Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-01-05
DISTINCTLY HEAVY
Selling Orders Give Irregular
ity to Market.
RAILWAYS STRONG ISSUES
Marked Increase of Bearish Senti-
ment Today.
ROCK ISLAND DECLINES AGAIN
Further Drop of Three Points-Erie
Stocks All Firln-Call Money
Rate Relaxes.
RAILWAYS STRONG ISSUES
ROCK ISLAND DECLINES AGAIN

SPECIAL dispatch to The Star.
NEW YORK. January 5.-AH the steam
which developed so much pressure yes
terday afternoon seemed to have escaped
from the stock market boiler overnight.
Although stocks opened firm this morn
ing with general gains. advances We're
with few conspicuous exceptions, of frac-
tional proportions only. and the market
was speedily found to be full Of selling
orders. Under the weight of stock the
price moy ement became quite Irregular,
and by the early part of the afternoon
the list was distinctly heavy, but at that
time the selling movement seemed to have
10 large extent spent itself.
Industrial stocks were continuously
more uniformly heavy than the railroad
issues, among which indeed few stocks
were characterized by persistent strength.
Louisville and Nashville was the most
important feature in this class; all the
Fries were very firm, were the Missouri
Kansas and Texas stocks and Missouri
Pacific, but there was nothing influential
IN the course of prices in this direction.
So far as the days price movements
We're affected by the developments within
the market itself, there was disposition
10 attribute the arrangement of quoted
values to- the weakness which the Rock
a.
Rock Island common was an exception
ally heavy feature of the London market,
and it broke sharply here in the initial
transactions, scoring further decline on
extensive sales. thereafter.
In the early part of the afternoon it
exhibited net loss of about four points.
while the preferred was down about three
points. The gyrations of Rock Island
lave come TO have an undue Importance
in speculative considerations and it may
well be that todays general selling move
ment was in some way related to Rock
Islands weakness.
In connection with this matter Wall
street also heard that one of the con-
spicuous members of the Rock Island
party was about to go abroad, and the
fact was recalled that similar journeys
Of this individual in the past had been
preceded or attended by liquidation of the
extensive market commitments with
which he is customarily credited.
Manipulative Depression.
However. there may have been nothing
more in the movement of Rock Island
today than manipulative depression,
which would be characteristic of it for
The purpose of shaking out a weak fol-
lowing. And there may have been moth
ing more important in the general reac-
ton which was forced from yesterdays
recovery than the pressure of bearish
operation. There was unqueStiOnably
marked increase of bearish sentiment
over night, and the room traders on the
exchange were reported to be among the
heavy early sellers of the list.
4 curious series of dispatches reached
Wall street during the day from Washing
Ton as to when the President would sub
init his trust and railroad regulating rec
concentrations TO Congress, but the finan-
sial district was not obviously vastly con-
rerned about this matter. 1t was taken
for granted that the Presidents views are
pretty we'll known. and 1t may be that il
the reactiOnary course of stock market
prices this week so far has represented a
process of discounting Mr.. Tafts forth
coming message or messages the dis
counting will be found to be overdone.
The call money market. with ruling
rate of 81. to ~ per cent. showed fur
Their gradual relaxation in this particular
accommodation.