Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-04
|NDUSTR|ALS FEATURE
Are Strong and Active on
Change Today.
SOME SELLING PRESSURE
Railway Issues Were Inclined to
Heaviness.
LIQUIDATION NOT EVIDENT
Railroad Quarter Had Good Un-
Railroad Quarter Had a Good Un-
dertone Despite Irregularity.
Money Situation Unchanged.

special Dispatch 10 I n" Star
NEW YORK November 4.-Industral
stocks provided tho strong and active
FEATURES of today's market. Railroad is
cues were inclined To heaviness. The
market as a whole was irregular during
the greater part of the session.
Business was quito active during the
forenoon. with an appreciate quantity
Of selling pressure applied to the rail-
road list. much of which seemed To be OF
bearish nature. There was not little
talk about stop loss orders not far below
the prevailing range of quotations, but
the activity of tho professional element.
especially the room traders on the short
side. was not particularly effective in de-
pressing prices.
In fact. it was the testimony of dis
corning observers or the floor of the
stock exchange that today. as has been
the case lately, it was very difficult to
detect anything like real liquidation or
the supply OF long stocks from any i'm
portant quarter. The judgment of these
men acting upon what they have seen,
has made them disposed to expect. il
not actually take the side of, rising
prices.
The bearishly disposed profess TO de-
course of New York Central. which de-
clined following the announcement of
a forthcoming issue of new stock, with
rights presumably. 1t is true that Penn
sylvania. New York, New Haven and
Hartford and Canadian Pacific have
lately acted similarly under similar cir
cumstances. hut 1t may be that the
selling of these stocks has been pre-
mature considering the present rate OF
railroad traffic expansion and the out
look for next years earnings.
Cotton Oil Dividend.
At all events and despite the dispro-
portionate heaviness of some stocks,
the railroad quarter of the market to-
day had a good undertone, and certainly
the course of the industrial issues in
dictated neither speculative apathy nor
general stock market weakness.
Bullishness the industrials was
doubtless encouraged by the declaration
of ) per cent dividend OH American
cotton OIL against 3 per cent last year.
This is another case of truthtelling by
the tape, and also by interests connected
with a corporation as to the prospects
for dividend disbursements. Instances Of
the sort have been sufficiently numerous
this year 10 stimulate confidence In ex-
pectations with regard to securities which
are believed to be in line for enlarged
profits.
The price movement in the copper metal
and the smelling stocks seems to bear out
the current reports OF the negotiations
conducted by leading financial interests
looking to a readjustment OF relations in
these industries. American Smelling was
particularly strong today, and the pre-
ferred stock continued to display the up
ward tendency which characterized il
yesterday.
Firm to Strong.
Stocks of the major and minor steel
corporations were firm to strong. with
United States Steel tending to assume
again the leading position in the market
which it appeared TO have abdicated in
the last few days. Abrupt advances in
many of the industrial specialties were
probably more significant OF pool manip-
ulation than anything else.
Money market developments furnish
ed no fresh supply OF ammunition for
operations against the quoted values OF
securities The Bank OF England's mini
mum discount rate was left unchanged
at per cent by the directors today,
and although the banks weekly returns
showed no Improvement in its position
the banks condition is normal for the
season. and all of the foreign bank
figures this week lack significance be-
cause of the disturbance incidental to
the November settlements.
rate has not been made particularly eff
fective as regards open market dis
counts, il has been effective enough to
enable the bank to obtain practically
all the gold now coming into the Lon
don market and without continental or
other competition.
Interest Rates Easier.
Locally the foreign exchange market
was steady for most OF the day. and H.
though the apparent cash loss of the
banks was increased by a slight further
loss to the subtreasury. interest rates
were easier in tone il not quotably So
Apart from money market matters
and items Of marketwise bearing pre-
Viously referred to. the chief news of
the day of Wall street interest was fur
nished ny railroad reports. including
the return OF the Illinois Central for
september. showing increase of
S323.o0O in gross. and OF the Canadian
Pacific for October. showing increase
OF S2.335.OOO in gross.
Among the days rumors was the re
Vival OF limitations connected with the
long mooted project to list United