Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-09
Today's Movements Irregular
to a High Degree.
RAILWAY LIST CONTRARY
But Price Changes Were Confined to
Small Limits.
SOME EXTENSIVE ADVANCES
q. s. Steel Shares Reflected Renewed
Profit-Taking sales--"Pennsy"
One of the Strong Features.
RAILWAY LIST CONTRARY
SOME EXTENSIVE ADVANCES


Hpecial Dispatch to The Star.
NEW YORK, October 9.-Whatever might
be named as the most important features
of the financial situation at large, they
could hardly be mentioned in connection
with the days course of prices in the stock
market. The latter was irregular to a high
degree. Railway stocks of the same gen.
era classification moved in contrary direc-
lions. but price changes in that quarter of
the market We're for the most part confined
to small limits. The industrial and miscel-
laneous issues furnished the bulk of the
days total transactions and most of the
more extensive changes in prices.
There further extensive advances
made in American Smelling and American
Locomotive. but both stocks moved irregu
larry after the first hour of business. Anal
gamated Copper was again largely dealt In.
but that stock showed an uncertain tone,
for no better apparent reason than that
there no further advance made In the
already very high prices for copper metal
Some of the less active industrial shares,
such American Cotton Oil, Virginia-Caro-
lima Chemical and International Paper. rose
smartly light transa actions
The United States Steel shares reflected
the continuance of the profit-taking sales
which have been in progress in those issues
since the announcement of the consumma-
ton of the ore lands transaction with the
Great Northern railway. The fluctuations
In the railway list were confusing to an un-
usual degree.
1t seemed to be the common expectation
that the directors of the Chesapeake and
Ohio would meet today and declare an en-
larged dividend on the stock, but the meet
ing was postponed account of the lack
of a quorum. and the stock lost the whole
of an early extensive advance.
Pennsylvania was one of the strongest
and most active features of the whole
market the dealings in that instance being
ACCOMPANIED by positive reports to
the effect that the dividend to be acted on
November ] would be declared at the rate
of seven per cent annually. Union and
Southern Pacific, together with the usual
leaders of the railway list, fuctuated in
sucfl uncertain fashion that it would be i'm
possible TO assign any definite tone to the
dealings in those securities.
London Generally Strong.
The dealings in Northern Pacific and
Great Northern preferred reflected the same
hesitancy and irreguarity as those in the
United States Steel stocks. The London
stock market generally strong on the
comparative ease of money at that point.
but the American department was not In
particular favor and the operations here
ponderance of sales.
No certainty seemed to be felt in London
with regard to the probable action Of the
governors of the Bank of England upon the
rate of discount of that institution at their
meeting on Thursday.
The local money market showed further
relaxation, both for call loans and those for
all time periods. and corresponding tenden-
cies were noted in the market for mercan-
tile paper. The banks have gained in their
operations with the subtreasury since last
Friday more than 81 100000, a sum which
was increased by today's deposits against
the new importations of gold. Sterling ex-
change rates advanced extensively In con-
nection with the liquidation of maturing
finance bills and the relaxation in the local
money market. but that circumstance did
not appear to be an actual influence in the
local dealings in securities.