Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-17
PROF|T-TAK|NG SALES
Cause IrreguIarity Until Well
Toward Closing.
RECESSIONS FRACTIONAL
Recoveries Easily Made From the
Low Levels.
ST. PAUL LEADER OF THE DAY
influential Factor in Stimulating
Stocks and Holding List Steady.
Money Market in Limelight.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 17.-Stocks
showed the effect today of the active and
broadening speculation which set In this
week Speaking generally, price move
ments were irregular until we'll into the
afternoon as a result Of profit-taking sales
of the trading element which has been
one of the chief factors in the dealings or
the last few days. In addition. profess
SIGNALS made tentative bearish efforts to
weaken prices. but neither this selling nor
realization had much substantial effect.
For the most part the recessions which
were scored were only fractional and re-
coveries were easily made from the low
levels. The most conspicuous illustration
of this was furnished by Amalgamated
Copper, which was the heaviest active
stock on the list throughout the forenoon.
but recovered early in the afternoon. until
it sold above last nights close.
st. Paul was the leader of the day. 1t
changed the market from an irregular
opening to general strength in the first
half hour and was influential subsequent
ly in stimulating recoveries and holding
the general list steady. The stocks which
showed the most appreciate effect of pro-
fit-taking sales were Atchison, Chesa-
peake and Ohio, Pennsylvania, Reading,
the Union Pacific issues. Southern Pacific
and United States Steel. The net result
of all the selling during the first three
hours, however was only measured by
fractional changes in the early afternoon
and Reading showed a net gain.
Interesting special features of the price
movement were Erie common and first
preferred the strength of which was at
tributed to reports that the so-called Har-
riman plans for the road would he car
ried out, at least. in part The strength
of United States Realty was accompanied
di,,i1 iyrr
Most of the minor steel and iron stocks
and the railroad equipment issues were
strong and were relatively firmer than
United States Steel. probably because
In connection with the movements OF the
United States Steel stock, especially the
advancing tendency of the preferred.
semi-authoritative statements were put in
circulation about the astonishing rate OF
progress in the corporations business.
Earnings for the quarter are expected now
to equal or exceed $37.5OO.OOO.
Feature of Days Dealings.
Some credence was attached to the re-
port that at least s7O.OOO,OOo of new stock
would be issued by the Pennsylvania rail-
road before December. but the terms of is
sue which are expected to give rights of
considerable value to the stockholders.
we're wholly conjectural. An interesting
feature of the days dealings was the ap-
proximate price parity of Chesa peake and
Ohio, per cent stock; United States
Steel, 3 per cent stock, and Amalga-
mated Copper, per cent issue.
Routine news was not apparently much
OF a factor In today's dealings. Among
the more important items was the Of
fetal analysis of imports and exports
showing an increase in imports for Au-
gust of $25, 600, 900 and decrease in ex-
ports of $4,000. For the first eight
months Of the fiscal year imports in
creased sac, 100000 and exports. decreas-
ed $4,000. 900. The excess Of exports
over imports for the eight months was
$61 .OOO. 900. decrease of sS3O.O0O.O0O.
The comparisons are with the cores
ponding periods Of last year. Among the
returns of railroad earnings was the an
nual report Of the Nashville. Chattanooga
and ST. Louis railroad, showing an in
crease in gross earnings of s3S4.OO and
an increase in the balance dividends of
1871 900.
Money Market Conditions.
More attention was engaged with money
market considerations than with anything
else. There is good deal of cautious con-
servatism felt toward the stock market
at the present time on account of the
apparently diminishing supply of local
bank credits. Such conservatism is not
untimely. but as a matter of fact there
seems to be no expectation in any impor-
tant quarter that even an active specula-
tien in the stock market would mean very
dear money at this center What seems
to be the case is that the post-panic era
of cheap money is over and that hence
forth the stock market. as well as indus
try and trade. will have to reckon with
interest rates which will be remunerative
to lenders without being an untoward
check upon legitimate activities.
g O 70
ent, there were no developments in the
money market, which indicated that the
local lenders would have to curtail accom-
modationS on account of diminishing re-
sources. Furthermore. the preliminary
estimates of the weeks money movements
indicated a much smaller cash loss by the
banks than had been expected Moreover.
II seems to be the fact that loans are be-
ing shifted from financial institutions to
the account Of individuals and corporate
depositors.
The fact that the Bank Of Germany