Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-06
Strong Early Dealings Succeeded by
a Reactionary Tendency.
TRACTION STOCKS GAIN LARGELY
Interesting SpecuIationAboutP Penn
sylvania and N. Y. Central.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, July 6-Cables this morning
reported cessation OF selling In the Lon
don market by the continent; also an abate-
ment OF the pressure from Berlin. In con-
sequence the market there was favorably
affected. In the American securities depart
ment prices ruled fully up to New York
parity, and In the case Of New York Cen
trail slight Improvement was shown.
In the local stock market the opening
ngures were at about last nights closing
with tendency toward Improvement in
the general list After the first hours
trading the market had gained from !. to
Ia. the grangers, Baltimore and Ohio,
Sugar and the local traction stocks being
the most conspicuous In the advance The
market, on the whole, was considered
strong on covering demands from the short
interest. but there was some irreguarity
noticeable. however. and fractional declines
noted in the internationally listed securities
caused by renewed selling for London ac-
count
Commission business was not as large as
expected, and the only news appeared to
be the action of the democrats at Kansas
city. which is still looked upon as very
favorable for the success OF the republican
ticket. Toward noon little reactionary
tendency was noticeable, said to have been
due to profit-taking by some OF tho room
traders. Louisville and Nashville suffered
most In the reaction. its price being re-
duced per cent. but this weakness was
attributed to the London selling. The re-
action in the general market was not
marked. however, on account OF the
strength displayed in the traction stocks
Metropolitan Traction gaining four points
Brooklyn Rapid Transit about two and
Manhattan one and one-half from opening
prices.
In the early afternoon trading the market
again reacted on selling by traders on re-
pert that Hill had been nominated for Vice
President. On this drive at the market
some good buying was noticeable through
out the active list.
More was heard today of the anthracite
coal situation, the buying of Reading First
Preferred yesterday was said to have been
for Pennsylvania and New York Central
interests, and each of these interests It Is
stated, have acquired $4,000 shares of this
stock in the past few months. The Read
ing road is expected to help very materially
In settlement Of the trunk line and an
thracite coal situation. A controlling in
terest in Jersey Central is also said To have
been acquired by this Pennsylvania New
York Central syndicate. AS the entrance
into New York city for the Reading rail-
road from Bound Brook is over the New
Jersey Central, and for the Baltimore and
Ohio over the two combined. II can be seen
at glance how advantageous IL will be to
the aforementioned syndicate to have a
voice in its management, and doubly i'm
Gus points for business with the Lacka-
wanna and the Lehigh Valley roads
Big producers of iron and Steel too. are
getting together to end competition and to
prevent further cuts in that industry.
conference was held yesterday at the Of
nee OF the Federal Steel Company in New
York, at which, 1t is stated action was
taken looking toward one more final reduc-
ton In prices, and then consumers are to
be notified that there will be no further cut
in prices.
As van street generally discounts-some-
times weeks ahead-events that afterward
happen, good or bad, 1t might be well to
ask the question whether the events that
have taken place at Kansas City within the
past twenty-four hours have not, in a
measure, al least. been discounted and
whether. in view Of the lack OF outside in
terest in the stock market, the professional
aspect of dealings and the bad situation in
emma the market should not have a few
days OF reactionary tendencies. In regard
to tomorrow's bank statement according TO
the known movement of money the New
York banks have gained 100000 this
week