Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-04
STEEL THE FEATURE
Common Still Spectacular in
the Dealings.
OTHER ISSUES ARE STRONG
Early Heaviness Gives Place to
General Strength.
GOOD BUYING IS CONTINUED
Call Money Rules Around 4 Per
Cent-Time Loan Market
Is Firmer.
SpecIal Dispatcb 10 The Star.

Special Dispatch TO The Star.
NEW YORK, October 4.-Although
United States Steel common was the spec
tacular feature Of today's stock market,
the market waso therwise featureless. Pro-
bounced strength was shown in many
important and influential issues, a fact
which seemed to negative suspicion that
general distribution was being facilitated
by the continuing upward movement of
the Steel common shares.
The same fact also appeared to answer
the fearful doubts OF those who had been
apprehensive of the effect which would
be exerted on the general list by the con-
centration OF SO much buying in one is
sue. Depending somewhat upon the point
of view, the demonstration of strength
which the market gave was rendered
more or less significant by the conditions
in money.
London sent over lower range of
prices for American issues, which. so
far as could be learned. were all owing
to London's own initiative. The opening
here tended to follow the foreign quota
tons, and for the first half hour the
price movement was confused and the
tone Of the market uncertain. In the ini-
toward heaviness unrelieved by marked
strength in any direction.
Erie Weakness.
Some weakness was shown by the Erie
stocks. but elsewhere the early inclina-
ton seemed to be toward improvement.
This appearance was borne out In the
subsequent dealings. During the fore
noon the market progressed from the ini-
tial heaviness to regularity, and later
to unquestionable strength.
In the early afternoon very few Of the
active stocks were selling below the OPEN
ing level. although the course of Pacific
Mail suggested that the impetus of Mr..
Taft's subsidy speech had exhausted it
self and although the marlborough Met
ropolitan issues had fallen from their in
ltial strength. as though a record break
ing holiday business enjoyed by the trac-
ton companies had lost its importance as
On the other hand, there was an i'm
pressive array Of stocks which had ex-
hibited much to very great strength in
the first few hours of business. Leaders
.on account Of their standard quality and
the aggressive strength which they had
displayed were New York Central, Read
ing, st. Paul. Union Pacific, American
Sugar Refining and the United States
Steel stocks. which again attained new
high-record levels.
Atchison Firm.
Atchison exhibited firmness under
prof1t-taking pressure, as did Pennsyl-
vania- Amalgamated Copper furnished
further encouragement for the short
interest. as did Erie and Wabash pre-
ferred, which made vigorous recoveries.
There were numerous interesting ad-
vances in specialties. among them Gen.
trail Leather, Distillers' Securities and
Sloss-Sheffield Steel and Iron.
Taking the market at it's surface fndi-
cations, evidence seemed to be furnish
ed of what Wall street calls the con-
tinuation Of good buying. There was
lative character of a large part OF tbs
business. and there was no doubt that
the dealings were largely professional
No increase Of commission house over
the week end was discoverable. and pro-
fessionai opinion was hard put to 1t to read
the character Of the market from the
transactions and price movement The
first hour was quite active. and business
was maintained in fair volume thereafter
No new favorable developments took
place affecting the money market. On
the contrary. the banks lost about $780,
900 to the subtreasury on the transactions
last Friday and Saturday, and 500 600
gold was withdrawn from the subtreasury
today. presumably for shipment to Cam
ada.
Exchange Against New York.
Domestic exchange continued to move
against New York at various centers,
exchange on this city going to 10 cents
discount at Boston, compared with 5
cents last week. and to 40 cents dis
count at Chicago. compared with 80
cents. Call money ruled around 4 DER
cent and time loan market was more
active and somewhat firmer in tone
Except for the early afternoon selling
it was not apparent, however that
monetary considerations influenced
stock market operations
The government cotton report appeared
10 be of only academic interest to the
stock market following. Neither could it
he said that much attention was paid to
the other news items of marketwise bear
ing which were supplied during the day.
Among these was the announcement
that the Norfolk and Western railroad
had ordered $1,000 tons of steel rails for
1910 delivery, and a series Of good rail
read statements. The New York Central
reported an increase of $56s.OOo in gross
earnings for August. and an increase OF
SOL 900 in net; the Lake Shore increases
Of S564OO0 and, 1884 .O0O the Norfolk and
Western increases Of $3.50. 600 and sos, OOO