Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-24
FAIRLY ACTIVE TODAY
Reading and ConsoI. Gas SuS-
tain the Market.
HEAVY SELLING PRESSURE
Coppers Objects for Sharp Attacks
Again.
NEW YORK CENTRAL WEAK
Marked Pressure on U. S. Steel.
Movements Confusing, But Pre-
vailing Tone Was Strong.
NEW YORK CENTRAL WEAK

Special Dispatch to The Star
NEW YORK, November 24.-Stocks
had more or less two-sided aspect to-
day. On the other hand, there was evil
dence of buying of the kind that Wall
street calls good or important, plus Il
moderate amount of short coverings
On the other hand. there was an evil
dence Of liquidation, both scattering and
concentrated. and no little selling pres
sure resulting from bearish commit
mentS for the fall.
The strength of Reading and Con-
solidated Gas was almost extraordinary
in view of the advance which these two
stocks have made against the market.
Their course today was to an extent Off
set by the weakness in New York Cen
trail and the heavineSS of United states
Steel
On the whole the price movement was
confused, but for the greater part OF the
session the prevailing tone was one of
strength If the price movement since
the Standard Oil decision was rendered
may be regarded as Il trustworthy re-
Spouse to very severe test of market
conditions, securities on the Whole seem
TO be rather strongly placed.
Albeit, the considerations which have
been uppermoSt in Wall street minds this
week have not been of sort to furnish
ammunition for strong and active markets.
Aggressive Tendencies.
No new information was Forthcoming
or obtainable to account for the agrees
sive tendencies displayed by Reading and
Consolidated Gas. The heaviness of New
York Central was presumably attributed
to the official approval of the 81, O00
issue of new stock. the Inference in spec
ulative quarters being that the increase
in capitalization postponed the period of
increased dividends.
The pressure on U. S. Steel may have
been due to the reports OF trade
conditions. which show less activity and
new business i'm steel as well as in iron.
Upon this score it might be worth
noting, however, that according to
competent authority a very great ard
immediate increase in equipment would
have been needed ii the demand for
finished material had maintained its
recent pace.
Wabash preferred was rather reac-
tionary. but the persistent report that
the Wabash is to become a leased road
continued To obtain credence in quar-
tiers not altogether lacking in discrimi-
nation
Some Sharp Advances.
According to the latest rumor the
Lehigh Valley and the Rock Island in
terests are concerned in the project
but the rumor seems to be very Iargei,-
conjecture. II may be that one of the
coNet the Wabash, il was known to
covet it three or four years ago.
Except Tor some sharp advances in rail-
road and industrial Specialties there was
nothing else noteworthy I'm the stock
market except the course of the copper
metal group. The issues included in it
were under no little pressure. but for the
most part they displayed underlying firm
ness.
There seems to he no doubt now that
the copper negotiations have not been
abandoned. but are on the { ntrary being
carried on with diligence. although it is
{. question if the project will have the
scope origina ly contemplated.
Money Market Surprises.
For an ante-holiday market transactions
were on fairly active scale. The day
was characterized by rather marked sub
sidence of discussion of the antitrust
law, according to it's bearings OF cor
porate endeaVor, as these seemed to be
indicated in the Standard Oil decision.
As there was dearth of news develop
mentS of marketwiSe relation, the stock
market community had AN opportunity to
rest its rather harassed nerves, and the
resulting Limitation of matters of atten-
ton to those which the stock market it
self furnished was distinctly grateful.
The money market furnished no un-
pleasant surprises, even if it provided no
pleasant ones. The cash gain by the
banks reported yesterday was converted
by transactions to ii loss to the sub
treasury for the week since Friday and d
considerable further total of gold was
engaged for export to South America
Saturday. Loan accommodations exhl Bit
cd no change either in tone or rates. For
Gig