Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-14
Further Contraction in Ac-
tivity.
PRONOUNCED STRENGTH
NOTHING TO AFFECT COURSE OF
PRICES
London Money Market Favorably In
fuenced Today's Closing Stock
Lists.


Special Dispatch to The Star.
NEW YORK. September 14.-There was a
further contraction In activity In today's
stock market. but after a somewhat un-
certain opening the market developed pro-
nounced strength In all quarters. There
was virtually nothing In the morning $
news or In the days Developments which
could be referred to In connection with the
course of prices in the market at large. and
in fact the advances scored seemed to result
wholly from a reversal In technical market
conditions. The London stock market was
favorably Influenced by the absence of any
further advance I'm the Bank of England 8
rate of discount. as It had been appre-
hended that the beginning of gold ship
ments to this country might be followed by
another advance In the banks minimum dis
count figures. The bank reported a small
incretse In its ratio OF reserve to liabilities
for the week. which would indicate that
last weeks advance In the discount figures
was at least temporarily effective. The
London stock market In general was IT.
regular. but sharp advance took place
upon the announcement OF the action OF the
banks governors. American stocks for the
most part were quoted at slight advances
In comparison with New York's closing fig
ures OF yesterday, and the reduced operations
In view of the various misleading rumors
respecting the affairs of the Cincinnati,
Hamilton and Dayton system. the banking
house at the head OF the syndicate control
ling the securities OF that company issued
formal statement In which 1t was admitted
that the company was In the process CT
changing hands. but declared that it would
lie premature to make public the full de-
tails at the present time. That the Erie
railroad Will figure prominently in the
shot of the negotiations, as was set forth
IN this column on Tuesday, may be taken
for granted. Otherwise there was little
news or gossip in connection with special
movements in the railway list or in other
quarters of the market.
There was some uueasiness lest last nights
sudden change In weather conditions should
have resulted in the appearance of frost in
the corn belt but none was reported. The
grain market was steady, however mainly
because of the publication OF estimates OF
the Russian wheat crop for the year, where
in falling of of nearly 10000, 900 bushels
in comparison with last years harvest was
shown. The local money market remained
very firm, loans on call renewing at 3 per
cent, around which figure the bulk of the
days borrowing was arranged. There was
the usual amount of anticipatory discussion
respecting the probabilities of Saturdays
bank statement. with regard to which the
only available data was furnished by this
mornings figures of the transactions be-
tween the banks and the subtreasury. These
indicated q loss by the former of more than
$4,000. hence another sweeping reduc-
tion In the loan account must be shown on
Saturday IL the banks are to hold their own
in respect to surplus reserves. Dividend an
announcements and earnings of stocks COM
prised the only actual news relating to
the particular stocks.
Recent misgivings with regard to the ac-
ton of the American Smelling and Refining
directors on the dividend of the common
stock were quickly dissipated this morning
upon the announcement that a regular
quarterly dividend of 14. per cent had been
declared. the stock being thus established
upon per cent annual basis American
Smelling moved up rapidly from the open
ing, and, in view of the inevitable profits
realizing upon such development, the
stock retained its advance very well. Other
substantial advances In the industrial and
miscellaneous shares were noted In Amalga-
mated Copper. the Republic Iron and Steel
stocks and Tennessee Coal and Iron. The
United States Steel shares were firm on
large transactions and the local traction
issues showed rather more animation than
for some days past. Active speculative in
terest centered. however, largely upon the
railway list. where large number of sub
stantial advances were recorded Leading
features there were Erie, Reading Missouri
Pacific and the other so-called Gould stocks,
Rock Island, st. Paul and Baltimore and