Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-22
Traders and the Short Interest
Competed Today.
PRICES ADVANCED RAPIDLY
Liquidation Came to Sudden Stand
still.
DEALINGS LARGELY INCREASED
London Showed Decidedly Improving
Tendencies Advances
in Railway List.
PRICES ADVANCED RAPIDLY
DEALINGS LARGELY INCREASED
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 22.-This was one
Of those days In the stock market when
seekers after information with regard TO
the course of prices were informed simply
that no stocks were pressing for sale. ana
that consequently the traders and the short
interests were competing with each other
in bidding up quotations. At all events.
prices advanced. and advanced rapidly
and extensively. with little or nothing to
be cited In the mornings news or in the
developments with the course of the bust
ness session In explanation of their course
For some reasons the governors of Sthe
Bank of England deemed 1t inexpedent to
make any change in the discount rate OF
that institution, which was left at AZ per
cent. and consequently the London stock
market showed decidedly improving tenden-
Giles. notably for consols. The American
department was. however. irregular. and
operations here for foreign account had
trihing results on balance
4 Strong Upward Swing.
There were few exceptions OF Importance
to the general course of the local stock
market. In the earlier part of the day the
Interborough-M Metropolitan securities were
under renewed pressure. because of the
general belief that the dividend on the pre-
Issues participated later in the strong up
ward swing In prices.
The return to this country Of its fore
most and most highly esteemed fnancier
was referred to in way as accounting for
the pronounced change in sentiment and
betterment In stockmarket conditions. al
though ii is doubtful whether the gentle
man In question is concerning himself at
the moment very deeply with market quo
tations circumstances.
1t appeared to be the case. In fact as
has been frequently witnessed before dur
ing the summer. that liquidation came
suddenly to standstill. and this led to
buying of the character referred to at the
outset of this article.
The Recovery in Prices.
As is usually the case the recovery In
prices was sufficiently extensive as TO lead
some little increase In the business of COM
mission houses. but the gain was mainly
for the account Of traders of semi-profes-
sional class. Still the days transactions
attained a much larger aggregate than was
rolled up yesterday. and 1t must be said
that the trading showed a greater degree
of genuine animation than has been EVIL
dent in many weeks.
The failure announced upon the stock ex-
change during the forenoon had no effect
whatever upon the market. as its individual
character was generally recognized
With the exception of the lnterborough-
Metropolitan issues and their related secur-
tiles the affairs of which are now being
sufficiently exploited. there was virtually
nothing to be said with regard to the deal
ings In particular stocks. Advances, how
ever of two and three points. and OF even
greater dimensions. were common in the
railway list, and in the industrial and
miscellaneous issues.
An Unfavorable Trade Report.
This mornings decidedly unfavorable
report upon business conditions by the
National Trades Association did not prevent
Amalgamated Copper. American Smelling
and United States Steel stocks from par
ticipating in the general rally which was
under way.
In the fundamental feature of the present
situation namely. the money market, no
material alterations were observed The
banks have lost in their operations with the
subtreasury since last Friday $1.60O.O6O
and large amounts of currency have also
been transferred to the interior directly.
At the same time so long as lenders con-
tinue to withhold offerings Of money for
time periods 1t Is not remarkable that the
rates for call loans should continue low.
Still IL does not appear that the outlook
for Saturdays bank statement Is q par
ticuiarly suspicious one.