Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-08-24
FINANCE AND TRADE
Rather Bullish Sentiment Noted in
Stocks on Wall Street.
HOLIDAY ON LONDON BOARD
Good Buying Orders From Chi
cago and the West.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, August 24.-Landon's trans.
actions. which of late have been quite q
factor in this stock market. were lacking
today owing to one of its usual mid-sum-
mer holidays. Notwithstanding however
the loss Of this important factor In today'S
speculation the local stock market opened
fairly active, and with business well dis
tributed. Prices, as q rule at the opening.
showed advances over the closing figures
OF yesterday, and the early movement was
more uniform than usual, there being no
distinctive leaders.
Atchison common Reading common the
seconds and first preferred; Union Pacific,
the steel issues Southern Pacific New
York Central. Erie first preferred. second
Railway, St. Paul and Wabash preferred
all scored advances at the start ranging
from u to y per cent. while Illinois Cen.
trail was up per cent.
In the Industrial list Sugar Refining and
AmaIgamated Copper were strong features,
the former rallyfng over a point on cover.
ing or short contracts. and the latter adj
Vanced over point on buying by brokers
supposed to be acting for inside interests.
Soon after the opening there were an.
pearances OF increasing commission house
interest, and there were also evidences OF
larger buying orders for Chicago and the
west. Both of these factors had the effect
OF steadying the market when realizing
sales were in evidence, and when such
sales We're not noted Of still further rally
ing the market.
Reports in regard to the steel strike were
all more favorable to the combine, notwith.
standing reports from Chicago to the ef.
feet that secret meeting of steel workers
Is to be held there tomorrow. II nothing
occurs between now and Monday favor.
able to the strikers, ii is not unlikely that
the Steel stocks will be rallied some next
week by the insiders.
In the late trading Erie issues were
about the most conspicuous features of the
speculation, and the purchases OF all
classes of this security were said to be for
some of the best people in the street. Rue
mors Of important developments in the
near future in this property were plentiful.
The one rumor given the most credence
was to the effect that the second preferred
stock would be retired, leaving but two
classes of stocks-the first preferred and
the common.
AS both the first preferred and the second
preferred stocks. however can be retired at
par when the company desires 1t would
not seem right to the stockholders of the
first preferred shares to only retire the Sec
oud preferred stock and not give some cor>
responding betterment to the holders of the
first preferred at the same time London
has OF late been very bullish on the Fries,
but thus FAR no rumorS in explanation OF
its position have reached this side The
general market closed at about the best
prices of the day.
The increase in cash shown by the bank
statement which follows is about half as
large as the preliminary estimate. being
$6o6.3oO The increase of over 100000 In
the loans Is no larger than might have
been expected in view of the increase In
speculation this week. The increase In de.
posits is unusually consistent with the two
items first noted. The net result leaves
the reserve at SIS, Jas. 1OO and the decrease
in surplus is so small that 1t apparently
has not had an unfavorable effect upon the
market. Think, however, that the ads
vance this morning has invited quite a lite
tie realizing. and should there be a strong
opening Monday there will doubtless be
more operations Of the same character.
Bank statement = Reserve, decreased.
$273.6 800; loans. increased. s.. OFT 100; species
increased. 81. 215. 500; legals, decreased, $8O9x
200: deposits. increased. s., $50 400; ciroulaS
ton. decreased, $31, 400