Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-09
Market Showed Much Ami
nation During First Hour.
ACTIVITY STOPPED
SOMEWHAT REACTIONARY TEN
DENOTES DEVELOPED LATER.
Advance in Grain Prices Ahead Of
Government Crop Report Led
to Revised Views.

Special Dispatch to The Star.
NEW YORK, August 9.-The stock mar
ket showed a great deal of animation dur
ing the first hour of business. after which
there was a material falling away In ac-
tivity. and somewhat reactionary tenden-
cies developed.
A rather unfavorable impression was Gre
ated by the passage of the dividend on the
common stock of a minor Industrial con-
Germ and also by the rumored failure of
small bank in a western city.
The advance in the grain market ahead
of the publication of the government crop
report tomorrow led to some revision of the
more sanguine views that have been enter
tained with regard to the showing to be
made in that document AS matter of
fact, IT would be altogether easy to explain
the markets general drift on simpler lines.
but the subjects mentioned were those Of
fered in explanation of the drift of prices.
Still another circumstance referred to in
the same respect was the somewhat sensa-
tional rise in American Shelters common
stock. A very considerable short interest
exists in this security, although. however,
there is no suggestion that anything what
ever in the nature of corner Is threat
ened. The stock has been the subject of
active bullish manipulation more or less
reasonably based on the virtual certainty
will be advanced either to a per cent or q
per cent annual basis.
The Peace Negotiations.
Some interest was taken In the progress
OF the peace negotiations at Portsmouth.
but Wall street prefers to draw its conclu-
sions as to the upshot thereof from the
course OF the European stock markets
The announcement of the passage Of the
dividend on the common stock Of the Ma
tional Enameling and Stamping Company
affected unfavorably nearly the whole Of
the industrial group. that incident being
so entirely out of line with recent occur
rences that 1t carried extra weight, not
outstanding the comparative obscurity of
the concern. The stock naturally broke
Sharply and other considerable declines In
this direction took place in Allis Chalmers,
the Central Leather shares and Tennessee
Coal and Iron.
Strength Of Shelters.
The strength of American Smeltars ex
ienoed In some measure to National Lead
The United States Steel shares moved
within narrow limits, and Amalgamated
copper was exceptionally firm.
mere Were unusually irregular move
ware and Hudson continued exceedingly
strong. but Its course had no particular
rejection upon the other anthracite coal
shares.
In the early dealings rather smart adj
vances took place in New York Central,
Illinois Central. st. Paul and the Atchi-
son shares. but the gains then made were
subsequently either materially shaded or
entirely oblterated
In the afternoon session the dealings fell
10 the smallest proportions which have
oeen Witnessed this week, but on the other
hand a somewhat flrmer tone developed
There was some discussion with regard to
the likelihood of more active money mar
ket conditions with the course of the month
because Of the beginning Of currency ship
ments to the interior, but the rates for
loans on call continued to rule at IA to 2
per cent.