Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-06
Quite Extensive Advances
Marked Today's Transactions.
MOVEMENT UNEXPLAINED
Marked Weakness of the Americans
in London.
MONEY CONDITIONS ACTIVE
Fairly Strong Bank Statement Fore
shadowed-Consider Increase
in Volume of Business.
MONEY CONDITIONS ACTIVE


epFClai Dispatch 10 me star
NEW YORK. September Ca number of
quite extensive advances took place in to-
days stock market. although these followed
upon the establishment of a materially
lower rang of prices at the opening of
business. The tone of the market at that
time was derived chiefly from London.
where in the American department d.
c.ines below parity with New York's closing
figures of yesterday amounting to as much
point were shown in more than
plantation of the rather marked weakness
of the American department of the London
market. and the quotations from that
point were not succeeded by large SAFES for
foreign account
The rally In the local market following
upon the specifically heavy tone shown at
the opening of business was lkewisa I'M
accounted for by any novel developments.
The so-called Hill stocks were notably
strong. and the rise in Northern Pacific
was accompanied by quite positive asser-
tons that an extra dividend would be de-
Clared upon that security.
The preliminary estimates of the principal
movements In currency during the week
were generally construed foreshadow
ing fairly strong bank statement tomor-
row The banks appear to have gained in
cash during the week upward of 81. 100. coo.
of which nearly 81 ,OOUOO0 represented a net
gain the direct interior movement of
currency rather remarkable result for
this season of the year.
Local Money Active.
Local money market conditions were.
however. somewhat more active. but this
was natural enough in view of the several
large financial transactions scheduled for
next Tuesday. and including the city bond
issue and the syndicate payments on &C
count of the Union Pacific convertible bond
issue. Sterling exchange rates showed no
material alteration.
Included in the routine news of the morn
ing were the ca -nings statements of sew
eral important Industrial and railway com
panies. these including the returns of the
Republic Iron and Steel the American Car
and Foundry. and those of the New York
Central and Pennsylvania lines. The show
ings made n all these cases were highly
satisfactory
The further recovery in the stock market
WAS not at all impeded by renewal of
sinister run.ors which this morning assail-
ed the repute and credit not only of stock
exchange firms. but banking Institutions.
Reports affecting the latter were secuted
In banking circles and. indeed. they APP
peared to have nothing more than a merely
malicious origin.
Wide Distribution of Activity.
There was a considerable increase in the
volume of business and a fairly wide dis
tributior of activity was evident. At the
same time half dozen stocks furnished a
very large and undue proportion of the
days aggregate transactions, these being
Union Pacific. Reading. Northern Pacific,
St. Paul. Amalgamated Copper and United
States Steel common.
The traction shares Were compare lively
dull during the greater part of the business
session. and the Electromagnetic Metropolitan
securities were heavy. No action upon the
dividend on Metropolitan Street Railroad
stock was announced after today's meeting
of the directors of the new York City Rail-
way Company.
The further covering of short contracts
was undoubtedly effective influence in
todays advance In prices, but. on the other
hand, the dealings again reflected purchases
OF the same investing and permanent char
acter that have been the chief Influence In
the recovery in the market during the past
two weeks.