Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-17
HIGHER PRICES TODAY
Opening Gains Reached Large
Fraction for Some.
READING LED RAILROADS
Liquidation in Western Union Car.
ried Prices Back.
BULL OPERATORS TAKE HAND
Gains Were Well Held, But Dealings
Finally Became Extreme
ly Dull.
READING LED RAILROADS
BULL OPERATORS TAKE HAN,
Special Dispatch to The Star


NEW YORK, November 17.-Higher
prices were made in the opening trans
actions in stocks today. which were in
only moderate volume. The gains ran to
a large fraction in Reading. Missouri Pa
cihc. Kansas and Texas preferred. In
terborough- metropolitan preferred and In
ternational Harvester.
Active liquidation in Western Union
carried ii down ~ and affected the whole
market for a while. Bull operations in
Reading then restored the list to a high
er level and there was a persistent con-
fdent demand for many specialties.
Louisville and Nashville. Ontario and
Western and Allis- Chalmers preferred adj
vanced 1, Pressed Steel Car IL, Reading
and Hooking Coal las and Virginia Iron
2 points. American Cotton Oil broke IL,
Tennessee Copper Ia and Delaware and
Hudson and American Sugar 1.
Readings advance reached points. In
ternational Harvester rose 10, New Ha-
ven IL. Colorado Fuel and Iron 1&. Kan
eas and Texas, st. Louis Southwestern,
Chicago and Alton and General Chemical
!. American Can preferred declined l.
The gains were well held. but the demand
decreased and dealings became extremely
dull. Bonds were steady.
Copper Stimulus Wanes.
No further developments of consequence
relating to the matters which have en-
gagged Wall street interest this week ar
rested attention today. The copper nego-
tiations were presumably proceeding
quietly and for the time being at least
their influence as a stock market stimulus
seemed to have waned somewhat At all
he
irregular and was not conspicuous
feature of the days dealings on the stock
exchange.
Perhaps sober considerations had
supervened with the result Of deterring
purchases of stocks likely to be affected
by or involved in whatever plans are
under way until il could be more accu-
rately determined what was the nature
OF the new project and what 1t would be
likely TO accomplish.
So far as the telephone and telegraph
merger was concerned, immediate infor-
nation appeared to have been exhausted
by the budget supplied yesterday, and
wall street was left in much doubt as to
Just what the status of Western Union
and Mackay companies stocks was or
would be as a result OF the transactions
just completed.
A point on which facts would have an
interesting bearing has been suggested
by the often repeated proclamation of
the Mackay companies large individual
ownership of American Telephone and
Telegraph stock. AS there is about $780,
OOO,0OO of this stock outstanding, the
total owned by the Mackay companies
would have to be pretty large in order to
be any important percentage of the ag-
gregate.
Missouri Pacific Financing.
News of marketwise bearing was not
altogether inconsequential, however. The
new Missouri Pacific financing was for
mally and officially announced and
launched by the offer of about 3O.OOO 100
of per cent bonds to stockholders at 95
and interest.
These bonds are to be convertible into
stock at par and are part of a total issue
of S75.OOO.OOO. Of which $7S.OOOOOO will
be new obligation. the rest being for
refunding purposes.
Upon the announcement the stock of
the Missouri Pacific tended to sell OF,
but offered rather firm resistance to pres
sure. The new bonds began Immediately
TO be quoted on the curb soon as their
terms OF issue were made known. A bank
ing syndicate has underwritten the pres
ent Offering Other new financing an
, nounced today included the authorization
of $2O.OOO.OOO of bonds by the Cleveland.
Cincinnati, Chicago and st. Louis stock
holders
Apart from these important financial
lleInS SlOCh EldIhtt lHltlilStHCe was mOSt-
ly of a routine sort. 1t included the re-
port of further strengthening of the price
of copper metal. but aside from this was
comprised almost wholly in the facts of
the money market. Further heavy en-
gagements of gold for export to South
America were made, the total so far re-
ported indicating that in the neighborhoOd
of $2.4JO.0Oo viii be shipped at the end of
the week. making a total for the week.
counting I'm the gold which went Monday,
OF at least 100000.
Subtreasury's Gain.
The subtreasury has SO far gained
S1,216.OOO cash from the banks and do
mestic exchange tended to move against
New York again. New York exchange at
Chicago being quoted at 10 cents discount
against par yesterday, while foreign ex-
change was firm.
In consequence IL Is not remarkable that
call money firmer than yesterday,
ruling at AZ TO Al per cent. and rising to
8 per cent before the middle of the day.
half dozen stocks were very strong
during the greater part OF the session,
but, speaking generally, the speculative
movement which developed toward the
end of last week seemed to have fiattened
out. American Telephone and Telegraph
was conspicuously strong. but the other
stocks affected by the telephone and tele-
graph merger did not appear to reflect
any immediate benefit.
Pool manipulation was probably more
to account for the price movements of
most OF today's active stocks than any
thing else
American Cotton Oil scored further
decline on selling of the same kind which
has carried IL lO points down from the
price at which il sold before the recent
V1uh.