Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-21
IrreguIarity Marked the Opening
A Dealings.
PROFIT TAKING Renewed
Constantly Increasing Interest Mani
tested by the Public.
COMMISSION HOUSES KEEP BUSY
Professional Traders Are Figuring on
Notable Reaction-Advance In
Rates on Standing Loans.

Special Dispatch to The Star
NEW YORK, August 21.-Todays STOCK
market opened and continued exceeoinsV
Irregular throughout the business session
The dealings showed a renewal OF the
profit-taking and distrbutive sales winch
were observed yesterday. and. considering
their volume. it must be said that the mar
ket exhibited a remarkable degree OF ao-.
sorbtive power.
As has been the case since the declaration
of the Union Pacific dividend. commission
houses were exceedingly well employ
ed, and in fact constant III
crease in outside interests Is commonly
reported The rank and file of the profess
sional traders espoused the short side OF tne
speculative account mainly because of the
pronounced hardening in the money mar
ket, and on the theory that the average ad-
vance of IS share In the railway list
since Friday warranted more or less ex-
tensive reaction in prices.
Renewal rates on standing loans were
generally arranged al AZ per cent, and up
to the middle of the afternoon. after whlcn
higher figures were quoted, rates Tor loans
on call ruled between and per cent.
Banks Reported a Loss.
Very little was obtained. however. at the
lower figure. The banks reported loss
in their dealings with the subtreasury since
last Friday up to this morning OF nearly
$4.3OOOOO, and as it seems reasonable to
reckon upon a considerable increase in the
loan account in Saturdays bank statement.
a very poor showing seemed to be general
ly expected of that document.
Aside from the activity in the money mar
ket there was little In the days situation
to be named in connection with the course
of the stock market.
Sterling exchange declined further. but
authorities in that market were not dis
posed to look for any engagement of gold
for importation to this country previous to
next week, when nearly f1.OOO.OO0 sterling
is due to arrive in the open London market.
This prospect, however, served to mitigate
to some extent the uneasiness existing with
regard to the monetary outlook.
In the Railway List.
In the railway list Atchison opened at a
rather sharp decline, presumably because
of this mornings frank but apparently au-
thoritative announcement that no action
would be taken upon the dividend previous
to the regular meeting for that purpose in
October. and that II was highly probable
that Wall streets most sanguine expecta-
tons as TO the rate to be declared would
not he realized.
This semi official statement places the
position of the Atchlson in strong contrast
with the shifty attitude adopted by the
Union Pacific directors.
The chief features of the railway list to-
day in point of strength were the higher
priced stocks. Very extensive advances took
place in Great Northern preferred. North
ern Pacific and in St. Paul preferred.
Transactions in this quarter were largest
in L. and n. and Erie, which were excep-
tionaliy strong. and in Pennsylvania, Read
of which stocks fiuctuated over very wide
range