Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-08
Little Variance Marked
Weeks Market Closing.
FAIR SCALE ACTIVITY
STRONG TONE DESPITE GOOD
DEAL OF PRoFIT-TAKING.
U. S. Steel Shares Featured Today's
Deslings-Leather, Rubber, Ice and
Railway Equipment Stocks.

NEW YORK. July S.-The week in the
stock market came to a close under pref
ty much the same circumstances which
nave prevailed throughout the period. The
dealings were on q fair scale of activity,
and were characterized by a strong under
lying tone. although in some of the secu-
rites which have recently been most active,
A good deal of profit-taking could be detect
ed This particularly true in the case
Of Reading common. but on the other hand
there were substantial advances scored in
Reading preferred stocks.
The divergent course of these securities
led 10 reports that the scheme provided for
In the re-Organiza ton plan of the Read
ing company, by which the second PREFER
ed stock may be converted into common
and first preferred, would be carried out
These suggestions were not authoritatively
confined. and, In fact. were discredted in
several wel-informed quarters. There was,
however. no other gossip relating to or ex-
pIanatory of the peculiar course followed
by the stocks In question.
Notably Firm Features.
The other most notably firm features of
the market were the United States steel
shares both of which advanced on very
large transactions. Decided strength was
shown also by Tenn. Coal and Iron, Sloss
Sheffield and Republic Iron and Steel, but
The movement in these stocks were not at
tended by the to-be-expected rumors that
A merger of the properties was under way.
Other active features of the Industrial
quarter were the leather stocks. United
States Rubber. Knickerbocker Ice and the
Railway Equipment shares. The local trac-
ton group was comparatively dull. The
dealings in the Reading stocks rather over
Swallowed those In remainder of the railway
list. but relatively active features there
were Union Pacific, Baltimore and Ohio,
the Erie issues, st. Paul and Pennsylvania.
London was a factor of scant influence
in the local market, the lower quota
tons furnished from that point were not
followed up by operations of considerable
volume in the local market. The depres-
sion generally apparent IN the Lon
don market was attributed to continued
liquidation for continental account. par
ticularly in the Kaffir stocks. and to the
approaching fortnightly settlement upon the
stock exchange. which it was apprehended
would be attended by considerable difficult
ties.
The Bank Statement.
The bank statement showed a decrease
In actual cash of s.. 1913 900. a sum largely
In excess of the amount set forth in all
of the preliminary estimates. The unex-
pected decrease in this item was generally
accountd for as being caused by the re-
turn by the banks of their holdings Of gov
eminent funds under the recent call of the
Secretary of the Treasury. The loan ac-
count decreased also TO the extent of S4,-
10000. and the changes in these items were
altogether inadequately reflected In the de-
post account which was reduced only
N,I33.oo- In consequence of the other
changes surplus reserves fell 81 70i 900, and
the banks now hold s7,957, 900 cash in ex
cess OF the lawful requirements. against
S'6Ol7.Oco in 1904 and SS.0os.0OO two years
ago.