Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-20
Today's Stock Market a
Surprise.
NO SPECIAL CHANGE
EUROPEAN POLITICS REMAIN
THE SAME TODAY.
London Stock Market Depressed Early
in the Day-Closing
Lists.

Special Dispatch to The Star.
NEW YORK, September 20-The course
of affairs in today's stock market was un-
doubtedly in the nature of surprise TO
the rank and file of observers. The chief
influence in yesterdays dealings the
uncommonly heavy selling in this market
for foreign account, and this was IN turn
caused both by uneasiness respecting polit-
ical conditions abroad and by apprehensiCns
that the Bank of England would tomor-
row make a further advance in It's official
rate OF discount. There was seemingly no
especial change in the European political
situation today. and it was still deemed
probable that the Bank of England would
tomorrow advance It's discount figures to
ia or possibly to per cent. In the early
part of tie day the London stock market
was again depressed but there was a sharp
and general rally before the close of the
business session there. In which American
railroad shares participated to note
worthy degree. In consequence, London's
operations in this market were this morn
ing considerably on the buying side. in
contrast with the heavy foreign liquidation
conducted yesterday.
1t was plainly the case also that yester-
days foreign selling had been accompanied
by aggressive operations for Il fall by local
PROFESSIONAL Ird0ttS, ana the latter were
plainly disconnected this morning at the
sudden and unexpected reversal in Lon
don's attitude. AS a matter of fact, 1t was
mainly because of these and other related
technical circumstances that the course of
prices in todays market was due. The re-
Covery took place on largely increased
volume Of business. to which. however the
general run of commission houses contrib
uted very little. There was no real news
relating to particular stocks. except that
furnished by dividend announcements and
statements Of earnings. Included in the
latter were the annual report of the Chi
cago, St. Paul, Minneapolis and Omaha
and the quarterly statement of the New
York Central.
The commodity markets were all firm.
but weather advlCes from the grain belt
again reported the absence of frost in any
direction. Money market circumstances
showed no material alteration. The banks
have gained thus far this week in their
operations with the sub-treasury nearly
100000 and the latter institution had the
large debit balance at today's clearing
house settlement of S17O1.OoO. This was
caused chiefly by pension payments, which
are now exceptionally heavy, and by assay
Office checks against yesterdays receipts of
gold from abroad. Sterling exchange was
firm and no additional engagements of
gold are reckoned upon for this week. Ac-
Cordlng to London advices about E400, go
gold will be available in the London market
next week. and II was expected there that
1t would be taken for New York account.
Reverting to market movements, 1t might
be said that In the early transactions prices
regained practically their entire loss of yes
terday, and the market retained its increas-
ed animation exceedingly we'll during the
greater part OF the business session; the
most striking movements in prices took
place in the Northern Securities group of
stocks. Northern Securities making a new
high record, and very extensive advances
being scored By Great Northern and North
Pacific. Practically all of the higher
priced shares were very strong, cases In
point being New York Central Illinois Cen
trail, Chicago and Northwestern. Canadian
Pacific and Delaware and Hudson. Else
where there We're substantial advances in
Erie, Union Pacific and Reading. The local
traction shares We're somewhat more active
than OF late, but were relatively heavy, with
the exception of Manhattan Railway.