Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-03
SELLING IS GENERAL
Persistent Liquidation in High
Priced Railways.
THRILLING lRREGULARITY
Three or Four Distinctly Firm
Groups of Stocks.
INDUSTRIALS STILL FACTORS
Numerous Sharp Advances in the
Specialties-No Change in
Money Conditions.
INDUSTRIALS STILL FACTORS


tendencies were more or less manifested
in today's stock market, although Tor
the greater part Of the session they were
indicated more by an increasing irregu-
larlty OF the price movements and a pre-
ponderating heaviness In tone than by
substantial contractions in quoted val
Ues
The opening was generally firm. with
some trihing irregularity and particular
heaviness in Pennsylvania. In the sub
seauent dealings irresularity became
more pronounced and in the early after
noon a majority of active stocks showed
declines from Mondays closing figures.
although there were some conspicuous ex-
ceptions to the general drift.
Undoubtedly the course of Pennsylvania
was influential in causing more or less
selling in other quarters. When an I'M
portant stock makes such response 10
an announcement of forthcoming rights
as Pennsylvania, and az did New Haven.
the effect Is likely to be depressing on
builish temperaments. Albeit. the recess
sion i'm the price of Pennsylvania might
reasonably be taken to indicate only that
the issues Of new stock with rights mad
been fully discounted.
Another more or less unsettling infiu-
ence was the reappearance OF moderate
but persistent liquidation in the higher
Reading. New York Central. Southern Pa
ciic. St. Paul, Union Pacific. Great North
rrn preferred and Northern Pacific. These
stocks acted verx much as they did dur
ing the fortnight preceding last week
sharp upturn.
Factor in Dsterring Purchases.
Among the explanations now suggested
10 account for their course is the posi-
bility that the banks are improving their
position by. parting with some of their
investment holdings. which appear in the
loan item in the bank statements In
connection with this rather plausible hy-
pothesie, II might be said that money
market considerations were also factor
in lettering purchases OF stocks TO-DAY
and In causing sales. There was no
change in money market conditions, the
bulk Of the call loan accommodation De-
ing furnished at 4 per cent and below.
while the time money market was stag
nant at ~ per cent bid for all matur-
tiles. Foreign exchange showed no change
during the greater part Of the day.
There were three or four distinctly
arm or strong groups OF stocks in the
days market. The local traction issues
were conspicuous for strength, although
this was more pronounced in the early
dealings than subsequently. Their &C
ton presumably reflected q favorable
Wall street Interpretation OF the results
Of yesterdays municipal election. al
though the political significance OF stock
market movements. X any. was some
what confused by the reactionary course
Of Consolidated Gss.
Railway Equipments Feature.
In the industrial department the rail-
road equipment issues. especially Amer
lean Car and Foundry and Pressed Steel
Car, we're very strong, a. were the stocks
Of corporations connected with the cop
per Industry. particularly Amalsamated
Copper.
The stocks of the minor steel and iron
corporations were Arm. despite the gen
orally lower range Of prices wnicn oo-
tanned for the u. 8. Steel issues.
There were numerous sharp advances In
Specialties, such as Pacific Mail, Cast
Iron Pipe and some Of the inactive rail-
road stocks, which presumably rejected
pool manipulation. American smelling
preferred continued to display heaviness
IN contrast with the tone OF the common
stock.
The bulk of the days news of market
wise bearing, outside the item relating
20 money and the returns of yesterdays
section was comprised in railroad re-
ports. These were of a somewhat mixed
nature. The Central Railroad OF New
Jersey showed decrease OF $4,000 In
september net earnings. although gross
earnings made q slight increase. and the
delaware and Hudson and Ontario and
Western, like the Reading and The Lehtgh
Valley made exhibits Of September. which
show that the anthracite railroads are
not in line with the market expansion
which eharacterizes the general railroad
situation.