Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-06
SLIGHTLY DEPRESSED
Moderate Rush to Sell Stock
at Opening.
MANY STOP-LOSS ORDERS
Some Declines From Friday of Frac-
tional Figures.
INDUSTRIALS ALSO YIELD
Weeks Advance in U. s. Steel Melts
Away Under Pressure-Money
Market Unchanged.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. November 6.-Depressed
sentiment and prices characterized the
short stock exchange session today. There
were a good many traders who had not
liked the way in which the market acted
yesterday, and there were more who liked
its behavior less in the early dealings this
morning. The consequence was a mod
crate rush to sell long stock a movement
which was helped along by the aggressive
operations OF the bearish contingent.
Apparently the market contained q good
many stop-loss orders. always poten-
tial element OF weakness. One feature of
the trading in stocks In the last few
months has been the prevalent DISPOSE
ton of purchasers to limit their losses
by stops not much below their purchase
prices.
The opening was at irregular price
changes. Subsequently the market be-
came the scene of lively selling move
ment which carried prices generally Uown.
In the early part of the second hour de-
clines from last nights closing figures
We're for the most part only fractional.
but in a few important issues they were
of substantial proportions. New York
Central. Southern Pacific and Union Pa
cific displayed a Idther firm undertone.
but Pennsylvania continued to decline
heavily. and the course of this stock sub
sequent to the announcement of the new
issue with rights has undoubtedly been a
factor adverse to bullishness in the stock
market generally.
Industrial Firmness Limited.
Firmness in the Industrial quarter was
practically limited to Pittsburg Coal and
Pacific Mail. United States Steel was
particularly under pressure and by the be-
ginning of the second hour most of the
weeks advance in the stock had been
wiped out.
Money market considerations were about
all that was advanced to account for
Wall street sentiment and the course of
prices. Authoritative admissions in Lon
don that t:@'-rSg' money and home politics
have caused a heavy shrinkage in Brit
ish securities, involving a tacit admis-
sion that home politics have been the
chief cause of dearer money. did not tend
TO encourage hope for speedy improve
ment In the British financial situation.
Here IL Is authoritatively asserted that
and the outlook is brilliant, developments
abroad can prevent the Wall street stock
market from rejecting the strength of
conditions in this country.
Disposition to Sell.
As result. whenever II appears, as it
has toward the end Of this week. that
the money situation, instead of improving
abroad. is developing in a contrary direc-
ton. Wall street becomes uneasy and
thinks that it would rather sell stocks
than buy them.
Albeit. some houses in Wall street have
been able this week to borrow money for
six months at "A per cent.
How brilliant the domestic situation and
outlook are was again indicated today by
the usual weekend summaries. The re-
views Of trade conditions said that they
were without exception more than salts
factory and that the country was increas-
ing its wealth at an unprecedented rate.
The American Railway Association re-
ported that at the end of October, instead
OF net surplus of idle cars, there was a
net shortage of about 5000 cars. For Oc-
tober the Southern railway reported an in
crease of $3.34,OO I'm gross earnings, the
Louisville and Nashville a gain of $321, 600
and the Great Northern a gain of $S49, COO