Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-20
PROFESSIONALS BUSY
Evidences of Pool Manipula-
tions on. Change Today.
HOPEFUL UNDERL YING TONE
Early Dealings Reached Million and
a Half Scale.
LOW.PRICED ISSUES FIGURE
Southern Pacific Led the Active
Railways-Industrials Con-
spicuous.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, September 2O-Stocks dis
played general strength in a professional
market today. Commission house bust
ness was apparently of small proportions
but IL takes more than the operations OF
the trading element to make such deal
ings as characterized the session. Evil
dences were not wanting of pool ma
nipulation in many directions, but the
transactions seemed also to give indica-
tions of the activities of important in
terests.
Generally speaking, the traders followed
the market. They took counsel Of senti-
ment. which was hopeful. and also OF
some very sturdy intimations which were
IN circulation as to the probable course
of prices.
For the rest the day was marked by g
copious supply Of such rumorS, and hints
are as likely to find currency when issues
ordinarily dormant become brisk and ag
greSSive.
The opening was quite strong and act.
i've, and dealings in the first hour were or
the scale of million and a half shares
per day. Subsequently business fell away
80 per cent. and the price movement be-
came somewhat irregular. A number OF
the lower priced issues, such as Erie an6
and larger number Of the low priced
industrials. were conspicuously active
throughout the session.
Strong Features.
Strong features of the industrial quar-.
Can issues. Republic Steel and Colorado
Fuel and Iron. Many of the medium and
high priced stocks advanced vigorously
too.
The railroad leader Of the market was
Southern Pacific, and the sympathetic
strength which Union Pacific displayed
together with the firmness of Reading
and the strength of New York Central
Great Northern, Northern Pacific, Illinois
Central and Chesapeake and Ohio. more
than offset the obvious heaviness of ST
Paul as a market factor although
the steady selling in the last named
issue was effective around midday
in causing. general reaction from
the high prices. The course of St Paul
was attributed to disappointment over the
failure Of the annual meeting last Sat-
urday to develop any news which would
account for the sharp rise in the stocks
last week.
Union Pacific preferred by its sagging
tendency was also something Of weight
on the market. and led to deductions that
the prospect for launching new capital
plan by the Union Pacific was rather
Mail scored a sharp rise in company with
the railroad stocks with which it is allied.
New Steel Record.
The United States Steel issues made
new high record prices and the course of
the preferred stock was regarded as
strengthening the position OF those who
believe that the price of the common
stock was fully warranted by material
conditions
Mackay Company's stock rose sharply
without any new considerations in ad-
dition to those which revolve about the
plans and business of American Tele-
phone and Telegraph Company.
Anaconda was strong from the opening
and all the metal stocks displayed firm
ness. Reports were in circulation that
heavy sales of copper metal had been
made recently and that the outlook In the
metal industries had begun to show de-
Cided improvements.
rapid advance in the price of Ma
tional Biscuit was one of the features Of
the Industrial quarter.
Great Northern Ore, a l per cent stock
So to say. ranged itself in line with
Amalgamated Copper. United States Steel
and Chesapeake and Ohio, selling, that is,
at an equal price with 2. 3 and a 4
per cent stock.
Apparently the market owed much of
its confident strength to the improved
condition disclosed in the bank statements
of last Saturday.