Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-04
Volume of Business Increased
at Opening.
DULLNESS FOLLOWED
MARKET TONE, HOWEVER, WAS
EXCEEDINGLY STRONG.
London Prices Were Dull and Heavy
Because of Holiday Suspension
Crop Advices Satisfactory.

NEW YORK. August 4.-During the
forenoon session OF the stock market the
volume OF bushes amounted to about
100000 shares more than yesterday 8
transactions during the same period. but
subsequently the dealings lapsed into ex-
IRENE dizziness. At the same time the
days total reached respectable figures
Tor midsummer day when many active
traders are absent from the city and 9TH
ers are arranging for the week END holi-
day,
The markets tone was. generally speak
ing. exceedingly strong. with the now IA
miliar spectacle of several stocks reaching
high record figures. There also OBJ
served a much better distribution OF inter-
est than at any time during the week. and
for the first time. the local traction shares
had some part of the m arkets animal on
Aside from underlying and continuing cir
cumstances. there was very little to be said
in connection with tie course of prices.
London a Negligible Factor.
London was practically a negl, gible fac
tor. the market there being dull and rather
heavy, mainly because of the suspension of
business at that point from this afternoon
until Tuesday morning.
Cotton broke very sharply. Money on
call continued to lend around per cent
The preliminary estimates of the principal
movements in currency during the week in
dicated a loss by the banks variously cal
culated between $2,J0O.OO0 and S3.2OOOOO.
The banks lost on their direct operations
with the subtreasury more than $4OOOOOO.
Currency Statements.
The comparatively small difference be-
tween that amount and the estimates of the
general currency movement indicate that
the return flow of currency from the In
terror is showing a seasonable diminution.
A large number of statements of earnings
were made public. including the highly sat
lsfactory exhibits of the Union Pacific and
Southern Pacific companies for the month
of June.
The returns for the fourth week of July
and for the month practically all showed
large gross increases. Aside from these
routine circumstances there was actual
news relating to individual stocks and no
diversity in the character Of the gossip
which has of late attended the movements
In individual issues
American Shelters common continued one
Of the most conspicuous features of the
miscellaneous group and the further ad-
vance in that stock seemed to rest entirely
upon the prospect that the dividend will
be increased from 5 to per cent basis.
United States Steel preferred, which al
ready pays Z per cent. and which will sell
ex its quarterly dividend of * per cent on
Monday, was nothing more than firm at
q price level above 25 points below Amer
lean Smelling common.
The Local fractions.
stocks developed no new discussion of in
terest with regard to those securities. The
railway list was almost uniformly strong
with some evidences Of the realization of
profits in Southern railway common fol-
lowing upon the publication OF an exceed
ingly handsome preliminary statement of
that company's earnings for the ended fis-
cal year. Smart gains were made by
Northern Pacific and Great Northern pre-
ferred. In the curb market there was a
corresponding advance in Northern Securi-
ties. All the anthracite coal shares We're
notably strong. with extensive gains in
Central Railroad of New Jersey and Della
ware and Hudson. Reading. as usual. was
the leader of this group in respect of ac-
tivity.
Elsewhere substantial advances were note
in the New York. Chicago and ST. Louis
stocks. Union Pacific. Chicago and Alton
St Paul and Chicago and Northwestern
The market in general showed a remark
ably well-sustained degree of strength
Such reactions as occurred from time to
time were not extensive and apparently re-
Hected nothing more than the Willingness
or professional traders to realize profits
upon the handsome advances which were
scored.