The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-21
WALL STREET NEWS
Market Dull and Drifting
Within Narrow Range.
SELLING MOVEMENT IN STEEL
Period of Depression I'm Metals Not
Over and Reductions I'm Prices Will
Not Lead To Activity Is Consensus
OF Opinion - Weather Continues
Fine and Crops Good.

New York, Sept 20.-To-day the action
OF the stock market was such as 10 give
additional confederation 10 the view that
the present market is only duh idle.
and drifting affair, with fluctuations in
prices, sull betraying no tendency TO de-
part from narrow range Within the
last three business days a somewhat
frmer undertone has been evident in the
market, and the feeling of the greater
number OF the rank and file OF Wall
street spectators has been more opti-
mistlc
In this period prices have advanced
continuously, even though very slightly.
and in the first half hour OF business
this morning a further rise was record
ed, making net advance since the lat
Ter part OF last week OF nearly a couple
or points in the two or three leading
stocks. on which activity chiefly con-
verges. But this recovery served, as 1t
has done all along for more than six
weeks. as an opportunity for immediate
proht-taking on the part of professional
operators, and in short time the mar
ket was back again at the level from
which the rise started.
Selling Movement in steel.
The decline was led by rather par
ticular selling movement in steel COM
mon stock. based on the general idea
that the period OF depression in iron and
steel trade is by no means over, and by
specific rumors that a formal cut in
iron and steel prices might be soon an
nouneed. No confirmation of these stor-
les was 10 be had, and Judging from the
not infrequent action OF the stock mar
ket in the past. when such cuts have
been made, there was not a little ground
for the opinion that even IL reductions
in the price OF the iron and steel prod
uets were ordered. their effect would
be helpful. rather than otherwise, both
10 the iron and steel market proper, and
10 the quotations for iron and steel
stocks
II was also noticeable that the pressure
upon steel stock was only moderately
communicated 10 the rest OF the security
list. At the close the general market
rallied with considerable yigor. leaving
net changes in prices irregular and with
advances predominating.
The weather continued fine for the
crops everywhere, leading 10 renewed
heaviness in the corn market. Wheat
and cotton. however. were stronger the
latter upon the prevailing impression that
recent selling of cotton had been some
what overdone. and the former quota
ton advance In grain in Liverpool.
VIII Finance subway.
Stories were again in circulation, as
they stated yesterday, that representa-
tives OF the largest banking interests in
the city were soon 10 enter the dtrecto-
rate OF the Interhorough-Metro
Company, and that some plan of financing
by this company would soon be made
public.
a former statement that the stock
holders of the oregon Short Line Rail-
road would be asked 10 authorize an in
crease in the capital stock OF the COM
pany OF S525O0.Oo0 attracted little atten-
ton. inasmuch as il was understood that
the issue OF stock when made would be
solely for the purpose Of paying on the
Indebtedness Of the company to the Union
Pacific Company, which is substantially
the sole owner OF the Oregon Short
Line.