Evening star., 1905-09-06
Explanation for Yesterdays
Reactions.
NO OTHER REASONS
LONDON REACTED IN THE MORN
ING's MARKET.
Slightly Firmer Tone reported for
Time Loans-Stock Closing
List.
epecial Dispatch to The Star.

epecial Dispatch to The Star.
NEW YORK, September 6.-There were
some persons who found an adequate ex-
PLANTATION of the reactionary tendencies in
today's stock market. and more particularly
in Amalgamatec Copper and American
smelters. In the pestiferous advertising
activities OF Mr. Thomas w. Lawson.
Those who did not accept this theory Of
the markets weakness could discover little
otherwise to account for the complete re-
versal In the markets form in contrast
with that of yesterday. Technically. Of
course. other causes might be adduced For
one thing. the London stock market today
was also reactionary. because of fears OF an
early advance in the Bank of England's
rate OF discount in connection with the new
Russian loan. and foreign houses were sell
ers on balance here OF nearly as many
stocks as they bought yesterday. 1t seemed
plain also that In connection with yester-
days advance a considerable proportion of
the fieeting short interest IN the market had
been eliminated which deprived the deal
ings OF just so much support.
The money market again absorbed the
greater part Of interest and discussion. and
was generally named as the main factor
IN the stock markets tendencies but as
matter of fact. renewals OF standing loans
were arranged Mt pa per cent. and most OF
the days new borrowing was effected at
and under that rate
A slightly hrmer tone was reported in
the market for time loans, but the high
est rate quoted for any practicable period
was An per cent This mornings figures
Of the transactions between the banks and
the sub-treasury since last Friday showed
an unfavorable balance to the former OF
nearly 81. 800. 900. The commodity markets
were less excited than they were yesterday,
and the course Of affairs there could hardly
bs named in connection with the weakness
of the stock market.
A large number Of traffic returns for the
fourth week OF August were reported and
made good showings In comparison with the
corresponding period Of last year. except
in the case OF those companies whose earn
tngs were swollen then on account of the
passenger travel to the st. Louis fair
The only other news relating to particu-
lar stocks was that with regard to a re-
duction OF " to Y in the official selling
prices for copper metal. but the decline in
Amalgamated stock was out OF all relation
to the slight reaction In the metal The
days decline in the stock market occurred
on q considerably larger volume OF business
than was transacted yesterday. Reading
was perhaps the most striking feature of
the market though that stock was over
shadowed In respect OF activity by several
other issues.
nhile the remainder of the market was
DredkhB dii tue way IIoin To poiHto'
Reading actually forged ahead but In the
afternoon that stock also lost ground in
sympathy with the common weakness.
Generally considered, the market showed
a rather striking absence Of rallying power.
On such slight recoveries as occurred also.
these were mostly transient. There was
an abrupt falling away in activity.
Aside from the special course OF Reading
during the forenoon there were practically
no exceptions of significance to the COM
mon drift OF prices. and the maximum de-
cline soon reached very considerable limits
considering that there was no little in out
side conditions TO be named In connection