Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-10
More Cheerful Tone Impaired
to Today's Market.
RECOVERY IN PRICES
MATERIAL CONTRACTION IN
VOLUME OF BUSINESS.
Many Things Contributed to Improved
ern's New Stock Issue.

NEW YORK, October 10.-A number of
circumstances combined today to impart
more cheerful tone to the stock market but
It was observed that the recovery In prices
was accompanied by a very material con-
traction in the volume of business. The In
fuence In question included quite a marked
betterment In the tone OF the London stock
market. rather easier conditions in the local
money market, the highly gratifying gov
eminent crop report, and. in addition, the
announcement OF handsome rights to the
shareholders OF the Great Northern railway,
and the declaration OF an initial dividend OF
l per cent on United States Cast 1rin Pipe
common.
The improved tone of the London stock
market was reported as mainly due to a
dininuuon in anxiety there with respect to
the monetary outlook. American railway
shares participated fully in the rise in the
London stock market, and upon the opening
OF business here foreign houses were buyers
TO the extent Of about 1900 shares.
An official circular conveyed to Wall street
the information that the Great Northern
railway was to issue, for various specified
purposes $4,000 900 in new stock to which
the shareholders would be allowed to sub
scribe at par to the extent of 20 per cent
OF their holding
The curb market quickly calculated
that this privilege was worth about 80
per cent. and dealings in the new rights
were begun at that figure AS Is often
lII!eS lHc CdSS, the announcement OF
the beginning OF dividends was succeed
ed by heavy prof1t-taking sales In
United States Cast Iron Pipe common,
under which that stock receded sharply,
but all such similar incidents, and there
have been several recently, are really
matters OF great significance and en-
enlargement. The governments figures
indicated a slight deterioration In the
corn crop during the month of Septem-
Der. but the percentages nevertheless
pointed TO a total yield of that staple of
more than 2. 70o,000o00 bushels.
Considerable interest was taken in the
several annual railway meetings which
were held today. although none of them,
including that of the Wabash company,
furnished any great surprises. The main
feature OF the days money market was
the extremely liberal offerings OF funds
practically upon the opening of business
upon the stock exchange.
Initial transactions in the money market
were effected at 51a per cent, with a SUBJ
sequent decline in rates below 5 per cent.
Inc banks have managed 10 reduce their
loss in their operations with the subtreas-
ury since last Friday to- $59S, 900, and the
subtreasury was considerable debtor at
todays clearing house settlement.
Little Genuine Liquidation.
Stock market dealings showed little of
the genuine liquidation which was observed
yesterday, and. considering the light vol
uue of the transa ctions, the market re-
tained Its initial tone of strength exceed
ingly well There was also in all the cir
cumstances very fair distribution of in
terest apparent. In the railway list there
were a number of maximum advances in
excess of one point. instances being Wa
bash preferred, Northern Pacific, Great
Northern preferred, Canadian Pacific and
Reading
Union Pacific was strong and active also.
reflection, doubtless. of this mornings
Great Northern announcement, and there
were. In fact no exceptions of significance
to the common drift.
March opened points up at 9.94c. ad-
yanced to 1O.0Sc., reacted to e9Sc.. ad-
vanced to 1003c. and returned to 9.97c
illustrating the nervous tone of the trad
Ing. Liverpool due to come Ii points, how
ever. opened steady to 10 points down. and
at the hour of the local opening was 5
points down.
The receipts continued large The
estimated receipts for tomorrow at New
Orleans 1900 to $500 bales as COM
pared with $40 the same day last week
and 1888 the same day last year. The es-
timated receipts at Houston for tomorrow
are %, 500 to 1880 bales as compared with
lS.5TS last week and IL. 473 last year
The semi-weekly local receipts at Houston
are 1852 bales, as compared with 6o5OJ
last week and 81, 800 last year.