The Washington herald., 1909-01-20
MARKET IS nSTLESS
Quotations at Opening Lower
Than On Monday.
NORFOLK AND WESTERN IS UP
Renewal OF OId-tIsne Rumor that the
PennsyIvanfa Was Acquiring Con-
f-OI Responsible for the Rfse-Buy-
ing Orders in Bond Market Keep
Prices Up-MOney from Interior.

New York, Jan. lS.-Ine only feature
that distinguished the stock market to-
day from the Iistless and perfunctory
record OF its immediate predecessors was
that to-day the tendency appeared TO be
increased. Dealings were largest, OF
course, as they almost invariably are IN
the opening and closing hours Of the
stock exchange business. but for hours IN
the middle Of the day the market was
practically at a standstiIl. and It was
obvious that even the relatively small
number OF professional operators whose
in and out purchases and sales have cor
stituted the major portion Of market
transactions IN recent weeks was owing
10 the decrease.
Indeed. al the leading stock exchanges
Of the world seem az the present tine
under the influence Of mid8inter dullness.
CT whatever name should properly be
given 10 the general forces now operating
10 produce a narrow range OF fluctuations
in security prices
Lower at Opening.
Here at the beginning Of business to-
day quotations OF stocks were, as rule,
a little lower than the last Of yesterday,
a further effort being made IN particular
10 bring about a decline IN AmalEamated
Copper. Operations for the decline in this
stock laid as much stress as they. could
OF recording prices here and abroad for
copper metal and upon statistics showing
that an accumulation OF the metal has
taken place in all the leading commercial
centers. But the stocks resisted the
bear" efforts stOutly and later on ad-
vanced under recovering purchases d.
rected by those who have had previously
made sale
Toward the end OF the day the whole
market assumed greater strength so that
net advances Of a point or more IN the
most active stocks we're not uncommon
al the close.
Among those issues the one that
throughout the day evinCed greatest re-
sistancy was Norfolk and Western com
mon, the reason for this being seemingly
the renewal Of an Old-time rumor that
the Pennsylvania Railroad Company or
It's western operating organization. the
Pittsburg, Cincinnati, Chicago and St
Louis, was acquiring or had acquired con
troll OF the Norfolk and Western prop
erty.
Erie's Troubles Near End
One rumor OF the day which may have
substantial foundation is that whatever
difficulties may have arisen between
the Public Service Commission and the
Erie company in the matter Of the COM
pany's application TO make an issue OF
collateral trust bonds were on the point
OF being satisfactorily adjusted
On the other hand the bond market to-
day was again dominated by the pres
ence Of very considerable buying orders.
many investors being OF the opinion an
psrently that there are not a few bond
securities al the present time that are
selling further below their value than a
large number OF stocks which might be
selected
The movement OF money here from the
interior OF the country still continues
and The banks have gained thus far n
the week over S25090O0 from the sub
treasury on net balance. The frmness Of
sterlins exchange. the engagement Of an
other S250,oo IN gold for shipment TO
Argentina and the nsar prospect OF gold
exports n volume 10 Europe did not.
therefore. serve 10 abate today an
easier tone IN the tine money market.