The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-10-19
WALL STREET NEWS
Leading Stocks Decline in
First Hour of Trading.
LARGE STEEL BUYING ORDERS
Net Advances OF the Day DispropOr-
tionate 10 the Volume of Dealings.
baltimore and Ohio shows Gross
Gains but Net Decrease for septem-
ber-Time Money Rates Hardening.

New York, Oct S-The rising move
ment In stock exchange prices went or
to-day. but its form was somewhat DIFF
ferent than 1t lately has been, The mar
ket instead OF maintaining a sustained
and unbroken advance. displayed a good
Zeal OF rregularity. In the first hour or
two of business all the leading stocks
declined point or more from the high
est level touched on the rise, the fall be-
Ing due apparently to fairly heavy selling
TOT the account OF London and 10 a
general continuation OF the realizing sales
noticed to-day.
opening quotations were. however, IN
nearly all Instances at the days lowest
and after the recession that occurred
the market seemed 70 steady itself. Dur
ing the greater portion OF the day there
AFTER the volume Of trading was sensi-
bly, diminished, values holding their own
with great steadiness. but showing no
inclination 10 advance
Shortly before the close, however, large
buying orders were placed in the market,
principauy IN the United States Steel
common shares, and under this stimulus
renewed advance took place which, IN
the majority OF cases. did not carry
stocks 10 the high points OF recent
record
Declines Here and There.
A review or transactions after business
hours were over again showed as ii did
to-day that although prices were in the
main above those OF the preceding day,
the net advance In the principal stocks
was dispropOrtionate 10 the volume of
dealings in them. Declines were sprinkled
lar md Il
most invariably small.
Particular advances took place in two
or three stocks that have not been espe-
cial features in the last fortnight. such
as Pennsylvania, New York Central, and
Canadian Pacific shares. In the case of
Canadian Pacific. q London TumOr ran 10
the effect that some sort OF an extra dis
tribution was likely before the end Of the
year. New York Central rose on the cir
culation of a story that the company was
meditating large extensions OF its bust
ness. those including the possible ac-
QUESTION OF the Wabash Pittsburg Ter
minal. under the Wheeling and Lake
Erie roads. these being joined also with
the Western Maryland, OF course, no
sort OF official foundation for such ru-
NOR was forthcoming.
baltimore and Ohio Report.
Only one railroad statement OF impor-
tance was made to-day. and that was
the Baltimore and Ohio earnings report
Tor September, showing an increase IN
gross of $4,000 and net decrease Of
sos. 900.
One development OF the day was
worthy Of more than passing notice,
since IL refers 10 conditions that must
sooner or later become q prime factor
In the financial situation II the specu-
lative stock market continues without
pause along the same lines as those fol-
lowed IN the last fortnight, This was a
hardening OF the time money market
and distinct limitations from the other
side that an advance TO per cent in tho
Bank OF Englands rate is among the
near probabilities
Discounts in the open London market
are still slightly below the present bank
OF per cent but the Bank OF England
is still losing gold heavily on net bal
ance its current shipments OF money 10
the continent OF Europe not being cOun-
terbalanced by receipts of bullion from
other quarters.