Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-30
PROFITS FOR TRADERS
Tokens of Heavy Buying in
important Quarters.
SOME REAL LIQUIDATION
Irregularity Was More Pronounced
After Opening.
LEADERS HELD THEIR GROUND
Market Stronger in Fact and Tone
Than Price Changes Denoted.
Railways Headed List.
LEADERS HELD THEIR GROUND
SDecial Disnatch to The Star.

NEW YORK, September 3e-Price
movements i'm today's stock market were
quite irregular for the greater part of the
session. There was evident disposition
on the part of traders to take profits
where they saw them. and, as was the
case yesterday. some shrewd observers
thought that they detected evidences of
what Wall street calls distribution.
The significance Of the last-named oper-
alton, if it took place at all. seemed. how
ever to he negatived by the tokens of
powerful buying in important quarters
and by the readiness with which realizing
sales were absorbed in most directions, a
readiness which could not be accounted
for by any known or suspected facts about
the short interest nor about the partici-
patton of the public in the recent transac-
tons in the market.
In few stocks, notably Wabash pre-
ferred. there appeared to be real liquida-
ton, but the depression in other issues
was for the most part inconsequential and
more or less obviously related to the OPP
pOrtunity which existed to capture the
proceeds of turn on the long side.
The opening was while somewhat irreg-
ular. generally steady to firm In the SUBJ
sequent dealings this irregularity be-
came more pronounced and in the early
afternoon fractional losses preponder-
ated over the gains which were shown.
The market however, was stronger
both in fact and in tone than these
price changes denoted. Throughout the
forenoon. when business was on a fair
ly active scale. although much less in
volume than yesterday, there was a
number of important and aggressive
price movements, and in the fore part
OF the afternoon the leaders held their
ground we'll.
Railways Lead Activity.
Atchison was consistently firm despite
the extensive rise which 1t enjoyed this
week; Chesapeake & Ohio advanced ag-
excessively to new high levels and APP
parently authentic reports were in cir
culation that the recent buying of 1t
has been much better than the specula-
tive manipulation to which its rise had
been attributed. Union Pacific moved
very strongly upward and Southern Pa
cific reflected its course.
Among the tndustrials American Sugar
Refining was active and strong. but. the
industrial list. outside of the L. 8. Steel
issues. was relatively inactive compared
with the railroad quarter, and slight re-
cessions were general. Consolidated Gas
declined rather abruptly, but the move
ment of no Industrial stock attracted
as much attention as L. 8. Steel. This
opened at a lower level on account of
the price made by realizing sales in the
London market. but 1t displayed a very
good resistance to the continuation of
the same selling movement here.
News of real marketwise Importance
was furnished in the statements Of rail-
road earnings. which were submitted,
notably In the reports of the Union Paci-
fic and Southern Pacific. Union Pacific
showed an increase of $973.OOO in gross
earnings for August. and an increase of
$112.OUO in net. making the increases in
gross and net for the first two months
of = 1o { ~ tn
respectively.
Southern Pacific Showing.
Southern Pacific made even more i'm
pressive showing Its gross earnings in
August increased s1.479,OOO and its net
earnings 900. making the increases
for the first two months Of the fiscal
year $2.513,OO0 and $1,442,OCO
These statements are quite in line with,
although well at the head of the series
OF splendid exhibits which have been
made by other railroads in the western
country. conspicuously the reports of the
Atchison and the Rock Island Company
Inc Reading Company showed a gain in
surplus for August. after charges and
taxes amounting to $780, COO which reduced
the decrease in surplus for the first two
m ont , OF the fiscal year to $4,000;
gain of $4,000 in August gross and a
gain of $1,000 in net. The Seaboard Air
Line reported for the fiscal year an in
crease of S7S6.00O i'm gross and a gain of
1892. 600 in surplus
Railroad statements were not ONLY the
bulk of the days budget of market news
but railroad developments comprised the
largest part of the gossip and reports
which were in circulation during the stock
market session.
Rumored c. & O. Purchase.
An apparently authoritative announce
ment was made that the Chesapeake and
OHIO had bought the Chicago Cincinnati
and Louisville. little road now in re-
ownership. but important for the connec-
lions which it affords and that the pur-
chase would be financed by an issue of
preferred stock, with rights for the COM
mon shareholders.
Events in the money market were Sig
nihcant. Although New York exchange
at Chicago went to % cents discount as
compared TO 20 cents yesterday. although
the banks have lost cash heavily this
week and although foreign exchange was
again easier, there was no correspond
1Ug hardness in the local rates of in
terest
The time loan market was very dull and
money rates failed in any way to re-
fleet any disturbance of credit supplies
incidental to the very large October in
terest and dividend disbursements