Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-24
DESPITE BANKS NET LOSS
The Stock Market Was Also Exceed
ingly Strong.
IT SHOWED GREAT ANIMATION
Railway List and Miscellaneous Stocks
Divided Honors In the SUBJ
stantial Advances.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. August 24-Although the
preliminary estimates Of the principal
movements In currency during the week in
dicated a net loss in cash by the banks Of
upward OF sS.0OO.OOO. money on call was
actually in rather more liberal supply than
II was yesterday or Wednesday. At any
rate. the average of the rates exacted for
demand loans was somewhat lower than the
figures quoted on those two days
OF the very heavy loss In cash which the
banks have suffered and the amount Is
considerably In excess of their total surplus
reserves. as set forth In last Saturday s
bank statement. something over s5OO0.OOO
the sub-treasury
The remainder was undoubtedly repre-
sented by direct shipments of currency to
the interior. 1t would appear reasonable to
suppose that in view of this weeks stock
market considerable expansion would ap-
pear In the loan account in tomorrow 8
sta.ement. but Notwithstanding the poor
PFospect or the document. the days stock
market was exceedingly strong, with the
dealings showing increasing animation with
the course of the day
Little alteration appeared In the foreign
exchange market but rumors continued
persistent that the gold due to arrive In
the London market next week will be Sc
cured for shipment to this country.
Authorities in the foreign exchange mar
ket expressed, however considerable doubt
In this particular. So far as his rumored
intervention in the money market situa-
uon Is concerned. Secretary Shaw's state
ment as to his attitude ought to put
Quletus on the reports in that regard al
though, as usual, the Secretary's remarks
were qualified by the reassurinx reserya-
ton to the effect that If subsequent condi-
tons required action he would act In the
way that he deemed best at the time
There was virtual absence of news over
night or either general or particular i'm
portance. The London stock market was
generally firm. and foreign houses again
were very extensive in the local dealings,
taking upward of $4,000 shares on balance
In the Railway List
Activity was about evenly distributed be-
tween the railway list and miscellaneous
issues. and substantial advances were
scored in both quarters
In the railway list leading features were
Union and Southern Pacific Southern,
Reading. New York Central. the Rock
Island stocks, st: Paul and Northern Pa
enc and Great Northern preferred. Both
Amalgamated Copper and Anaconda Min
ing were exceptionally strong, as they
were even in the generally unsettled deal
1ngs at the close of business yesterday.
expectations regarding the dividends on
Doth stocks appeared to account mainly
for the tendencies exhibited Other strong
features In this quarter of the market
were Colorado Fuel and Iron. American
Smelling. National Lead. Consolidated
Cas- Sugar Refining and the United States
Steel stocks.
United States Steel common advanced
to a new high record on this movement
and in fact to the highest figures at which
II has held since 1902.
In view of uneasiness respecting the
money market situation, the absence of
any signs of immediate relief, and the
prospects for very weak bank statement
tomorrow. today's stock market might be
said to have made quite a noteworthy
showing. There was little change OBJ
served in the technical aspects of the
dealings. the business OF commission
houses showing some increase because Of
the markets stronger tone, while there
appeared to be Furthermore some falling
away In the profit realizing and distribu-
tive selling which was observed earlier II.
the week.