The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-16
WALL STREET NEWS
Stocks Weak and Reaction
airy Throughout Day.
EXCEPTIONS ARE VERY SLIGHT
Shares OF the ELECTROMAGNETIC
DOlitnn Were strong and Active,
as They Have Been Since the Pub
LEGATION OF the marlborough Rapid
Transit COmpany's Report.

New York Sept 15.-Stocks sold off In
trading that in volume was in accord
with the weeks increase in activity. The
opening was weak, and a reactionary ten
dency was interrupted by no rallies OF
any consequence In the last hour,
though, the market was not az all ami
mated, it was particularly weak, and
closing prices were lowest OF the day In
most Of the active stocks The only not
able exceptions TO the reactionary ten
dency was supplied by the Interborough-
Metropolitan shares. which were as strong
and active as they have been since the
publication OF the annual report of the
Interborough Rapid Transit Company.
The news developments OF market i'm
portance concerned principally the close
relation between the security markets and
business on one hand and political con-
troversies and developments on the other.
The news bulletins teemed with reports
from the steel trade to the effect tina;
one or another company was laying Of
men. that prices on various steel prod
ucts had been reduced, and that further
cuts in prices were impending.
Some Reports Denied.
Some OF these reports were specifically
denied. 1t was granted that many OF
the Independent companies have shad-
ed prices, and that gradually in the past
three weeks men have been laid Off in
various OF the plants. as was. Of course.
inevitable at a time when the United
States Steel Corporation is operating at
only two-thirds capacity. and the output
Of independent companies was similarly
curtailed
The consensus Of reports was that the
hope Of the customary fall Improvement
IN the trade had been disappointed. and
II was everywhere considered as mucn
moro than a coincidence that the pro-
nouncement Of the new nationallsm"
was made just about the time when the
fan orders and specifications normally
increase. But the unfortunate curtail-
ment In labor was. OF course. no more
than must have been expected when capt.
tai was admonished 10 be cautious by
the promulgators Of the new national
ism"
Steel Shares Under Pressure.
A great deal Of the selling pressure was
49, 49, va Wv AADNi CO. uul DAllcllclS
was the weakest OF the active Indus
trial shares, and Amalgamated Copper
also sold of softly. The European copper
market had been weak. and the tenden-
cies here do not seem 20 justify the hope
that was held out by August figures OF
production and consumption. In copper
as in steel the tendency Is In all Hkel-
hood slowly reactionarv
The indisposition Of spectators TO re-
main on the long side OF stocks may also
have been intensified by the disagree
ment between American and European
bankers over guarantees Of cotton bills
OF lading; but II IS stu generally believed
that a satisfactory compromise would be
arranged. The cotton market advanced
in a manner seemingly disregarding the
difficulty. In bonds. sales again exceeded
S2.00O00O, and the market was strong in
pleasing contrast to the stock market
Call money was higher perhaps, on &C
count OF the increase in stock activity.
but time money rates were unchanged,
and the demand for time funds continued
slack. The Bank OF England's weekly
statement showed an increase in the ra-
ito Of reserve to liabilities. and the mini
mum discount rate remained unchanged
at per cent The grain markets were
closed on account Of the holiday in Chi
cago.