Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-10-12
LONDON STOCKS WERE STEADY
Operations Here for Foreign Account
Showed a Preponderance Of Pur-
I chases of 60, 900 Shares.


Special Dispatch to The Star.
NEW YORK, October 1o.-While there
was no verification and in fact nothing
beyond denials Of yesterday afternoons
rumors that the federal authorities con-
templated proceeding against the Union
Pacific Railway Company. the course of
Union Pacific stock in today's market was
sufficiently erratic as to amount to fac
tor in the irregular course followed by
the general list
The stock market. in fact. changed its
superficial tone repeatedly during the
course of the business session. Beneath
the surface a firm tone prevailed, and
most of the days more pronounced move
ments were again toward higher figures
Business was maintained upon recent
scales of activity, and reflected fair di-
versification of speculative interest.
In a general way it might be said that the
degree of relaxation shown in the money
market and the diminution in anxiety with
regard to the outturn of the elections, were
the controlling Influences in the dealing. al
though a matter of fact the latter SEEM
ed to be determined almost exclusively by
technical trading conditions.
The London stock market was generally
steady. and the American department shsw-
ed exceptional strength. notably i'll Baltl-
more and Ohio. Operations here for for
cign account showed a preponderance of
purchases amounting to about 10000 shares
At the opening of business higher prices, as
compared with those at the close of bust
ness yesterday. were commonly scored. as
has been the case for the past fortnight and
the advances then made were succeeded by
the usual reaCtijU
Subsequent movements were highly irreg-
ular. and. as noted above. seemed to be i'll
large measure influenced by the course of
Union Pacific. The general market. at any
rate res ponded quickly to the uncertain
fluctuations in that Instance. Little altcra-
tion was shown in the money market or
foreign exchange conditions.
The preliminary estimates of the prin-
Cipal movements of currency during the
week pointed variously TO a gain i'll cash
by the banks OF between SBtto0U and
N.NDtn0, and presumably tho Siaring dis
Crepancy in the cash item shown in last
weeks bank statement will be corrected in
tomorrow. Expectations that that docu-
ment would make a strong showing might
be named at all events, as another factor
IN the firm undertone of the market
There not much news except of
routine character relating to individual
securities. The most important was the
announcement that the General Electric
Company had called special meeting &c
the stockholders to be held November 70
20 act upon the question OF increasing the
capital stock from Sc0.UN3.G0D 20 SSh.eD.cD.
Ii is understood that the new stock Will
he offered 10 the shareholders Of record.
probably at par. although the whole of the
new issue viii not be put out at Cnce.
The United States Steel stocks continued
very prominent in the day dealings, with
the common rising 10 a new high level
the present movement. the movement
xhere being based upon expectations OF the
resumption of quarterly dividends OF /
per cent at the directors meeting on the
last Tuesday of the present month. Other
extensive movements in the Industrial and
York Air Brake American Smelling and
NatiOna! Biscuit.