Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-09-30
Feverish and Uncertain Tone
Marked Opening.
BUYING IN HEAVY VOLUME
By the Large Short Interest Con-
tingent.
A SHARP RECOVERY IN PRICES
Americans Heavy In London-Foreign
Houses Sellers-Fluctuation
Widest With Limited Stocks.
BUYING IN HEAVY VOLUME
A SHARP RECOVERY IN PRICES


Special Dispatch to The Star
NEW YORK September 3O-In view OF
the general tendencies of the stock market
during the latter half of the past week. 1t
was natural enough that this mornings
early transactions should have been char
sCterized by feverish and uncertain tone.
II was also natural, however. In view of
the extent of last weeks decline that the
large short interest In the market should
take advantage of this mornings further de-
preston as affording a good opportunity
for the retirement of a part of their COM
mitm.ntS and for converting paper into &C
tdaI profits. Buying of this description
was Indeed conducted in quite heavy vol
ume during the forenoon, and seemed to
be In a large measure responsible for the
very sharp rally which prices enjoyed soon
after the opening of the market
Toward midday irregular tendencies again
appeared. and characterized the market
during the remainder of the business ses-
sion.
Nothing of novelty and Importance was
comprised within the occurrences over Sun
day A. the same time a factor of I'M
doubted influence in the mornings recovery
In the market was the dissemination or
foreCa SITS OF the Presidents speech at Can
ton today, which placed a favorable con-
struction upon the address-that Is. from
the viewpoint of Wall street.
These reports seemed to meet with quite
senerai acceptance, and for plain enough
reasons they carried with them the stinu-
lating effect upon speculative sentiment al
ready noted. This was. indeed. the sole
tangible Influence which could be cited IN
connection with the course of prices.
Americans Heavy in London.
American stocks were quite heavy In the
London market in common with the other
departments there. and foreign houses were
sellers In the local dealings upon large
scale. considering the dimensions of the
market, notably of the United States Steel
stocks. No particular explanation of the
weakness Of the London market was prof
frred In the cabled advices from that point
aside from quite heavy selling FOR faris
account.
In spite of the heavy foreign selling IN
the United States Steel stocks. those issues
participated in the irregular tendencies Oh
the market In fact. some or ire
most extensive concentrated purchases
which were apparently for the short ac-
count were conducted in those issues. AS
was TO he expected. the fluctuations We're
widest in the same small number of stocks
upon which active speculative interests
have converged of late; These were Anal
gamated Copper American Smelti, G. Union
Pacific. Reading. Northern Pacific and
Great Northern. preferred.
At the opening OF business the so-called
1iill stocks were particularly depressed,
doubtless because of the pessimistiC inter
this morning and attributed to the actual
head of the system. Otherwise nothing be
yOnd technical market considerations could
be assigned to the dealings In the railway
list or to those in other departments of
thu market
TIE market for loans on call. usual at
the close of each month, was fairly active.
but the rates quoted We're neither excessive
in all the circumstances of the case. nor
were they apparently a factor of any
weight In the course of the stock market.