Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-19
Stock Market Opened With
4 Substantial Advances.
}STEADY DECLINE TO NOON
Unsasiness Excited by the Primary
| Elections of Yesterday.
BORROWERS PAY HIGHER RATES
Feature Of the Days Doings In the
I Street Was a Substantial Ad-
4, vance for Paper.
(STEADY DECLINE TO NOON
BORROWERS PAY HIGHER RATES

Special Dispatch to The Star.
NEW YORK, September 19.-With few
exceptions, the most important peing
United States Steel common. this morning.
stock market opened at substantial al
vances above yesterdays closing ngures'
but the dealings almost Immediately as
sumed the reactionary tendency which had
been displayed yesterday afternoon. and
prices declined steadily UP to midday. by
which time a large number OF round DE-
clines had been recorded. Early In the
Afternoon a fltful rally developed. but the
trading was at all times characterized by
feverish and uncertain tone
Various explanations were advanced In
connection with tho markets course.
Some uneasiness appeared to have been
excited by the outcome Of yesterday 8
primary elections. and there was contn-
ued anxiety with regard to the monetary
situation and prospect A feature of the
days money market was the substantial
advance in the rates quoted for mercan-
tile paper. circumstance which natural
ly had a generally disquieting influence
Little Difference Today.
Little alteration was observed in the
Wall street money market, except that
borrowers evinced willingness to pay
somewhat higher rates for long periods
OF accommodation. Quite as much effect
was however, produced upon speculative
sentiment by various technical aspects Of
the market as was caused by political or
money market uneasineSs.
Tremendous Selling.
The tremendous selling of United States
Steel common. which was a feature Of yes
terdays market, was resumed today. and
the market was further much disturbed by
In,
Baltimore and Ohio also continued weak. as
were the Hartman issues. an unusual mar
ket response to the weeks intelligence re-
lating to those securities.
Aside from the evident pressure upon
the United States Steel stock there was
little of interest to be elected relating 70
the transactions in the industrial group. In
the early part OF the day there were some
sharp advances scored in that quarter, no
tably In Distillers' securities and Republic
Iron and Steel common, but these were
largely obliterated in the subsequent DEAL
ings.
DEVELOPMENTS relating to the monetary
situation included the transfer OF further
large sums to San Francisco and to interior
points and also the engagement OF ad-
ditional amounts Of gold in London for
shipment to this country. The banks nave
now gained on their operations with the
subtreasury since last Friday more than
IS, 600 900
London Market Higher.
The London stock market was generally
heavy and discount rates In the open mar
ket advanced we'll above the banks mini
mum figures. This led to fears there tnat
another advance In the Bank of England's
discount rate would soon be ordered. The
heavy tone O, the London market was also
due In part to quite large liquidation for
Paris account The days actual news re-
lating to particular securities included
large number Of dividend announcements
and statements of earnings