Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-08
Little inspiration for the Deal
49, ings Today.
FOREIGN HOUSES BUYERS
Heavy Trading in 'Pennsy" and
Reading.
FORMER THE LEADING FEATURE
Sagging Tendency Marked the Rail-
way List-Local fractions Dull
and Heavy-sharp Declines.


Special Dispatch to The Star.
NEW YORK, August S.-The speculation
in securities derived little inspiration To-Day
either from the overnight news. the con-
currences with the course Of the business
session. or from the course Of the LONDON
market. The first two were meager IN
quantity and unimportant In quality. Inc
last named was dull and irregular. the only
feature of interest being the further slight
Improvement In Russian securities.
Foreign houses were quite large buyers
in this market of Pennsylvania and Read
ing, but were sellers of perhaps an equal
amount of other internationally listed
shares.
Pennsylvania stock was again the leading
feature of the local market In point OF
strength and activity, but its allied ana
controlled stocks showed IN common with
the general market, less animation than on
yesterday.
for the exceptional strength and activity
displayed by Pennsylvania. and 1t seemed TO
be the general impression that Its course re-
Elected mainly a manipulatiye movement
against the short interest in the stock. In
the absence of anything particularly strlk-
ing in the days situa ton discussion was
mainly occupied with the technical aspects
of the market Thus. one house. whose OPP
erations in the market are always closely
observed was a comparatively large seller
of ST. Paul. which stock dropped about
ger cent under the operations, with no htte
influence upon the remainder Of the list.
The depa rture for Europe upon a vacation
tour OF the chairman of the board of direc-
tors of the St. Paul Company was COM
monty assumed to mean that there would
he announcements of the cOmpanys
financial plans until his return.
r Railroad List Sagged.
The railway list In general showed a sag
ging tendency during the greater part OF
the business session, with the transactions
largest IN the stocks mentioned, or In Read
ing, Union Pacific. Southern Pacific, Atchi-
son and Erie. After opening we'll above
yesterdays closing prices. rather abrupt
decline took place in Northern Pacific and
Great Northern preferred New York Cen
trail was dull and practically unaffected by
the announcement Of the winding up of the
syndicate in the company's refunding three
and a half per cent bonds. which was orig
finally formed as far back as 1897 1t is
understood that participants In the under
writing will profit to the extent of about
three per cent.
The local traction shares were dull and
heavy along with the general market. with
rather particular weakness In the Inter-
borough Metropolitan stocks.
Declines were common in the industrial
and miscellaneous issues, with noteworthy
weakness in the United States Steel shares.
Sugar Refining. Colorado Fuel and Iron and
Consolidated Gas. The transactions in the
last named were governed entirely by mis-
givings as to the quarterly dividend upon
the stock. but there was no news or gossip
of interest relating to the dealings else
where in this quarter. Much of the pres
sure upon the United States Steel stocks
since the resumption of dividends on the
common appears to be due to the belief
that the corporation is now at the flood
tide of its prosperity, and that future re-
turns will show a falling off from the pres
ent level of earnings.