Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-19
BEARS HARD PRESSED
Condition Regarded as Prob
able on Stock Exchange.
BASED ON CURIOUS QUERIES
Active Issues in Railway Quarter
All at Low Prices.
NEW YORK IN LONDON'S LEAD
Movement of So-Called Gould Stocks
Regarded as Interesting-The
Banks Gain in Cash.
NEW YORK IN LONDON'S LEAF
Special Dispatch to The Star.

NEW YORK October 19-Professonal
traders had the stock market very much
to themselves today. There were indica-
tions. however, in the strength which the
list displayed. not only in particular price
movements. but i'm the general tone OF a
quiet participation in the days business
of important character. From heavy
opening the market progressed to irregu-
larity, and subsequently to preponder-
ance of advance over the closing figures
of last night in comparison with the
declines from the same. Business was on
a moderately active scale, and in the
early part of the afternoon prices showed
distinct hardness a small volume of
business.
London sent over a depressed range of
prices which. If all accounts were to be
believed. resulted largely from selling for
New York. This development. following
similar operations in the last few days,
was rather interesting. 1t negatives the
censorious suspicious of the academic ex-
perts who like to read hostility to Wall
street speculation in every foreign finan-
cial or stock market event
Curious Inquiries from London.
On the other hand, judging from the
curious inquiries addressed to this side
by London this morning. relating to re-
ports current over there regarding the sit
uation here. there is rather hard-pressed
bear party in Wall street which is resort
ing to some pretty desperate tactics in
order to render its position more promis-
ing.
Albeit. during the initial transactions
this morning the New York market fol-
lowed Londons lead.
United States Steel and Union Pacific
YlIE,rn Oh fnr oil DC
they had been on the other side Through
out the active list declines averaged about
half point. In some cases recesSionS
were carried somewhat further. but. gen.
orally speaking. improvement began be-
fore the end of the first hour, and by the
fore part of the afternoon the market
seemed to have disclosed a decided up
ward tendency, despite the irregular COM
plexion of price changes ct the time
Manifestation Of Firmness.
The Hawley-Rock Island group was
firm under more or less profit taking the
Union Pacific group, together with stocks
which have been more or less identified
with it during the last year. showed firm
ness New York Central was conspicuous
ly strong from early in the day.
The most Interesting price movement
among the railroads took place in the
called Gould stocks and in the Southern
railway issues. Explanation OF the course
OF the GOOlQ issues was related TO Dull1Sn
talk or conjecture about financial plans
of one sort or another that are believed
or known to be pending or in progress to
completion.
Wabash preferred was the feature Of
this group and there was a particularly
definite rumor which utterly lacked any
authoritative confirmation that some rail-
road was going to guarantee per cent on
the stock under lease.
In general way the fact that most of the
strong and active issues in the railroad
quarter lately are low-priced serves to ex-
plain to most intelligent minds the cause
of their strength and activity. Excepting
United States Steel, concerning which
very definite report of the fine showing
10 be made at the dividend meeting next
week were current, the industrial stocks
were rather wanting in features. OF them
IL might be said. as OF the whole market,
that the comparative ease with which re-
coveres were made was striking and
perhaps significant.
Developments in Money Market.
Money market developments were of
favorable nature. The banks, instead of
losing to the subtreasury an for weeks
past. have so far made a mSAerate cash
gam since last Friday. Time money con-
tiHued to show somewhat easier condi-
tions which, If largely sentimental, are
real enough for all practical purposes
when demand is not pressing.
Call money ruled around per cent and
cheaper on the average than at any
time this month. The professional specu-
lative element in the stock market was
inclined to sell few stocks In accord
with the theory that easing money
is meant to facilitate stock market dis
tributiens. The professional point of
view is not. however particularly impress
sive rule.
Outside of the money conditions there
was a moderate supply of favorable news.
including such statements of railroad
earnings the Fries annual report for
the year, showing increase in final
surplus of 4.18otUo, and the exhibits of
the Canadian Pacific. showing a gain Of
S527, 900 and the Missouri Pacific show
ing "A gain of $4,000 in gross earnings
second week in October.
: Bond Sales in Europe.
The announcement that local banking
house selling S6.OOO,0OO Of st. Louis
and San Francisco bonds in Germany was
another item to add to the number which
have accumulated tending to show that
all OF the commodities which Europe Is
willing TO buy from us are not enumerated
in the trade statements.
One feature of the stock market day
which deserves special attention is the
continuing rise of the express company
stocks. Most of these companies are
known believed to be In a position to
cut what Wall street calls melons.
Whether or not the coming congressional
session Is factor, there seems to be
some reason for believing that the rise in
these sfocks iS baSpd On prOfitS