Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-23
|NOUSTR|ALS FEATURE
Mackay Companies Lead in
Spectacular Gains.
OPENING WAS CONFUSING
Dealings Narrow and Only Moder.
ately Active.
IRREGULARITY IS GENERAL
Iehioh Va11ev in Sensational Break.
OPENING WAS CONFUSING
IRREGULARITY IS GENERAL
Lehigh Valley in Sensational Break.
"Pennsy" Leads in Strength.
Consol. Gas Goes Upward.
Special Dispatch to The Star.

NEW YORK, September 23.-Traders,
especially traders In the room, made the
stock market through the greater part
of today'S session. Commission house
business was at minimum certainly I'M
till well into the afternoon. There vas
some evidence of absorption of stocks
by pools and larger operators, together
with indications that few issues WERE
In Wall street parlance. we'll bought The
forenoon market was puzzlins and indie
clsive. What seemed to take place was
that the traders. having sold the list
pretty freely yesterday, proceeded to take
back stocks in a leisurely fashion on
finding that the liquidation which appear
ed yesterday afternoon was not being
continued.
Around midday the market hardened
and from relative dullness in the fore
noon the pace quickened to a comparat
degree of activity. In the early part of
the afternoon the market had an appear
ance OF general strength.
The opening dealings were narrow and
only moderately active, while the price
movement was confusing. Irregular
changes from last nights closing figures
were shown, and as the forenoon session
advanced railroad stocks tended to gen
eral heaviness despite the strength of
pennsylvania and the comparative firm
ness of Reading.
lndustrials made a better showing. but
were irregular. In the early part of the
afternoon irregularity characterized both
departments. but the declines were not 8
important nor of such apparent impress
siveness as the advances
Southern Roads Heavy.
The stocks of the southern railroads
were all more or less heavy on the news
OF the storm damage in the south. Union
Pacific preferred continued to manifest
the sagging tendency which has been it's
peculiar feature of late. but apart from
these instances. there were no influential
losses in the railroad quarter
Lehigh Valley in the Philadelphia mar
ket broke more than 81 a share, or about
points, this morning: but by midday
had recovered the bulk of this decline.
Whether the Lehigh Valley episode is
over or not is still matter of conjecture.
1t seemed to have lost today any sisnih-
canoe for this market
pennsylvania was uniformly strong
from the opening, and Reading, Southern
Pacific. st. Paul and Union Pacific i'm
proved after the forenoon business was
cleared away.
The most spectacular demonstrations.
however, were made among the indus
trials. Conspicuous in this group were
the issues of the Mackay companies.
winch made striking gains at the same
time that American Telephone and Tele-
graph displayed f1rmness and Western
Union substantial strength. No informa-
ton was obtainable to show whether
there was anything more than coinci-
dence In the movement in these issues
Consolidated Gas moved strongly up-
ward. accompanied by confident frtima-
tons OF coming increase in the divi-
dend.
Metal Issues Firm.
The metal issues were generally firm
and the United States Steel stocks. by
their resistance to pressure and residence.
were important factors in stimulating i'm
provement around the room. American
Sugar Refining continued the advance
which 1t began to make few days ago,
although there was no suggestion OF pend
ing developments to account for It.
News of narketwise bearing was Of a
mixed sort. The Balfour speech reported
by the cables this morning was certainly
not bearish argument on the securities
or American corporations, although the
considerations which 1t suggests are not
of immediate consequence
The rather peculiar opinions expressed
by iron and steel trade authorities as to
the rapid pace in the iron industry and
the elevated range of iron prices were not
rehected in the stock market Railroad
earnings reported were principally of
minor systems. although they were of a
satisfactory tenor.
The money market showed M materioI
change in conditions, but New York ex-
change at Chicago went to a further dis
count, indicating the increasing call of the
west for funds. while 500 900 was depos
Med az the subtreasury for transfer to