Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-11
ERIE THE SCAPEC0AT
Sharp Break UnsettIes the
Days Market.
LESS VOLUME OF BUSINESS
London Dull and Irregular, Foreign
Houses Sellers.
TREND TOWARD RECOVERY
Better Degree of Support for the
Local Tractions-other Depart
ments Are Fairly Active.
TREND TOWARD RECOVERY
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK, January 11.-Wall street
or at any rate that large portion OF the
community with speculative commitments
for rise has recently become accustomed
to searching for scapegoat upon each
occasion when the stock market fans 70
measure up to its expectations. 1t VIII
be recalled that last week this role was
played by Consolidated Gas Monday,
New York Central Wednesday and the
local traction shares Saturday.
This morning all the Erie shares broke
violently with the result of unsettling the
remainder of the market, and sufficient
explanation of the general drift of prices
was found in the weakness of the Erie
shares. The course of the latter was In
turn not any more clearly explained than
il was last week, when the pressure upon
these shares was attributed to the ru-
mored disapproval by the public service
commission of the proposed collateral
bond issue.
In addition there were this morning
further rumorS of the serious indiSpoSl-
ton of a conspicuous capitalist who has,
within recent years. played a prominent
part in Erie affairs, and these reports
may have likewise exercised some erect
in quite sharp decline in Union Pacific.
These stories appeared. however, to have
no better foundation than has been the
case previously.
Transactions in the stock market at
large measured we'll up to recent aver
ages of activity; but there was some
dimunition in the volume of business in
the bond market upon the stock exchange.
The London stock market was dull and
irregular in advance of the opening of
the fortnightly settlement. and foreign
houses were sellers In the local dealings
to the extent Of some 10000 or 1900
shares.
Trend Toward Recovery.
In the early part of the business session
declines of from one to more than two
points were by no means uncommon In
the several quarters of the market. but
after midday the trading showed dis
position. albeit of a highly irregular char
acter. toward recovery.
1t was a matter of comment that the
local traction shares. while again f1uctuat-
ing irregularly. showed a somewhat better
degree OF support than was evinced in
other departments.
The industrial and miscellaneous shares
were fairly active and American Smelling
benefited from quite a SHARP recovery in
silver bullion In both the London and
New York markets. In the early part of
the day Consolidated Gas was moderately
affected by reports that the complete rul-
ing Of the Supreme Court would be handed
down today and would be stronger pre-
sentiment against the company than last
weeks summarized opinion, but these
statements proved to be misleading, and
the stock subsequently rallied
The United States Steel shares fuctu.
ated irregularly on quite large transac.
tions.
The Railway List.
Apart from the Erie shares there was
little news or gossip of interest accom-
panying the transactions in the railway
list New York Central was well sup.
ported after an early sharp decline and
some of the railway specialties, such as
the Colorado Southern shares, Missouri
Kansas and Texas and Wisconsin Contra
showed a good degree of resistance in
comparison with the general market te
the selling of various descriptions which
was I'm progress.
The money market afforded only faint
reflection to the Treasury's call for tho
return by the national banks of 5000, OOC
of government balances or to the prospec-
tive replenishment of the cash resources
of the trust companies. The foreign ex-
change market advanced very sharply
however. and additional Withdrawals OF
gold for export to Europe were arranged
at the subtreasury.