Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-24
Rapid and Extensive Recover
les Featured the Dealings.
FINANCIAL POWERS BUSY
Very Large Buying Orders Bring
Tone to Market.
FOREIGN HOUSES BUYERS
Union and Southern Pacific, Reading,
st. Paul, Northern Pacific and
Great Northern Rallied
Easily.

special DlSpatch 10 ne star
NEW YORK September 24.-This was
another day of irregular movements in
prices in the stock market. but the most
significant feature of the dealings per-
haps was the evidence that the powerful
financial interests who are credited with
directing the course of affairs there were
resuming operations for A rise.
At any rate. shortly before the close of
the first hour of business very large buy
Ing orders were sent into the market and
were executed by the same set of COM
mission houses which were conspicuous
in the summers advance and equally
prominent in the recent sharp reactions.
Their purchases served to convert for the
time being an irregular and somewhat
reactionary market into a fairly buoyant
one.
Very rapfd and extensive recoveries took
place in Union and Southern Pacific and
Reading and ST. Paul. Northern Pacific
and Great Northern preferred. which had
been notably weak in the early dealings,
also rallied very easily.
The early depression in the Hill STOCKS
and ST Paul was apparently due to an
attack upon those issues by NUMBER
OF the professional traders of the moor
Owing to the character of the buying ana
the identity of the stocks in which II
was the most urgent Wall street was
quick to conclude that the advance which
succeeded the early irregularity meant
that there had been some important devei-
opmentS in the political field or else
where which appealed strongly to the
small class of capitalists to whom 1t is
now the fashion to refer every upward or
downward swing in prices. What TINS
development might have been was not
apparent to the public at large. and IT
was certainly not set forth In the news
of the morning or the developments with
the course of the business session, which
were alike featureless except so far as
the progress of political affairs was con-
cerned.
Americans Steady in London.
American shares were for the most part
steady in the London market and foreign
houses were buyers here to the extent
of about $1,000 shares. The Bank of Eng
lands rate of discount was left un-
changed at 2h per cent, and the bank s
weekly statement made another very
strong exhibit, as did that of the Bank Of
France.
Local money market conditions re-
manned extremely easy. the bulk of the
loans on call being made at 1 and IL per
cent Trading was again upon a very
active scale in the stock market. but as
was the case yesterday, real activity con-
verged upon a small number of stocks,
namely. United States Steel. common.
Reading. Union and Southern Pacific.
Amalgamated Copper and the Hill stocks.
There was little news relating to par
tcular stocks. AS has been expected, the
dividend on Railway Steel Spring was
reduced. but that action appeared to have
been expected and discounted
Consolidated Gas scored a very sharp
advance. for which the forthcoming de-
cision of the Supreme Court at Washing
ton in the SO-cent gas matter was held
accountable. Other strong features of the
Industrial group were American Smelling
Distillers Securities. National Lead.
Amalgamated Copper and the United
States Steel shares.
Rock Islands Sharp Advance.
Dealings in the railway list have al
ready received some notice. but it re-
mains to be said that a very sharp adj
vance in Rock Island preferred attracted
about as much attention as any other
movement in the days market on the
superstition that the transactions in that
security. coupled with the comparative
dizziness in the common stock, indicated
purchases designed for the control of the
property.
During the forenoon announcement was
made from the rostrum of the stock ex
change Of the expulsion of the two board
members of a firm whose recent failure
furnished one of the most sensational in
cdents In stock exchange history
W lille that circumstance bore no rela-
ton to the days transactions in securities
and aside from a certain degree of SYM
panty. which was possibly expected for
the individuals in question. there was a
general feeling of satisfaction that the
exchange management has given another
striking illustration of its intentions to
maintain the high standard of integrity
and fair dealings which has always been
maintained by that institution.
In fact the answering course Of the
stock exchange authorities in matters of
this description stands out in strong con-
trast with the unpublished delnquencies
which have been revealed in recent years
In the affairs of the life insurance COM
panies and in other directions