Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-01-04
WILD FLUCTUATIONS
Price Movements BeWildering
in IrreguIarity.
SOME STRIKING ADVANCES
Railway specialties Furnish Spec
tacular Dealings.
BREAK IN NEW YORK CENTRAL
BREAK IN NEW YORK CENTRAL
"Pennsy" Shares Dealt in Heavily.
Panicky Decline in CONSOLE
dated Gas.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. January 4-The fluctua'
tons in prices in today's stock market
we're fairly bewildering in their irregu'
larity. In the early part of the day. ano
in some instances directly upon the open
ing of business. there wire numerous ad-
vances In the railway share list. ranging
from one to more than four points. The
last named rise was scored In missouri
Pacific and otherwise the more extensive
upward movements were in the railway
specialties. such as Chicago and Alton
the Colorado Southern stocks. the Soc
stocks. Toledo. st. Louis and Western
preferred and Mexican Central.
New York Central, which, it will be re-
called. enjoyed a fairly sensational ad-
vance Saturday, broke nearly points al
the opening Of business, later rising near
ly 4 points. and then receding we'll below
its closing level at the end of the week.
Pennsylvania was very heavily dealt in
and showed a much better sustained tone
of strength than New York Central.
While these stocks were going through
the movements mentioned such securities
as Union and Southern Pacific, Reading
ST Paul and the Hill shares fiuctuated
irregularly and only within very narrow
limits.
II was worthy Of note that none of
these violent movements In prices was
accompanied by any single new factor or
by any gossip of novelty. There was.
however. a very great increase In the
volume of business and the dealings re-
manned exceedingly active throughout the
business session in both the stock and
bond departments Of the market. Thsre
was also observed an exceedingly wide
distribution of speculative interest.
Slump in Consolidated Gas.
Early in the afternoon advices were re-
ceived from Washington setting forth the
decision of the Supreme Court on the
appeal of the Consolidated Gas Company.
The court denied the company's applica-
ton with the accompanying suggestion.
however. that the company should have
the right to retry its case before the state
courts, thus following the same lines pur-
sued In the recent railway case. in the
state of Virginia.
Consolidated Gas, however, suffered a
panicky decline upon the announcement
of the courts ruling and the sensational
break in that stock served. OF course.
greatly to unsettle the remainder Of the
market.
The dealings in consequence continued
in fairly chaotic condition during the
remainder OF the business session.
Pressure on Steel Common.
One other influence In the irregularity
of the general stock market was the
constant pressure which was observed
in the dealings in United States Steel
common.
The same so-called arguments against
the stock which were advanced last weel
were repeated today, and no further rea
sons for the selling were proffered. Gen
orally speaking, the transactions In the
Industrial and miscellaneous issues wer'
like those in the railway shares list un
accompanied by any other than technica
explanations.
The local traction securities exhibited
the same general tendencies which marked
the dealings in the general market.
The London stock market was steady
and foreign houses were an important
factor in the local dealings in the early
part Of the day. being buyers to the ex-
tent of about 5000 shares. No materia
change was observed in money market OF
foreign exchange circumstances.