Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-01
Early Transactions on I'm
mense Scale.
SOME DECLINES TODAY
MATERIAL ABATEMENT IN LIQUI-
DATIoN PRESSURE.
London Market Showed Improving
misunderstanding
Figures.


Special Dispatch TO The Star.
NEW YORK. September 1.-During the
first hour OF business today transactions
were upon an Immense scale and the stock
market presented during that time the same
general characteristics which were dis
played on Wednesday and Thursday. De-
clines of from one to more than two points
were scored In all the active stocks. and
the market. as whole, was apparently
wanting in anything approaching concerted
support. After the first hours dealings
there a material abatement in the
pressure of liquidation. and. while activity
contracted sharply the market also devel-
oped much frmer tone.
Apart from trading circumstances of
themselves there was just as little to be ad-
duced In legislation of the varying swings
in prices as was the case earlier in the
week
The London market this morning showed
improving tendencies in all departments
with substantial recoveries in Japanese
bond Issues. and with further advances In
Russian securities. American stocks were
quoted at fractional advances as compared
with New Yorks closing figures of yester-
day. but the report of the operations for
foreign account in this market were some
what disappointing. amounting on balance
to about 1900 shares on the buying side.
For the rest the dealings showed renewal
of selling by commission houses. and aS-
gressive operations for the short account,
which finally beginning to have some
reflection in the loan market for stocks
On the other hand, with the course of the
business session purchases OF rather
more substantial character than have been
witnessed for some time were observed. and
II was largely because of the buying OF
this character that. the market steadleo
after its grave unsettlement Of the early
dealings.
The market for call loans continued ac-
tive and reflected good deal OF shittlng
about of accom- mediation Incidental to the
first of the month the low bank reserves
and the continued heavy transfers OF cur
rency to the interior. The preliminary es-
Inmates of the principal movements OF cur
renCy this week pointed TO loss in cash
by the banks OF about Si.JD.Oo0 by far the
greater part of which represented transfers
of currency to the interior through the SUD-
treasury. Last weeks bank statement show
ed surplus reserves Of less than S9OOO,-
600 hence ii would appear that unless there
is substantial reduction In the loan &C
count i'll tomorrows statement another Sc
rious cut In surplus reserves would seem
to be assured.
There was little real news during the
day apart from that in connection with the
monetary situation. Comment and discus
son upon general and particular market
movements were confined almost entirely
within personal and technical lines The
market was much more irregular than it
was yesterday lndSnucn as NUMBER VI
stocks were stoutly held. even during the
pronounced unsettlement of the first hours
dealings. In the railway list notably firm
features were the Southern railway shares,
Louisville and Nashville, Atchison. South
ern Pacific, together with Northern Pacific
and Great Northern. In the early dealings
pressure heaviest upon American
Smelling and Amalgamated Copper. for no
better apparent reason than that those
stocks had been singled out as the SPECIAL
objects OF attack by Lawson.
Both issues shared fully In the general
rally which appeared in the afternoon. Not
withstauding the confusion of sentiment
created by the extremely unsettled state
of the market during the past few days.
there was plainly evident a disposition to
look back upon the reactionary movement
as normal and healthy one and there was
quite u general revision of the extremely
pessimistc views with regard to the mar
ket's future course that were commonly
expressed yesterday.