Evening star., 1909-04-16
PRESSURE ON LEADERS
Reaction in Prices Follows an
Irregular Opening.
SOME MATERIAL DECLINES
c. & O., Rock Island and Southern
Notable Exceptions.
SPECULAToRS IN A QUANDARY
London and other Bourses Down
Due to Weakness in Turkish
Securities.
SOME MATERIAL DECLINES
sPECuLAToRs IN A oUANDARY
0DaeiaI Dispatch TO The Star.

094l Diepatco 10 Tbe StaT.
NEW YORK, April 1a.-After an irreg-
ular opening tho stock market this morn
ins sustained another reactionary move
ment like that in progress throughout
most OF yesterdays session. The Initial
sales showed slight gains in American
Smelling, Denver aud Rio Grande, Erie.
st. Paul. Wabash and the Rock Island
issues, whereas nearly everything else
on the board exhibited no alteration
whatever or else showed fractional de-
ciines from yesterdays close.
Throughout the first hour there was
unmistakable evidence OF liquidation and
profit taking notwithstanding the fact
that here and there were gains In sepciai-
ties for reasons that did not apply to the
market in general.
There was pressure on nearly all of the
securities which had been leaders in tho
late advancing movement and after three
hours OF trading there were material de-
clincs noticed In Reading. Union Pacific,
Southern Pacific and the United States
Steel common.
On the contrary, Chesapeake and Ohio
was very strong, recovering from yester-
days temporary setback and almost
reaching Its high record OF few days
ago. Rock Island preferred and Southern
railway preferred we're also noticeably
strong among the railroads.
Gain in National Lead.
Among the industrials there was fur
ther gain in National Lead OF points.
making q rise Of points from yesterdays
low figures. and there was likewise q very
pronounced advance in International Har-
vester common, which rose points since
yesterdays close.
The explanation given by Wall street
$or he rfC In Isl.
while nearly all other industrials partici-
pated in the general reactionary move
ment, was that international Lead was one
Of the very few concerns whese business ness
financial depression. and that In the case
OF International Harvester, whose direc-
tors met yesterday. but did not announce
annual earnings, the company has been
DOING 20 well that the common stock, SELL
ing up this morning to soa, would soon
be put upon a dividend basis.
With these exceptions, however, the
tone of the market throughout the first
noon there was considerable buying of
the Union and Southern Pacific as well
as New York Central, which looked as
though the Hartman stocks were being
supported by certain large interests.
Diminutien Of Commitments.
Spectators were. however. left very
much in quandary, and. not being able
to read the trend OF the market clearly,
there wss Q natural diminutien Of COM
mitments, 80 that the volume OF bust
ness in the early hours was considerably
smaller than in the corresponding period
yesterday.
Amons the reasons assigned for fur
ther reaction in the market today was
the fact that London and the European
bouFses In general were down on account
Of the continued trouble among the Turk
ish troops at Constantinop!e. the weak
ness of the Turkish securities directly af-
fected causing q sympathetic decline in
other government bonds This weakness
In London naturally affected Americans.
But the underlying cause for . contin-
uaace Of the reactionary movement In tho
local market was the further strength
OF the wheat market In Chicago. which led
many operators to fear an actual short
age In the amount OF grain to be trans
ported In the next few months by the
railroads whose securities they held.
Then. also. It was suspected that some
operators who had been selling wheat
were now having to liquidate their hold
ings In stocks to make good their losses In
the wheat market.
The telegram OF a Boston operator Of
fering to hire halls and pay for brass
bands to denouncs what he REGARDED as
the Ubiquitous wheat corner In Chicago
had no material effect upon the market
other than to emphasize the fact that
even Boston vas being aroused to the
serious condition Of the cereal market.
Money continued 20 be so easy In the
LEGAL market as to be regarded by some
bankers as not only soft, but mushy