Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-11-29
Higher Prices, However, In
vite Realizing Sales.
DROP IN STOCKS RESULTS
Pronounced Weakness Is Shown
After EARLY Trading.
RUMoRs OF POOR SHOWING
Report of October Earnings of the
Hartman Lines Hurts West
ern Railroad Group.

NEW YORK, November 9.-Irregular
movements characterized the opening OF
the stock market today. Most of the
active issues were slightly lower Read
Ing. Lehigh Valley. Union Pacific, North
ern Pacific and United States Steel sus-
tanning fractional losses. Wabash lost a
point. Several issues moved upward. Ca
madam Pacific and International Mercan-
tile Marine preferred rose point and
Kansas City Southern preferred q.
The market turned definitely upward for
brief interval, in which the buying of
Union Pacific and Reading was on large
scale. Higher prices invited realizing
sales. with the resultant downw4rd trend
accentuated by a show OF pronounced
weakness in stocks.
Northern Pacific and Lehigh Valley
were forced 19s below yesterdays clos
ing, and Amalgamated Copper, 1. United
States Steel, Reading and Union Pacific
were down almost point and the mar
ket showed moderate display of heavi-
ness in some other quarters. There was
substantial rise in American Can pre-
ferred
Bear Selling Continues.
Continued bear selling again depressed
the market today. The tone was heavy
through the morning. except for a time
soon after the opening, when the list
sponded to the bidding up of a few of
the issues in which there was a vul-
nerable short interest. The movement
was of brief duration and stocks fell off
sharply. Local traction issues were
strengthened by the acceptance of the
modified reorganization plan for the Met.
ropolitan Street Railway Company Bear
. traders made use of the advance of call
money TO 4 per cent the highest price
for nearly a year.
cd lar az ho
pense of values in the second hour, when
the market dropped in a way which was
discouraging to the bull interest. RumOrs
that the forthcoming October earnings of
the Hartman lines would make a poor
showing. increased the bear pressure
against the general western group. Some
of the market leaders gave way to below
the low figures prevailing yesterday be-
fore the final vigorous upturn in the mar
ket. New York Central went down over
two points in short order, and there was
an equally quick break of three points in
American Beet Sugar. In the more active
quarter. losses were sustained of two
points in Lehigh Valley and Reading. Ia
in Union Pacific and a point in many
other stocks. Bonds were irregular.
Pressure Against the List.
Bear operators increased their pressure
against the list when call money rates
rose to per cent. Amalgamated Copper
extended its loss to two points. The Oc-
tober reports of the Union Pacific and
Southern Pacific showing comparatively
small decreases in net earnings, although
the gross returns fell off largely, served
as a check to the selling, and the list
stiffened slightly.
Large operators sold stocks heavily
again and the market fell to a lower
level than before. Reports of falling
of in the demand for copper explained
the persistent selling of the active copper
shares. Amalgamated Copper suffered
loss of ~ and American Smelling z
points. Reading bore the brunt of the
pressure i'm the railroad quarter, selling
at 1f9is. compared with 152 In the morn
ing. st. Paul yielded points and the
entire western group gave way easily.
Toward O'Clock the market gathered
renewed strength. and rallies of half a
point to a point wero general.