Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-11-21
Lower Range of Prices Mark
ed the Dealings Today.
Renewed LIQUIDATION
Seemed to Be of Enforced and Neces-
sitous Character.
Severe slumps in Baltimore and
Ohio, the Erie Shares, L. and NJ,
Southern Railway Preferred,
Pennsy and N. Y. Central.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. November 21.-The aver
age levels of the stock market fell yes
terday to the lowest point of the year,
and in today's dealings a much lower
range of prices was established. In ex-
PLANTATION of these results there was lit
tie more to say than that renewed and
quite heavy liquidation was conducted
in a great many stocks, and the declines
In these were sufficiently extensive and
striking as to impart weakness to the
market at large. Much of today's liqui-
dation seemed to be of the same enforced
and necessitous character that has been
witnessed from time to time during the
past two months. 1t was only natural
that in connection with the selling of this
description rumors affecting the solvency
of institutions. firms and individuals
should attain currency and these re-
ports today took an unusually definite
turn.
The most severe declines noted in the
railway list wsreifn Baltimore and Ohio.
the Erie shares, Louisville and Nash
Vile, Southern failway preferred. Kan
sas and Texas preferred and Pennsy1-
vania and New York Central.
1t was matter of some comment that
the more active issues, such as Reading.
dCiIiC OOulflcTu TdClHC, cAlllU-
tied smaller degree of pressure. and
naturally a greater degree of rallying
power.
Losses in Industrials.
The losses scored in the active industrial
stocks were also comparatively small and
the United States Steel issues were ex-
ceptionally firm. OA the other hand, West
ern Union declined points. Peoples Gas
tHon
while Federal Smelling dropped abruptly 8
points. Little was done in the local trac-
ton shares except in Brooklyn Rapid
Transit, which was active and notably
weak.
During the first half of the business ses-
sion and when the market was showing
its weakest tendencies. the dealings were
in larger volume than on yesterday. but
there was marked falling away in ac-
tivity In the afternoon when an irregular
sort Of rally occurred.
In connection with the course of prices
1t might be said that In addition to the
rumors already mentioned. there were
others current relating to corporations
and these covered a range which included
prospective dividend reductions and prob
able receiyerships.
Weakness Of Shares.
The pronounced weakness of the shares
OF all of the lines in the southern states
" ID q LdllcI VI uuSu COu1tucut. There
was little of novelty to bescited in con-
nection with the financial situation at
large. The premium on currency was
maintained during the greater part of the
day in the neighborhood of per cent, de-
spite the fact that some $14.OO0.O00 gold
will be laid down here tomorrow upon tn
arrival OF the new Cunard steamship.
Money on call continued active and the
average rates were well above thos-
which. prevailed yesterday.
The London stock market was strong
after weak opening, but little was done
here for foreign account. The Bank o.
England's rate of discount was left I'M
changed at Z per cent. and the bank s
weekly statement showed a decline IN tn
ratio Of reserves to liabilities to 80
per cent from 40 80 Per cent last week.
The banks bullion holdings decreased
f1.410.OOO. For the first day in several
weeks there were no further engagements
of gold for import reported.