The Washington herald., 1910-12-03
Market Again Declines After
Slight Advance
STOCKS LOW AT CLOSING
Speculative Purchases in the EARLY
Trading, Supported by Substantial
London Prices, Brings About n
Slight Advance, hut Selling Pres
sure Causes Break-Market Weak.

New York. Dec. Before the opening
Of the stock market to-day the principal
railroad and Industrial stocks had de-
ciined an average OF four points in the
four trading days OF the week. The de-
cline had been accompanied by a great
deal OF short selling. as well as by a
large amount OF genuine liquidation. and
al the opening to-day the majority OF
spectators seemed 10 be OF the opinion
that rally was due
The opinion was strengthened by firm
ness in London market. where stocks ad-
vanced In accordance with the hope of a
Unionist victory at the general election
which began to-day. For the first time
this week London made substantial pur-
chases on balance IN this market. and In
the early trading. speculative purchases
for a quick turn. supported by the Lon
don buying. brought about a slight adj
vance in the local market. But no one
seemingly, either here or abroad cared
to follow the market up, and the strength
OF the buying movement was soon ex-
hausted.
Market still Weak.
Before the morning session was over
the market again weakened under the
force OF liquidation of the same kind that
has been IN evidence on previous days OF
the week and a continuation of aggres-
sive operations by professional traders
against that bull party which, up to the
beginning OF the week. seemed to be in
command OF the market. In the course
OF this renewed exertion Of selling pres
sure stocks broke we'll below yesterday
sFt. Il.
standard stocks as United States Steel.
Reading, Union Pacific. American Smelt-
Ing. Amalgamated Copper. st. Paul. Penn
sylvania. and Chicago and Northwestern.
The break In Chicago and Northwestern
was as conspicuous as any OF the others,
for in this ordinarily inactive investment
stock the turnover amounted 10 4.20G
shares, greater amount than ordinarily
changes hands in the course OF an entire
week. and the gross loss OF the day was
"a points. No explanation for the sud
den activity and weakness OF the stock
was forthcoming apart from the sugges-
tion that holders apprehended a state
naent OF earnings similar 10 those already
published by the other Northwest roads.
The declining movement continued until
all the active stocks showed losses rang
ing from one 10 three points.
Rally Late in Day.
In the last hour a rally set IN, but the
market became much duller on this rally
and It suflced TO recover only a portion
OF the earlier losses Spectators who
covered short contracts appeared TO have
little difficulty in securing their stocks
and the bull party displayed no greater
ability than on other days OF the week
in the way OF withstanding the liquida-
ton and short selling. The market on
the whole was more active and OF broader
range than on other days OF the week.
and the trading at times was very
spirited.
Another big batch of October railroad
earnings attracted attention 10 the rail-
road business and the bearing of that
business upon the trend OF general trade
Illinois Central made an exceptionally
good showing. reporting an Increase OF
$751; 600 in net earnings, but Louisville and
Nashville. Erie. and Rock Island each
showed decreases Of more than 100000 in
net
The unfavorable import OF such state
ments was emphasized by a dispatch
quoting President Mellen, Of the New
Haven. with saying that there is every
Indication at the present time OF recess
sion in business