The evening world., 1911-02-24

,Hcning OF a bargain counter.
vt was pointed out that. because the
street didn't Ike the ruling OF the com
mission. It dd not -,lipw tina; The IN
ter.st rate would n. ,ut. and an In
vestnent Is an l.yes;moat. as Many
pe-scns fouus NAy1 they dropped their
stocks IN ist' into tIe willing hands ot
gfe and able interests which made mil
Inns I.,n q state = panic.
lAnd besidcs ih, street had seen "A
steady rise on stocks since the middle
Of December rise which the bear raid
Of to-day did not Wiuc out. The hesv-
lest single drop did not reach the adj
vance total Of the recent period
.The ne; loss f,r the day was from one
70 -Four points
tThe trtal sales FOR the day were
iooi,So, making tho hrst million share
Gay 81 the year
Tipsters Costly.
The Street also found TO IT, cost that
tipstors are not always to be trusted.
fersons had been selling in the streets
yliat rurported to be advance informa-
t,on az TO the decision Of yesterday,
and IL was asserted by them that under
tuo utttrs'H ~ bttttin TodhN WOulu
get o~ne-quarter Of what they demanded
and the Western roads th~ree.quarters.
This result was confidently expected In
the Street. and when the news came
that the roads would get nothing In the
way OF advanced rates tho shock vas
great.
Early cables from London gave indl-
cation OF the reflex action In the world
Of finance. st. Pau took n I'VE point
d3nble over the water. New York Cen
tol showed a fall In London OF two
and one-half points. Pennsylvania went
on three and one-half, Reading seven.
Southern Pacific four and one-quarter
add Union Pacific Ave points Tho
cables had a prompt effect upon the
American market when the Stock Ex-
change opened.
Dear old Lunnon. y know. caught the
shock In the railway situation and acted
a. . buffer for the American market.
New York brokers who have wire house
connections last night cabled selling
orders over the water. taking a total
OF 400. 900 shares-the largest amount OF
cabled selling orders the Street had ever
Known. Thus the brunt OF the situation
was borne by London, and before the
American market had tim to open and
feel Its real effect. strong interests got
together and did a little something
potent In the line OF support for the
trading on this side.
Bear Element Busy.
Immediately after the opening OF the
local exchange the bear element got to
work. The attack was not strong as
to the amount OF stock sold-comprlsing
Indeed only what might be termed In
he language OF the street. purely
'ln1ksgs,' trades. 600 shares being In the
ID a class. But in point OF price the
okenins American figures were eloquent
0 the msrcurial character OF the market
u1nd.
leteei. which corporation has held
my orders that had a string tied to
I'm n the form of the oopdition tina;
~ orders were not to be filled In event
Oh an u%nfavorabie decision from the In
tGutate Commerce Commission. came In
70 the heaviest sale OF the opening lis
q an Offering OF 10000 shares the pric,
dybpped from si-yesterday's nnai-to
u i-2 and rs "a, n drop of 4 Ia points
3This marked drop was followed for
second place by Reading. which on "A
sGe Of il.oW shares. shot the financial
cestcs TO the extent OF 8 L. points. from
~ Us. at which final figure yesterdays
market rested.
but these " large orders were lone
sdne. The other sales ran in lots OF
LEGS than 500 shares. sales indicating
sentiment rather than large ransac-
Perhaps there was something IN
thD general trend that reminded one of
tho pinochle player. who. dallying over
hb hand, was asked by his opponent TO
"a ahead and play.
I'm thinking" said the tardy player.
mo. you're not; you're wishing" re-
pied his opponent.
Canadian Pacific stood out as n shin
iry light for comparative purposes. The
stock went on from 2l+ TO al on the
onning. but It speedily swung back TO
~ and hurg at the Ole point loss
Canadian Pacific is one of the few roads
The only. big %one-1that has not asked
for an increase In rates. n which has
paid ten per cent. without making any
hard luck narratives q part OF its
routine.
Valuable Pointer.
hut there appeared one interesting
and valuable pointer in the opening
iransactions-
xhs public IL not IN the market.
TO that happy fact is due the lack OF
danger from the dropping OF prices,
and II stands bet the country n
a Tightening OF lines that would have
its evil effect to the utmost ecesses nf
trade. 1t has been a notorious fact that
the public has not been In the mdr6et
for a year.. and there is only tho cold.
technical head OF the professional oper-
ator to be considered IN the question IT
cause and effect.
The industrial list followed the rail-
road shares only a portion Of the way
down the toboggan slide. These shares
dropped OF two or three points. with
copper n smelling stocks showing
some losses. but the decline had nothing
Of the decisive ehara.ter that marked
the railway list.
Even at hat the railway lls, showed
~astendency rather to listlessness than
Il panic. The traders apparently got
iqDir second wind after an hour Of
Guessing as 10 what would come and