Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-29
UP TO HIGHER LEVELS
Prices Open Strong Without
Apparent Stimulus.
MONEY RATES A PARADOX
Forenoon Dealings Approximate a
1000, 0O0-share Day.
RAILWAYS THE DAYS LEADERS
Market Strength Shown in Ready
Absorption of Heavy Selling as
Well as in Gains.
MONEY RATES A PARADOX
RAILWAYS THE DAYS LEADERS
Special Dispatch to The Star.

NEW YORK September 29.-Without
any overnight news developments of
consequence to stimulate, the stock mar
ket opened very strong this morning. and,
without any information being vouchsafed
TO encourage II, 1t advanced to higher
levels In the subsequent dealings. For
the greater part of the session the mar
ketwise intelligence supplied for Wall
street consumption consisted exclusively
of the usual crop of rumors and guesses
which accompany rising prices and the
most meager budget of routine facts.
The Anaconda Copper Mining Company
declared the regularly quarterly dividend;
the Chicago, Indianapolis and Louisville
railroad reported an increase of $4,000 In
July gross earnings and an increase OF
S25, 900 in net and it was announced that
the New York Telephone Company pro-
posed shortly to issue $2o,O0O.OOO worth or
bonds. Outside of these items and the
Developments in money investors and
spectators had for the most part nothing
to guide them in making their deductions
from the stock market except the stock
market itself.
So far as money is concerned, the call
while the time money market was pos
sibly trifle easier in tone. The situation
in the money market is one of many para
doxes which now offer themselves for
to be active, but is not.
Dealings on Very Active Scale.
Dealings in stocks during the forenoon
were on a very active scale approximate
ing the rate of a 1900, OOO-share day.
The business of the first hour aggre-
gated a half million shares. Transactions
in some stocks were in very large lots
but the market was also broader than
these dealings Indicated.
There were wide openings in Atchison
and Union Pacific, and United States
Steel opened on 10000 shares over a range
of one-eighth.. These stocks. together with
Pennsylvania. Reading, United States
Steel preferred and Chesapeake and Ohio,
were the days leaders, both in respect to
activity and strength. and also as re-
CARDS the influence which they exerted.
The rapid marking up of Chesapeake
and Ohio was less impressive than the
advancing strength of the other issues
named. but the demonstration in 1T was
taken to signify the speculative DISPOSE
ton Of powerful operators.
That important interests were active
in making such a market as todayS was
quite as implicit in the nature of 1t as
was the case yesterday.
plication seemed to be furnished by the
continued absence of any apparent in
crease of commission house business.
New High Record Prices.
The strength Of the market was shown
not only in the aggressive way in which
it made gains. but in the ready absorption
of heavy selling for the long and short
account.
These sales served to make the price
movement somewhat irregular in the fore
noon. The general list at no time in this
period suffered anything like extensive
unSettlement. Some issues were distinct
ly heavy, notably Erie, Missouri Pacific
and Wabash preferred
In the industrial quarter the metal
stocks as a whole displayed no strength
either in price or tone, but these features
were not of much obvious consequence in
comparison with the steady advance to
new high record prices made by the
United States Steel stocks, Chesapeake
and Ohio and Atchison. One thing
which distinguished the market was the
fact that it was not a field day for the
Specialties.