Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-06
LIQUIDATION GENERAL
Market Showed Weakening
Resistance to Pressure.
MONEY AT A HIGHER RATE
Opening Heavy With Declines for
the Favorites.
DIVIDEND NEWS INEFFECTIVE
Dealings Up to Noon on Scale OF
1900. OOO- Share. Day-Money
Rates Not Unfavorable.
DIVIDEND NEWS INEFFECTIVE
Special Dispatch to The Star.

special Dispatch 10 L ne Star
NEW YORK, October 6.-Today the
stock market was undeniably a liqui'
dating market, more so than was the
case Yesterday. At the same time, there
was a persistent application of the same
deliberate selling pressure applied tc
very few stocks, notably United
States Steel common, which was finally
successful yesterday afternoon In fore
ing an all-round unloading from specu-
lative accounts.
Professional operations for the fall
were Enthusiastically carried on today
and, despite the rather good ABSORB
tion of stocks during the forenoon, the
market on whole showed q weakening
resistance TO pressure.
Money averaged, II anything, a higher
rate than yesterday, and in this fact
alone was found such explanation as
anybody cared TO offer for the price
movements in the stock market and the
nature of the transactions outside those
of an obviously bearlsh character. One
thing seems to have been quite clearly
established, and that Is that the stock
markets of the last few days have not
owed their tendency to an initial weight
of profit-taking sales. Stocks sold fol-
profits realized by a rise are sold care
fully.
Atchison Led Rally.
The opening was generally heavy, with
declines ranging from quarter of point
to point and a half. Only st. Paul
Erie. Rock Island and New York Central
were conspicuously firm in the initial
dealings. After the first few minutes OF
frod linz hnr oil
led by Atchison. Pennsylvania, Reading
Chesapeake and Ohio. Union Pacific,
United States Steel and Central Leather
In the second hour the market showed
very irregular price changes. which were
for the most part of fractional proper.
tions.
Under the influence of the call money
opening at "A per cent and its rapid ad-
vance to 5ls per cent, higher levels than
were attained early yesterday, the list
became unsettled and although the dec
laration of a dividend on Atchison al
the rate of per cent a year, an increase
OF L per cent, exercised q temporarily
steadying influence. traders sold the mar
ket on this very fact and a further un-
settlement In prices took place.
Atchison Dividend.
When such news as the fulillment or
expectations in the case of the Atchison
dividend was treated as reason for SELL
ing. the market because the good news
was out, it could hardly be expected that
other items Of intelligence which were
published during the day would have any
more favorable effect.
1t Is nonsense to suppose that any
real holder Of Atchison stock would sell
IL because he was to receive a dollar a
share year more for 1t than he had
been obtaining. especially that he would
call rI~@
most per cent of his holdings, at the
new dividend rate.
AS a matter of fact the dividend action
OF the Atchison directors today has an
Importance which the speculative COM
muntty Will probably appreciate later
when its mood changes and 1t begins to
realize the significance Of this develop
ment for those expectations which have
lately been nourished with regard to
other important corporations
In q sense the Atchison dividend In
crease was wasted on the stock mar
ket as also was the news of the an.
thorization by the Canadian Pacific di-
rectors Of an issue Of $50, 600, 900 of
.reasury STOCK at l2o. price yielding
other news items of the day included
details Of the allotment of rail orders
by the Pennsylvania railroad recently
announced In the aggregate and a
series of good reports Of railroad earn
ings.
Money Rates Firmer.
Although money rates were ouotably
f1rmer for call and time accommoda tons
the days developments In money were Al
least negatively favorable. Domestic ex-
change showed no important change ad.
verse TO this center, and foreign ex-
change was distinctly easier Calling OF
loans again inquired in the money market
transactions. but the upshot of this proc.
ess is certainly bound to be an improved
position of the credit supply institutions
III the government should come into the
money market very soon with an issue OF
short-tirle certificates OF indebtedness
there might be a surprising turn In
money in the direction of ease Europe
would surely take these certificates with
very benehcial effects on the foreign ex-
change market