Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-05
American Stocks Advance in
London.
UPW ARD PROGRESS
FOREIGN STOCK MARKET STRONG
WITH RUSSIANS AND JAPANs.
No Definite Explanation for SHARP
Rises Of the Morning-Closing
Price List.
Special Dispatch to The Star.


NEW YORK, September 5. - American
stocks advanced In the London market yes
terday and made further upward progress
in today's dealings at that point. This
mornings early cables showed the active
American railway Issues quoted at advances
which extended from a fractional limit to
one point and LOndon's quotations
for our stocks were followed up by quite
heavy purchases for foreign account, and
while the buying of this description was in
progress the local market scored a rapid
and general advance Those stocks which
had been conspicuous in the rise In prices
previous to the reaction Of ten days ago
and which were the severest sufferers in
the setback made the most extensive gains
in this mornings recovery. Noteworthy
features IN the rally were Reading. Anal
gauated Copper and American Smelling.
The London stock market was generally
strong, and leading features In the advance
there were all the Russian and japanese
issues. This circumstance disposed ef-
feotually of such uneasiness as has been
entertained respecting Internal political
conditions In Japan.
The aprehensions In that respect were
based upon the temporary total sus-
pension of cable comunica ton with Jap
anese Islands. Aside from the assistance
which was derived from London's specula-
tive disposition. IT would be difficult to hit
upon any definite explanation OF the morn
fngs sharp rise In prices. Upon the
.clusion of the buying for foreign account.
which amounted to upward of 40, 900 shares,
the stock market did indeed not only be-
come dull, but showed renewed reactionary
tendencies. The volume of business fell
well below Thursdays and Fridays levels.
and commission houses in general contrib
uted very little to the total sales recorded.
Earnings statements were generally salts
factory, and these furnished the only news
there was relating to particular stocks.
The weekly weather bulletin of the Agri-
cultural Department was not an altogether
encouraging exhibit. except In so far as 1t
related to the corn crop.
The excessive precipitation of moisture In
the northwest was reported to have inter-
fered seriously with the harvesting of the
spring wheat crop and to have caused in
jury to standing grain on the Pacific slope.
Further deterioration of the cotton crop
was indicated. Notwithstanding which cot
ton options broke violently from an early
advance. AS might be expected, money
market conditions and prospects engaged
the bulk of interest and discussion and
were probably the greatest deterrent to
greater animation than the market showed.
UP to this morning the banks had lost
to the subtreasury nearly $4,000 since
the compilation Of last weeks bank state
ment, and the continued interior demand
for currency. with surplus reserves at their
present low level Is bound to excite anx-
iety with regard to developments in the
monetary situation within the next sixty
days.
Money on call opened at 2% per cent, and
during the greater part of the business ses-
sion lent at that figure and q shade lower.
1t seemed clear. though. that the buying for
foreign account, together with the contin-
ued covering of short contracts, was the
main source of the extensive gains of the
forenoon. This was evident in the rapidity
OF the advances then scored and the COM
parative fiattening out In ANNA ton in the
subsequent dealings. On the other hand,
however, 1t should be added that the mar
ket showed little or none of the real
pressure to which 1t was subjected during
the past ten days, and such reactions as
were shown with the course of the bust
ness session seemed to reflect nothing more
than professional dealings for one or the
other speculative account. A number of the
lower priced stocks showed rather note
worthy strength. cases in polnt being South
ern Railway. Rock Island and Taxa, Pa
cfc The United States Steel shares also
were very well supported.