Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-04-13
Recession IN PRICES
Regular Tuesday Reaction Fol-
lows News From London.
SLUMP IN THE AMERICANS
Rally Later Gives Impetus to Some
of the Leaders.
SOME NEW HIGH RECORDS
Atlantic Coast Line Features Deal
ings-New York Central's
High Mark.
SOME NEW HIGH RECORDS
SneciaI nisnateh to The Star.

NEW YORK, April 13.-The recession of
prices that has occurred in the stock mar
ket of late with such regularity on the
second business day of the week as to
cause operators to anticipate the "regu-
lar Tuesday reaction" took place today in
the local market after the London mar
ket at our opening showed slight in
crease in consols and other European Sc
curities. but with fractional declines in
nearly all of the Americans. The Lon
doners were unable to reconcile them
selves to rise of from 1 to ) points in
many of our railroad and industrial Sc
curities since they closed their market
last Thursday afternoon to enjoy four
day cessation of business on account of
the Easter holidays, and they are I'M
willing to augment our prices.
In the later dealings on the London
market some of the European securities
were affected by news of trouble among
the troops at Constantinople, but the prob
abilities of any serious difficulties were
too remote to be recognized as factor
in our local market
The New York market was somewhat
irregular at the opening, just as it was
at the close of the session of the
stock exchange yesterday afternoon. Some
of the leaders like Union Pacific and
United States common were fractionally
down upon their initial sales, whereas
New York Central and Atlantic Coast
Line, upon which stocks there seem to be
concentrated considerable buying, ad-
vanced. New York Central in the first
hour touched within one-quarter of
point of its high water mark since the
panic of 1907. which occurred in the first
week this year, and Atlantic Coast Line
also made new high record since the be-
ginning of the late financial depression.
New York Central Buying.
The buying of New York Central, it was
noticed, came from houses which have
frequently represented the Hartman in
terests since that financer's return to
the city from his tour of inspection on the
Pacific coast. Interborough Metropolitan
shares. both common and preferred, also
made advances in the early dealings, slim
ulated, perhaps, by the aggressiveness
shown by that company's executive board
in proclaiming to the citizens and the city
authorities the willingness of the COM
pany to extend both its elevated and sub
way facilities for handling the ever in
ereasing passenger traffic, at it's own ex
pense. under terms that would make the
property revert to the city like the Origi-
nal subway after a reasonable period of
operation by the private company.
Notwithstanding the advances made In
specialties here and there in the forenoon,
the trend Of prices in general was slightly
after the usual profit-taking recessiohs
and the advances due to covering by the
shorts figures for the representative rail-
ways and the securities showed lower
average than yesterdays closing quota
tons. The recession in prices was at
tributed in the Office of most brokers and
on the floor of the exchange to the in
evitable profit taking by that contingent
in the financial district which believes
that the present bull movement has gone
lar enough for the time being
A Marrow Market.
1t is asserted by those who were taking
profits today that, the market has been
narrow and confined largely to local busi-
ness and that the wire business from
Pittsburg. Chicago. st. Louis and other
western or southern points has thus far
not materialized in the form of extensive
purchases.
The failure Of a brokerage concern do
ing comparatively large ten-share-lot
business on the little exchange had no
material effect upon the primary market
for securities other than to emphasize the
fact that the present upward movement
had been going on steadily for about two
weeks without any substantial reaction
and that those commercial houses,
whether large or small, which have been
fighting this bull movement, are still more
or less distressed because they can see
no immediate end to the rise in prices.
The continued ease of money, with
banks willing to lend their idle funds on
call as low as Ia per cent. contributed
to the firmness OF the market for securi-
ties today in that investors were unwill-
Ing to dispose Of their Understanding
stocks even at advanced prices when
they might be unable 10 get any adequate
return for their money on deposit
A break In the price of wheat, substan-
tiating somewhat the belief that the re-
cent record-breaking quotations for that
cereal were due more To 4 corner than to
any real reduction in supply, also had a
steadying effect upon the stock of rail-
roads which usually derive dividends from
tie transportation OF grain from the west.