Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-21
MARKET HEAVY TODAY
Reactionary Tendencies in
Evidence in New York.
lNDUSTRIALS OPEN STRONG
Subsequently They Are Affected by
Selling Pressure.
ALL RAILROAD SECURITIES LAG
Storm in South and Cotton Condi-
lions Cited as Partly Respon-
sible for Situation.
ALL RAILROAD SECURITIES LAG
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK September 21.-Reaction-
ary tendencies were in evidence in the
stock market for the greater part of to-
DAVIS session The opening was irregular,
with industrials displaying on the whole
greater firmness than the railroad quar-
ter, and IL looked as though they might
repeat the record of yesterdays market
when the industrial list attained a new
high price level for the period succeed
ing the panic.
In the early part Of the forenoon indus
trials were generally strong. with sharp
gains in the issues of the Mackay COM
panies. IN Consolidated Gas, National Bis
cult and International Harvester.
Subsequently, however, the industrial
department was extensively affected by
the persistent selling pressure in the
United States Steel issues and in the
stocks of the metal industries generally.
Railroad stocks displayed increasing
heaviness from the initial dealings on,
despite the violent early rise in Reading
and the aggressive strength displayed by
Pennsylvania The f1rmest features of
the railroad list were Denver and Rio
Grande, Texas and Pacific. the Wabash
issues. Norfolk and Western and Ontario
and Western. Dealers in the local trac-
ton shares seem to have forgotten about
Fulton celebration was to create for the
traction companies Indeed. pretty near
everything of favorable import recently
suggested by rumor or actual news with
relation to particular securities appeared
TO have been relegated to Oblivion.
Blow to Spectators.
For that matter. a rather severe blow
to speculative hopes was administered
by the directors of the Central railroad
of New Jersey in declaring today only
the regular quarterly dividend. A ds-
cline of almost three points from the
top price of Reading presumably re-
fected this. as did the break of So a
share in Lehigh Valley in Philadelphia
this afternoon.
1t has all along been regarded in well
Informed quarters as the probabi Y
that some of the astonishing move
mentS in the anthracite railroad group
Of stocks lately were excessively specu-
Iative, and not based on contingent de-
velopmentS of any great Importance.
Other news of unfavorable import, spec
ulative or otherwise, was contained in the
dispatches from the Storm-stricken south,
in the continued strength of cotton prices
the sDeech which Mr.. Taft made at DeS
Moines yesterday. Opinion regarding the
marketwise bearing Of the latest admins
trative utterance on the subject of the
than conclusive.
Railroad Earnings.
The Louisville and Nashville railroad
reported an increase in gross earnings of
$4,000 for the second week in Septem-
Der, making the increase in gross from
July l S626, 600. The Southern railway
for the same period reported increases in
gross of SOL, 900 and $95O,OOO. respectively.
The Southern railway stocks were rela-
tively firm In today's market, but Louis
vile ana NASHVILLE decilned Sharply, pre-
sumably on the news from the south and
cotton conditions.
Missouri Pacific and Western Union
were heavy in contrast with the other
so-called Gould issues; the rise in Wa
bash preferred was supposed to reflect
the reports that 1t would benefit BY the
arrangements which strong interests
were said to be making with regard to
the disposition of the Wheeling and Lake
Erie.
In view of the attention which the
money market has attracted lately, one
OF the most significant developments of
the day was the fall in New FORK ex-
change at Chicago to 20 cents discount It
had been at par ever since the middle of
last week and the fresh decline indicated
a renewal of western demands for funds
So far as rates go there was no notable
change in local monetary conditions The
time loan market was practically dead
locked