The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-10-23
WALL STREET
STOCKS CONTINUE TO SHOW
DECENTRALIZATION.
Declines Are Generally Restricted, How
ever, Attacks Being Converged on
Few Leading Issues.

NEW YORK, Oct. 2S.-The opening oil
the stock market gave fresh evidences OF
Generalization, but the severe pressure
converged on but a few stocks. The range
of the decline In many Of the active stocks
was restricted to a point. Union Pacific
ran off SIS. dropping a point between sales
with a subsequent rebound from 10IA to
100. The first 900 shares of Delaware and
Hudson sold at a decline of 9, which was
extended to IL points, Northern Pacific
dropped 4 Atchison 2h, Brooklyn Transit
8, Great Northern preferred "a, Reading,
Atlantic Coast Line, Louisville and Nash
Vile, National Lead and Mackay Com
panies ., Southern Railway preferred IA.
American Smelling ~, United States Steel
preferred 1ss. and Amalgamated Copper IA
American Snuff sold at a decline OF %
points.
II a. m.-The rally which followed the
opening carried Reading. A~malgamated
Copper and American Smelling up to a
rarity with yesterdays closing. The Della
ware and Hudson recovered 5h and the
rest of the list l to IL. Violent liquida-
ton In some of the less active stocks
started renewed selling all around and
Reading, st. Paul and some other favoEites
sold lower than at the outset. The market
showed evidence of support. Westinghouse
Electric dropped 1875 to so, New York Air
Brake is, General Electric 81, Northwest
ern preferred, Republic Steel preferred,
General Chemical preferred, Mackay Com
panies and United Cigars preferred 5, Dem
Yer and Rio Grande preferred 4 and Ma
tional Lead, American Car preferred and
American Tobacco preferred 8.
u m.-Reports of a financial embarrass-
ment of the Westinghouse Electric Com
pany drove that stock to rev low levels.
1t dropped. by intervals of 1 to 4 points
on sales Of 100 share lots to AZ. General
Electric weakened In sympathy with a fall
of 1917. Inactive stocks continued to make
wide declines on small sales. but the gem
eral list was frmer and some banks re-
newed loans Mt 6 per cent. Several promi-
nent stocks rose a fraction over last night.
Central and Southern American Telegraph
dropped "a, Homestake Mining 16, U. S.
Pipe preferred 10, Republic Steel preferred
7. international Pump s, Chicago. st. Paul,
MINNEAPOLIS and Omaha and American To-
bacco preferred s, Atchison 4 and New
Haven. Manhattan. Twill City Rapid Tran
sit. United Railways and Investment pre-
ferred. North American, National Lead
preferred and Mackay Companies preferred
3 to 31a. Bonds were very weak.
1 p. m.-The support of the market was
less effective after II o'clock, and a drive
against Reading and Atchison, which car
ied them down Az, coupled with the con-
tinuous liquidation Of the electric stocks
and other specialties, sent prices down
again to about the lowest. Business was
quiet again at 1 o'clock and the active
stocks were up from 1 to 2 points from the
lowest. General Electric rallied 4 and
Westinghouse Electric s. Al the low point
Westinghouse Electric was down 3S%, Cen
eral Electric 17H, Twin City Rapid Tran
sit Z, P%ittsburg, c., G. and st. Louis 6,
Lead preferred 5, Great Northern
Ore certificates 4, North American AZ and
Southern Pacific, Canadian Pacific, Balti-
more and Ohio, Erie first preferred, Sugar.
Pittsburg Coal preferred and u. S. Rub
Der first preferred 3 to 3h.
2 p. M.-Prices improved materially
between one and two o'clock, and a
few of the standard railroad stocks re-
turned to their best prices of the forenoon.
Confidence was restored in a measure by
the support to the electric stocks. Cen
eral Electric rallied 8 and Westinghouse
Electric T.. Delaware and Hudson also
rallied Z and the general market from l
to 3 points. Minneapolis, st. Paul and
Sault Ste. Marie fell 10 and Norfolk and
AZ.
8 o.. m.-The market closed greatly I'M
and irregular. Stocks rallied sub
late in the day with a feeling
Of relief that disaster had been escaped
and with hopes that conditions would show
Improvement. A considerable
showing of net gains was established eve
while inactive stocks were sold at wide
American Smelling rose III over
asst night, and Pennsylvania, New York
and Missouri Pacific 1. Union Pa
cihc preferred sold at an advance of 5.
Lackawanna dropped %, International
Pump preferred, 10; Pittsburg, c.. c. and
st. Louis preferred, ~; United Cigar pre-
ferred. 9H, n American Snuff preferred,
~. Westinghouse Electric slumped again
S41s, and some reaction followed in the
general list.