Evening star., 1909-06-03
STEEL ST|RS MARKET
Shares Join With Southern
Pacific in Advance.
WHOLE LIST Is AFFECTED
Upward Movement of Really As
founding Proportions.
NEW HIGH-PRICE RECORDS
NEW HIGH-PRICE RECORDS
Americans Firm in London and
Local Operations Large-Local
Money Conditions Unchanged.

NEW YORK June 3.-During the
first hour of business in this morning S
stock market there was very little 20
suggest the occurrences which were to
be witnessed later A small number of
stocks. including the United States
Steel and Southern Pacific shares.
were indeed exceedingly strong. and
in fact rose to new high prices of rec
ord, but elsewhere the dealings were
In comparatively small volume ard
some important issues. Reading being 4
case in point, reflected actual and ei :
fective pressure.
subsequently, the further rise In the
United States Steel and Southern Pa
cific stocks carried everything before
II, and the whole market advanced on
greatly enlarged volume of busi-
ness. The upward movement in the
stocks mentioned by name was of real
ly astounding proportions in view of the
magnitude of the issues in question.
The movement in the United states
Steel shares appeared to be directly IN
duced by the arrangement for the prac-
teal Introduction of those securities
upon the Paris bourse, but there was still
no little uncertainty in the public mind
as to the actual scope of the transaction
in question. That uncertainty did not for
moment, however, prevent the carrying
on of enormous transactions in the United
States Steel shares and very great en-
hancement in their market valuations.
S. P. Rise Extensive.
The rise in the Southern Pacific stocks
was even more extensive than that in the
United States Steel shares, and was less
directly accounted for by novel develop
ments or gossip. An increase in the
dividend on the common stock al one time
or another is now generally taken for
granted, and the course of the preferred
would suggest that there is no immediate
likelihood that the stock will be called for
retirement under the provisions Of its
issue.
Union Pacific on the large transactions
naturally benefited materially from the
rise in the Southern Pacific stocks and
in the industrial group Great Northern
Ore certificates were sympatheticaly af-
fected by the advance in the United
States Steel shares.
The industrial and miscellaneous stocks
We're however, generally firm. with fur
ther advances in American Cotton Oil.
Agricultural Chemical and Virginia. Car
olina Chemical. Amalgamated Copper
and the other metal and manufacturing
issues. while steady, were less prominent
than the stocks previously mentioned.
Steady Tone for Railway List.
With the course of the morning Reading
recovered the whole of its early quite ex-
tensive reaction and a very steady tone
marked the transactions in the railway
list during the greater part of the busi-
ness session. Strong stocks In that de-
partment were the Wabashes, Baltimore
and Ohio, Chesapeake and Ohio, st. Paul
and the Rock Island shares.
Little of interest resulted from the
transactions in the local traction group.
American stocks were very firm in the
London market and operations here for
foreign account were upon a large scale,
but were conducted upon both sides of
the market with rather doubtful net
results
Aside from the American department
the London market was not particularly
animated, although some Improvement
was noted in the dealings in the Copper
stocks. The Bank of England's rate of
discount was left unchanged at 21a per
cent. and the banks weekly statement
showed a rather smart, although not un-
seasonable reduction in the ratio of re-
serves to liabilities.
Crop News Encouraging.
Local money market conditions showed
little alteration.
Intimations were current. however, that
the Secretary of the Treasury would,
within short time. issue a call upon the
banks for the return of another quota
of their holdings of government ball
ances
In the excitement which characterized
the transactions in the stock market
less than the usual amount of attention
was accorded to the days movements in
grain, which. on the whole, We're re-
dictionary. and the days crop news was