Evening star., 1907-10-29
Heavy Liquidation Broke Out
in Today's Market.
SOME BIG LOSSES SCORED
Large Number of Maximum De-
clines Recorded.
No REASONS ARE ASSIGNED
Few York Central and Pennsylvaaia
Featured Selling Movement.
Local fractions Weak.
sp.e!sl pisaa,ca 20 The s.as

ep"eisI Dis9a,cl 10 The star.
NEW YORK, October % -liGuidatior
upon a large scale broke out in new di
rections in todays stock market and wa,
continued with equal urgency upon OLE
lines Consequently large number O.
n1aNnuT declines we're recorded, and II
Son'c cases these reached proportions
Which nave seldom been exceeded even II
recent periods OF greatest s;oCk -nnrkef
DnseCeserient- The most striking eelllrs
OF tAis description coEverged today uDor
New York Contra! and PENNSYLVANIA al
tFoogn more extensive losses were scored
oy eo!ne other securities Before moor
nour New York Central had broken pearly
points snd Pennsylvania nearly 8 points
4. "aiI Htreet has long dispensed with
US former Practice of attempting to as.
S!eh special reasons fer the movements
IN particular stocks Even when such
oeclihes as those notad were taking
pISSe IN alch stocks as New York Cen
tra4 and Pennsylvania, the only com
!nent forthcoming Was tha: Iiuuidatiou
mad finally reached thode Issues The
near approach OF the dividend on Penn
syivaha did. however. lend additional in
teTe$t 20 the course OF that stock
Othe- extensive losses in the railway list
"@re noted II Baltimore and Ohio, ST.
Paui-the latter STOCK breaking p4-Cana-
GlAH Paciiic. Missouri Pacific. Great North
ern preferred Mort hern Pacific Reading
Union and Southern Pacific and Louis
Vile and Nashville. All of the local trac-
ton issues, including the Inter Met 41.
per cent bonds. were weak. and Brooklyn
Rapid Transit sold at the lowest price
touched in a unber of wears
The latter distinction attached, however.
IN emphasized form to d great many
other Issues. Transactions in the indus
trial and miscellaneous issues varied in no
tot
in the market
Amalgamated Copper Strong.
In the early part of the day Anal
Ramated Copper was exceptionally strong
on the further and greatly encoura ging
improvement in copper metal. but later
that stock moved in line with the re-
malnder OF the market The weakest fea-
lures of this group were American
Smelling, National Lead, Distillers' Sc
Curities, Suger Refining, United States
Steel shares, General Electric and West
ern Union. The decline In the United
States Steel issues were probably to some
extent furthered by the expectations that
the quarterly report OF the corporal ton
TO he published this afternoon, would
make a disCouragiug showing.
1t Is hardly necessary to say that the
Immediate controlling influence in the
dealing at large was the state of the
early In the day at ~ and - per cent and
a great many were made with no rate
fixed at all with the understanding tnat
fgure would De arranged later in the
day. There seemed to be little question
that much OF the mornings most urgent
liquidation was for the account OF the
firms Who were yesterday unable to OBJ
tain any accommodation at all.
Sterling Exchange Rally.
The sterling exchange market rallied
rather sharply, but further purchases of
gold for import to this country were an
noUnced The Imperial Bank of Germany
today advanced its minimum rate of dis
oount1 per cent 20 81 per cent. and as dis
count rates in the open London stock
market were quoted from 515 to per
cent it was taken for granted that the
Bank of England would take some corre-
spending action at the meeting of the di-
rectors Thursday
The local banks again largely increased
Their favorable balance in their dealings
with the subtreasury, that Institution
showing a loss between last Friday and
this morning OF $i3, ,297 600.
l. Was only natural that manifold ru-
moTs rejecting upon the credit of Ilrns
and institutions should have been in con-
sJaHt circulation throughout the day.
The restrictions imposed by commits
sion houses upon their customers in the
direction of entering into new commit
merts served TO restrict activity, but the
dealings were still upon d fairly large
scale.