Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-02-18
No Explanation of Heavy Tone
in Today's Trading.
NO LONDON GOLD HERE
Some Disappointment Over Failure to
Obtain Any of It.
FOREIGN MARKET WAS FIRM
New York Central Declines One Point
on the Strength Of the
Wreck.
FOREIGN MARKET WAS FIRM

Special Dispatch to The Star.
NEW YORK, February 1S.-There ap-
peared to be no common explanation OF
the heavy tone exhibited today by the stock
market at large, and in fact the course of
prices seemed to be mainly a reflection of
the pressure to which a few individual
stocks were subjected. There was. to be
sure. some disappointment in the early part
of the day at the failure of our bankers to
secure any part of the gold that reached
the open London market today practically
the whole amount of the consignment De-
ing taken by the Bank of England. 1t Is
by no means improbable. however, that the
success of that institution in this respect
was due to the forbearance of our bankers,
and 1t is not likely that they will continue
to stand aloof much longer in this general
respect.
Sterling exchange conditions today were
little altered, but money market AFFAIRS
showed hardening tendencies Chleny on
account of the return on Friday OF gov
eminent balances heretofore resting In the
national banks. today's figures OF the
transactions between the banks and the
suhtreasury thus far this week showed a
loss in cash of nearly S2,JOO'ooo.
The Aldrich Measure.
Advices from Washington with respect
to the prospects for the enactment OF the
Aldrich financial measure were still en-
couraging. but they seemed to play very
little part in the dealings in securities
The London stock market was firm In all
departments. notably for the copper shares.
The foreign houses were buyers here upon
a fair SCALE chiefly in Union Pacific and
United States steel common.
There was little in the developments over
Sunday of general or particular Importance
aside from Saturdays serious wreck upon
the New York Central lines. The latter
was perhaps responsible for an initial de,
cline of one point in New York Central
stock but subsequently that security dis
played no greater weakness than was OBJ
served in many other instances
{ The days trading seemed to be largely
Influenced by rumorS which attained cir
culation at one time or another that va
rious corporations will soon make an,
nouncement of the issue or adoiLionai
short-time notes or of new capital Ihese
reports had to do chiefly with the Penn
sylvania, the Reading and the Amalga-
mated Copper Company. These stories
diplomatic and technical character, and
the negotiations did not serve 10 uispei
the uneasiness excited by the reports IN
question. All the stocks mentioned IN
, these reports were heavy. but. as In the
instance of New York Central: scarcely
more so than the remainder of the list.
Union Pacific Active.
Union Pacific was one of the most active
features of the general market. and 1t was
the common disposition to explain the de-
cline In that instance by the resumption
next Monday of the investigation by lhe
Interstate commerce commission or the so
called Hartman system Northern racine
and Great Northern preferred were AGAIN
subject to the desolutory liquidation whicH
has been running along in those stocks
for many weeks.
Aside from such routine matters as earn
tngs statements there was little or nothing
In the way Of actual news being upon one
stock or another. The dealings were con-
Quoted upon about the same scale OF acuV.
ity as on Friday. and a fair distribution or
speculative interest was apparent.