Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-02
|RREGULAR|TY TODAY
EarIy Advances, However,
Predominated Over Declines.
STRENGTH is SIGNIFICANT
Absorption of Selling Has Surprised
the Liquidators.
FURTHER OPERATION INDUCED
.Pennsy" Shared Leadership With
Southern Pacific-Erie Scores
Material Gains.
FURTHER OPERATION INDUCED
Special Dispatch 10 The Star.

Special Dispatch. 10 The Star.
NEW YORK, August 2.-Considerable
irregularity developed in the stock mar
ket today. There was nothing in the way
of over-Sunday news to account for tihs'
In fact. the price movements were what
might have been expected after the Wig
orous advance which held sway last
week There was in last Fridays and
Saturdays sessions some selling of stocks
which might be considered good because
OF the quarters from which it came
This stock presumably represented the
realization OF more or less extensive
profits, but the way in which the selling
was absorbed. with the result that prices
were higher after it, was calculated not
only to surprise the liquidators. but to
induce further operations of the same
sort.
In other words, the market clearly DEM
onstrated itself to be one on which at
least moderate. though far from nomf-
nal. unloading might be undertaken with
fair prospects of leaving the price level
relatively unchanged. Such considerations
as these were undoubtedly responsible for
the course of quotations and the char
acter of the dealings today.
Irregularity Through Session.
y EVEN III Tic opcIilHk tidbSo1tiohS WIS
morning there was some irreguarity and
this irregularity increased as the day pro-
crossed IT was also true. however. that
advances in the early forenoon predomi-
mated over declines both in respect to num-
Der and Importance. and for the greater
part of the day the strength of certain
issues was much more significant than
the heavineSS or suggishness of others.
The stocks which were the leading fea-
10
greatest pressure of realizing sales.
Among them New York Central. Atchison.
Union Pacific, Republic Steel. Great
Northern Ore, Colorado Fuel and Anal
gamated Copper were conspicuous. but
the receSsions were largely matters of
fnconsequential fractions. American Cot
ton Oil was perhaps the least resilient of
the recently active shares.
On the other hand, United States Steel.
common. was steady, American Smelling
substantial gains and American Car and
Foundry scored a perpendicular advance
of more than two points.
New High Record for N. Y. Central.
In the railroad list Pennsylvania, which
overlook New York Central. shared the
place of leadership and influential prestige
with Southern Pacific. the second-named
selling at new high record. The Erie
issues scored material gains.
Cotton prices rose sharply on the gov
eminent report, but the incident was not
obviously reflected upon the stock ex-
change. Foreign developments were ig-
nored, there being no London market to
direct attention to them.
The call money situation rather over
Swallowed the time money market today.
because for the first time the call loan
rate was practically per cent The
bulk OF the days accommodations and
all renewals being made at that figure
The market for time money was dull but
strong. with per cent as-.ed for six
months maturities.