Evening star., 1909-04-17
PRICES CLOSE STRONG
Increased Selling Pressure on
Many Leaders.
WEAKNESS IN LONDON MART
Continued Uneasiness Over Situation
in Turkey.
FURRY IN COTTON MARKET
Heavy Buying During Closing Hour
Brought Rally-Jersey Central
Jump Featured.
FURRY IN COTTON MARKET
Special Dispatch to The Star.

epetidi Disphtcn 10 Il ne Slar.
NEW YORK. April 17.-Following the
development of further weakness in Lon
don at the hour the local stock market
opened. there was increased selling press
ure brought to bear on many of the lead
ing issues on the New York Stock Ex-
change this morning, which depressed
prices from u to i point below yesterday s
closing quotations. 1t was evident for
some time after the opening today that
the bear drive started in the last hour
yesterday afternoon had not fully spent
Its force and was to be continued as Wig
orously as possible today
The selling movement, however. met
with considerable resistance on the part
OF the optimists. who take little stock in
the ultimate results of the so-called Pat
ten wheat corner In Chicago, and who be-
lieve that there is not much of real
scarcity in the supply of wheat.
The causes which contributed to the
weakness of the London market, which
has been in evidence ever since the Euro
pean exchanges opened for business
Tuesday after their Easter holidays. were
the continued uneasiness over the po-
ntical situation in Turkey, where There is
apparently nothing but small mutiny
among the sultan's troops, but which 1t
is feared might develop graver difficult
ties. and general sentiment among
European investors that business condi-
proved quite as rapidly as indicated by
the recent rise of securities in the world s
exchanges.
Contributed Toward Decline.
In the local market one of the causes
contributing toward the further decline
today. in addition to the manifest un-
easiness in banking circles over the wheat
scare. was the fact that the dispute be-
tween the coal miners and their employ
ers has not yet been permanently set
tied. and that today some of the large
mine owners intimated that they did not
care to keep their mines running beyond
Thursday Of next week, which is the date
set for another meeting of the anthracite
committee of eleven, which was recently
appointed to adopt a line of policy for
terminating the labor situation.
A further rise in the cotton market
this morning, which was in fact at one
time the cause of considerable excitement
on the local cotton exchange also had
It's bearings upon the market for security
in general. Reports from Washington to
the effect that the tariff bill was making
excellent progress and would no doubt
become a law upon schedule time had q
steadying effect upon the market later
In the halliday session. and by the be-
ginning OF the second hour there was a
substantial recovery in many lines, leav-
ing most quotations but slightly lower
than the closing figures yesterday.
Rally Near the Close.
In the middle Of the last half hour there
was a substantial rally among the lead
ers, owing to some heavy buying by arbi-
TRACE houses on account of London. and
by investors there who thought the re-
action from Mondays high-water mark
had gone about as far as it could before
a continuance of the advance.
feature OF the last half hour was
another big jump in New Jersey Gen.
trail. which for the first time in its exist
ence sold at 275. that being a rise of
sixty points in six weeks.
The market closed strong, with net
gains for the day In many of the active
securities. The advance in Reading since
yesterday was three points, and gains of
from one-haK to one point were made In
Union Pacific and U. s. Steel. common;
n. Y. Central and other leaders.