Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-08
Unsteady Opening, but Market
Increases in Interest.
VOLUME OF TRADE REDUCED
United States Steel Shares in Good De-
mand.
Magnificent Statements Of the Union
and Southern Pacific Stimulate
Leading Railway shares.

Special Dispatch to The Star.
NEW YORK. September 6-After opening
with an uncertain tone and with the trad
ing In reduced volume. the stock market
developed increased animation with the
course Of the morning. There was little In
the news over night Of any Importance aside
from the usual weekly reports OF the mer-
camille agencies upon the state OF the coun-
try's trade. and these were again fairly
glowing exhibits Additional engagements
of gold for shipment to New York were re-
ported in London. and the stock market
there had a rather heavy tone. chiefly be-
cause OF the gold exports to America and
to other points. Transactions In the Lon
don stock market were upon q small SCALE
and little was lone here fol- foreign ac-
c,.urt. .
During the early part Of the day discus
sion was mainly occupied with the proba-
bilities Of the weekly bank statement. par
ticularly as II was feared that the docu-
ment would show a deficit in the reserves.
The uneasiness felt with regard to this
prospect was. however. counterbalanced by
the actual engagements Of gold for import,
and by the virtual certainty that large adj
ditional amounts would be taken next week
when the treasury ruling goes into effect.
There was little further discussion Of Sec
rotary Shaw's note OF admonition ad-
dressed to the depositary banks yester-
day.
Leading Features on R. B. List
Leading features Of the railway list were
Reading. Union and Southern Pacific. Atch-
ison. Erie. New York Central and Great
Northern preferred.
The United States Steel shares were In
good request. and 1t was confidently as
serted that the much talked-about iron ore
deal with, tho Great Northern Railway
Company would be announced early next
week. Dealings in Union and Southern Pa
cihc were stimulated by tho magnificent
statements OF earnings made by both COM
panies for the month OF July. Dealings in
the traction shares were on q larger scale
than for some time past. with noteworthy
animation in Brooklyn Rapid Transit.
The Weekly Bank Statement.
The weekly bank statement made even q
weaker showing than had been generally
looked for. Actual cash holdings decreased
SIC. 10000. a sum 100000 greater than
any of tho preliminary estimates. The
change In this item was commonly con-
strued as correcting In part the discrep-
ancy in the cash which was shown in last
weeks return. The curtailment OF s11. 1885,
O0t in the loan account was below expecta
lions. Together with the reduction In cash
it was fairly we'll reflected in the deposit
account, which decreased $27.S43 900. In
consequence OF the change in deposits and
in cash. reserves decreased $9.447OO0 and
the associated banks show a deficit In re-
serves Of g. 587. 900. the largest of any re-
ported since the currency famine year OF
1893. Surplus reserves last year were
S4.SS1. 600; In 1904, $3S. 600. and in 1903,
$15 372 900.
The stock market was only momentarily
affected by the bank statements showing
Upon the appearance Of the document
prices reacted from Y to u point. but the
market soon rallied sharply In all quarters
and showed great strength in the closing
dealings.