Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-16
A Further Expansion of Bust
ness Today.
FEW STOCKS PARTICIPATED
Southern and Union Pacific, "Pennsy"
and Amalgamated Copper.
DEALT IN ON ENORMOUS SCALE
Furnished Nearly so Per Cent of Days
Tranactions - Dividend Rates
and Earnings Statements.
FEW STOCKS PARTICIPATED
DEALT IN ON ENORMOUS SCALE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 16.-Except for the
further expansion in the voi1ime of business
the general characteristics OF todays stock
market coincided closely with those mani
tested yesterday. Despite the very large
total transactions rolled up. dispropOrtion-
ate quota of the whole was furnished by a
comparatively few stocks. and these also
enjoyed a monopoly Of genuine animation.
Thus. while Southern Pacific. Union Pacific,
Pennsylvania and Amalgamated Copper
were being dealt In upon an enormous
scale and upon a rising range of prices. the
market at large was comparatively dull.
and in some directions decidedly reaction
airy. Dealings in the stocks mentioned
were upon an enormous scale, particularly
in Union Pacific and Southern Pacific.
These stocks furnished nearly 80 per cent
of the total transactions up to midday. 1t
was announced about that time that the
meeting of the executive committee Of the
Union Pacific directors had been postponed
and as the rank and file of spectators had
no exact information to when it would
convene. there was a material abatement
in point of activity. Keen interest was also
taken in the expected meeting Of the st.
Paul directors later in the afternoon, but
the dealings in thai stock were upon small
scale and the price movements more err
ratio than those observed in the Pacific
stocks. Announcement that the Chicago
and Northwestern intended to issue an ad-
ditional 500, 600. coo of common stock for
some unstated purpose led to quite a sharp
decline in that security.
The days dividend announcements and
statements of earnings furnished the re-
mainder Of the news relatingsto individual
securities. Brooklyn Rapid Transit gave
81
justment OF the dispute with regard to the
fares on the company's lines, and the stock
was not particularly active. There was no
very novel explanation Of the marked an
imation in Amalgamated Copper and Ana
oonda Mining. aside from the board room
predictions of increased dividends.
The Industrial and miscellaneous shares
In general exhibited the same uncertain
tendency displayed In the remainder OF the
market. the sluggishness of the United
States Steel issues being the most discussed
feature of the dealings there.
Today's advices relating to the progress
of the crops were somewhat conflicting. and
the grain markets were quite stationary
while cotton continued weak. Aside from
further slight hardening in the rates for
loans on time. there was little alteration OBJ
served in the money market. while sterling
exchange was shade easier.
The report of the Department of Com
merce and Labor upon the country's trade
for the month of July set forth the unusu-
ally small excess OF exports OF Soop.UVo:
The excess of exports in the corresponding
month of last year was more than $23.VU,-
900. The Bank of England's rate OF dis
count was left unchanged at 3R per cent.
Notwithstanding the very strong weekly
statement which the bank. was able to re-
port. For the first time in many months a
ratio of reserves to liabilities OF more than
90 per cent was shown. Foreign houses
traded actively on both sides of the local
market. and It was difficult to obtain any
concurrent estimates as to the result or
these transactions on balance.