will be established upon
per cent basis. The Rock Island shares
were notably weak, for no novel reasons
that were apparent. Consolidated Gas is
sues were heavy, because Of the political
uneaslness, and the local traction issues,
with the exception of the, Brooklyn Rapid
Transit, seem TO be similarly influenced
Brooklyn Rapid Transit showed very wide
fluctuations, but also an exceedingly firm
llnGeFtOne.
Price movements in the Industrial and
miscellaneous issue We're as irregular as
those In the railway list. The strongest
features there were American Smelling,
Central Leather, International Paper, the
railway equipment stocks, dlstillers' securi-
ties and National Lead. Amalgamated Cop
per was relatively heavy, and the United
States Steel stocks showed little animation.
despite the near approach of the dividend
period on the preferred, and the publca-
ton of the quarterly earnings statement
OF the corporation.