Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-28
OVER NARROW RANGE
Price Movements Show Effect
of Profit Taking.
MORE ADVANCES SCORED
Most Interesting Changes In In
dustrial Quarter.
U. s. STEEL ISSUES VERY FIRM
Traction Strength a Surprise.
Money Conditions Show Fur
Their Relaxation.
U. s. STEEL ISSUES VERY FIRM
Special Dispatch 10 The Star.

SpcOIal plspdtFu u Ctdi.
NEW YORK October 2s.-as whole
the stock market f1uctuated over rather
narrow range for the greater part of to-
days session. Price movements showed
the effect Of protit-taking sales and pro-
fessional operations of fugitive nature.
Albeit. in some quarters there were more
extensive price changes than was true of
the average Of the list. and these changes.
practically all on the side of advances.
were not confined to speciaities like Inter
national Hervester and the Minneapolis,
St Paul ard Saulte Ste. Marie stocks
" htch scored extensive gains.
Among the railroads. Pennsylvania
Northern Pacific and Missouri Pacific
were the strongest features. while the
local traction stocks displayed marked
frmness. 1t Is in the industrial quar-
ter. however, that the most interesting
movements occurred. The railroad equip
n1ent stocks moved strongly upward I'M
der the leadership of American Car and
Foundry, the course of these issues be-
ing a response to the heavy orders for
cars and locomotives which the rail-
roads have been placing in increasing
quantities in the last few months.
fae United States Steel issues were
very firm, rejecting no doubt further in
telligent consideration of the corpora ton S
quarterly statement, made public Tues
day.
From information obtained in authori-
tative quarters IL may be legitimately in
ferred that the exhibit of untitled orders
at the end OF the quarter was made on a
basis differing extensively from that en-
ployed in previous statements. Apparent
L. the corporation. If it had reported. or
derS In the old style. could have shown
tonnage much larger than it exhibited,
but the actual figures are understood to
he net business. that is. business of a
hard and fast contract kind not subject
to the whtms OF buyers or the huctua-
tions Of the market.
In relation to the better understanding
OF the corporations condition and con-
duct which has beIun 20 prevail 1t may
be said that there are no surprises in
discerning circles If the common stock
is maintained as per cert regular
dividend issue. all further increases in
the distribution OF profits being declared
as extras.
Responsive to News.
In way the stock market was more
directly responsive to news. as the fore
going Illustrations show, than has been
the case for some time. The course OF
Colorado Fuel was distinctly related 10
';le conditions in the steel and iron in
dustry. and Baltimore and Ohio's firm
uess was unquestionablv related to the
annual report, showing almost Z per cent
earned on the stock compared with about
51a per cent the previous year. and to the
significance of tie company's heavy
equipment orders.
There vas nothing to account Tor the
continuing heaviness Of Consolidated Gas,
except perhaps some unnecessary disap-
pjointment over the declaration OF the
quarterly dividend at only the present
regular rate Of per cent. There is some
reason for believing that this stock has
been feeling the effect of the liquidation
OF rather large line by Spectator
who Is no longer In a position to hold 1t.
Just what it is which has affected the
local fractions SO favorably of late is not
clear unless II Is the prospect for a
changed administration OF municipal at
fairs and the theory that any change
must be for the better.
Amalgamated Copper and the metal
stocks generally may have reflected the
progress of the mooted negotiations for
some change in the relations Of various
4 is more likely that they responded To
the slightly better prices which hav:
begun to obtain for the metal
Money Relaxation.
Money conditions appear to show fur
tAer progress in the direction of re-
taxation from the conditions which ,e-
emily developed. although nothing like
return to the low rates Of the late
INNER Is 10 DC SApeCtcU lie bduk VI
England made a poor showing. con-
sidering the efforts which it has made
% assert control over the international
money market. but the security mar
kets either here or abroad were not
Affected by it.
The local subtreasury lost $4,000 to
he banks yesterday. reducing its cash
gain for the week to $l.S1I.OO The
hanks shipped S3O0.OOU gold to Canada,
hut accommodation to Wall street was
furnished at declining prices.
Cali money was not particularly strong
" held at per cent and time money
was weakly bid at AZ per cent for all
maturities. The professional theory that
when money rates begin TO relax and
money is apparently available in plenti-
full supply for Wall street uses, stocks
are likely TO be available also perhaps
deferred some traders of otherwise bull
lsh prociivittes from making commit
ments in the stock market.
At the same time the excited cotton
speculation which, is going on at present
involves a diversion OF builish interest
from stocks.