The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-05
WALL STREET NEWS
Professional Manipulation a
Factor in Market.
HIGH RECORDS DURING DAY
Toward Closing Hour the Market
Breaks with UnIOoked-fOr ViO-
lence, the Decline Being Led by
Development OF Special Weakness
in New York Central stocks.

New York. Nov. $50 far as intelligent
observation went for anything. profess
sional manipulation was again the sole
factor In to-days stock market The
market was, however. more active than
II has been hitherto in the week. and in
the first hour and a half Of dealings new
high record prices on the current move
ment were again made by most of the
leading stocks.
But attention was concentrated upon two
Or three issues 10 a greater extent than
ever, and the fact was tho subject OF
not little unfavorable comment. Nearly
all brokers reported from the floor OF the
exchange that the market. except for
few stocks in which manipulation was
being carried on. was thin and that efforts
10 sell any very large quantity OF actual
stock or issues other than the ones specl-
ned would probably result in materially
lower prices therefor.
Break at Close.
Toward the close Of the day the market
broke with good deal OF violence. or. at
least, with much more violence than has
lately been witnessed. II seeming for a
few moments as if support had been en-
urely Withdrawn IN some Of the leading
shares. The decline was led by the devel-
opment of especial weakness IN New
york Central stock, and a rumor circu-
Iated 10 tie effect that one or mora of
the New York Central lines was likely to
make an issue OF securities whether of
short-term notes or otherwise in the near
future upon terms which would again
emphasize the rather close conditions of
the present money market
This story was denied shortly before
the close OF business by President Brown.
or the New York Central. who declared
that none OF the lines OF his company
contemplated making any effort TO dis
pose OF securities Doubtless to-day's
story would have attracted no more
than passing attention were il not for
the fact that the New York Central COM
panies, nearly all Of them. have been
making exceedingly poor statements of
earnings lately, aud that there Is a strong
general If unohicially obtained, impress
sion that the company is, as a matter
OF fact, DESTROYS OF raising money.
Sterling Exchange Weak.
OF market developments to-day there
were almost none. or least none that ap-
peared 10 influence values Sterling ex-
change was again weak The call money
rate rose, however. 10 AZ per cent the
highest touched in six months. and time
money was so much firmer that the quo
tation for sixty and ninety day loans or
those carrying over the end of the year
rose 10 and ga per cent. The English
money market also hardened.
Official announcement was made that
the Norfolk and Western Railway Com
pany had ordered 1000 tons Of steel rails.
which. with the Eries order of 5000
tons. represents the only two rail con-
tracts OF the sind. that IS, those issuing
from important companies that have
been made thus Tar in the fall, and criti-
cism was heard to-day TO the effect that
the orders seemed relatively small
TO-days fluctuations in the commodity
markets We're comparatively insignificant
and but little interest appeared TO be
manifested in the probabilities concern
ing to-morrow's bank statement.