Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-11
HEAVY TONE PREVAILS
loW-Priced Issues Feature
the Days Dealings.
CAN. PAC. IS AN EXCEPTION
Several Standards Particularly Re-
dictionary.
POOL MANIPULATION EVIDENT
Largely Responsible for Strength OF
Most of the Strong and
Active Stocks.
CAN. PAC. is AN EXCEPTION
POOL MANIPULATION EVIDENT
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 11.-Despite
the rather depressing appearance of the
local money situation, there was enough
irresponsible bullishness in Wall street
to cause some stocks to display advanc-
ing strength in today's market. For the
most part, in fact with the conspicuous
exception of Canadian Pacific, this
strength was confined to the so-called low
priced issues. both railroads and indus
trials.
Speaking generally, however, the mar
ket despite a more or less evident lack
of liquidating pressure, save in few
stocks. was heavy, at least In tone II
not In price. Several standard issues
were particularly reactionary. Foremost
among these were Great Northern pre-
ferred and Northern Pacific and American
Sugar Refining The probable explana-
ton of the course of the last named
stock was too obvious to require allu-
sion even.
In the case Of the so-called Hill stocks
1t is possible that the declining tendencies
which have been displayed lately are to
be related to the comparative exhibits OF
railroad earnings in the northwestern
part of the country.
While the Canadian Pacific Is able to
show, Ii did today, increase in
gross earnings of s6.346,OOO from July IA
to the end of the first week in November,
and has reported handsome gains in net,
the Chicago, Milwaukee and st. Paul ex-
hibited this morning gain of $3.50. 900 in
gross for the September quarter and a
decrease Of $674.OO0 in net earnings.
differences From Comparisons.
The differences which may be drawn
from the comparisons which such figures
as these suggest are rather plain on the
surface. Albeit, IL must be said that the
Great Northern and Northern Pacific have
so far this year made much better
showing of earnings than the st. Paul,
their new competitor.
Apart from the circumstances and con-
siderations referred to. there was little
or nothing in the days news or current
information outside the developments in
money to account for the course of prices
or the character of stock market transac-
tions. Pool manipulation and personal
operations Of one sort or another were
largely responsible for the aggressive
strength displayed by most Of the strong
and active issues and professional opera
tions on the selling side appeared to cause
most Of the price recessions which took
place.
Union Pacific. Reading and United
States Steel, which a few days ago mani
tested a disposition to lead the market
upward. declined to a more or less equal
extent with each other, but on the whole
offered fairly firm resistance to pres
sure.
Coppers Quite Firm.
The copper metal group was quite Arm,
as were the stocks of the minor iron
and steel companies. Trading. until well
into the afternoon, was only on a moder-
ate scale of activity.
A long distance view of the outlook
for securities could discover encourage
ment in the very manifest Improvement
in Londons position In the international
money market as disclosed by the Bank
of England.
The increased effectiveness of the s.
percent bank rate was shown in the
weekly return today which exhibited a
decrease of almost $17. OOO. 600 in loans. a
substantial gain in bullion. and an ad-
vance of almost per cent In the ratio
of reserves to liabilities, which Is now
well above the average proportion in the
last decade.
more immediate view Of the stock
market was bound to reckon with the
apparently deteriorating position of the
local banking institutions as a result of
the cash and credit requirements of the
interior.
New York exchange at Chicago re-
manned at a Geographic transfer level
and this morning $4,000 was trans
ferred to the west by the subtreasury
for the account of local banks.
At the same time the transfer of $685.
OUO was made TO New Orleans. although
there has been a good deal of confident
talk lately about the imminent ability
of the south TO send cash to this city in
consequence of the rapid movement of
high-priced cotton to market.