Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-17
Market Retained the Improving
Tendencies.
DRIFT OF PRICES UPWARD
Spectators Cheered by Low Call
Money Rates.
LONDON GENERALLY STEADY
Large Transactions in Southern Pa
cifc-Erie Rallied After Pres
sure-Copper Leading Feature.

Special Dispatch to The Star.
NEW YORK, July 17.-While there was
material contraction in activity in today's
stock exchange session, the stock market
retained very we'll the improving tendencies
which II has exhibited since the close of last
week and the underlying drift of prices
was distinctly upward. even although the
movement was somewhat more irregular
than was the case yesterday and previously
Speculative sentiment seemed TO be
cheered by the continued low rates quoted
for money on call, by the prospects for
very strong bank statement at the end of
the week and by the renewal of imports or
gold. According to London advices, 1t was
expected that there would probably be OBJ
tanned for New York the whole of the
100000 gold which is due to arrive there
next week.
On account of the present strong position
of the Bank of England, and the dtspar-
ity between the open market discount hs-
ures and the banks official rate. it was
thought likely that the latter might TINS
week be reduced to 3 per cent
The London stock market was generally
steady, with however. some slight weak
ness in Russian imperial As. The general
market at that point In consequence re-
acted before. the close of business, with
rather marked pressure apparent IN the
Kaffir department Operations here Tor
foreign account were limited to the pur-
chase of about 1900 shares.
There was very little that was definite
relating to the movements in particular
securities during today and very little OF
general Importance in the news over night
Tho days Intelligence relating to the
progress OF the crops was encouraging,
and the active wheat options declined
fully l cent a bushel Included in to-
days returns of earnings was the very
handsome showing of the Baltimore ana
Ohio company for the month OF June,
but~the stock again displayed the rela-
lively sluggish tone 1t has shown since
the declaration of the increased dividend.
Leading Features of Railway List.
The leading features of the railway
list were Southern Pacific. Union Pacific,
reading and Louisville and Nashville
The large transactions in Southern Pa
cilc were accompanied by positive pre-
Gictions that dividend payments would
socn be instituted IN the stock, while, &C
ccrdng to other reports another issue OF
preferred shares Is contemplated.
The animation of Union Pacific seemed TO
be mainly sympathetic with the course Oh
its controlled stock.
The Erie issues. after showing continued
pressure in the early part of the day. later
rallied quite smartly. Amalgamated Cop
per was the leading feature OF the market
in point of activity, interest in that stock
being stimulated by the approach of the
quarterly declaration period. The dividend
will In fact be declared Thursday at
ternoon. and according to the general tenor
of current reports. IL distribution of profits
amounting to per cent in some form or
another will be made Anaconda Mining
was decidedly firm also, and American Lo-
connective recovered from an early reaction
AIRY movement.