Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-08
TRADING IS SPIRITED
New York and London Stocks
Go Up Together.
TARIFF EFFECT STILL FELT
Steel Common and Union Pacific
Very Active.
CASH LOSS ANTICIPATED
Closing Average Shows Dollar More
a Share Than at End of
Previous Week.

Spcc1ai blSpatrh 10 Inc Star-
NEW YORK. August Z. : Prices OF
American stocks rose above yesterdays
New York closing in the London market
today, and the London prices were taken
up at the opening here with Steel COM
mon selling at 761s to 1878 on wide
opening sale of 10000 shares.
There was a disposition to regard the
strength of the London market as due to
a better feeling there, and this clrcum-
stance was everywhere regarded as OF
favorable import on this market for the
reason that London had sold on balance
in the previous days of the week, ana
that conditions abroad have caused great
or concern than have any OF the month
developments here.
The London advance was accordingly
followed by spirited trading here' uli'i
before the first hour was over the market
became more buoyant than on any pre-
yious day of the week. The advance eni-
braced practically all the stocks or the
list. and the trading was keen ana at
times enthusiastic.
Union Pacific Active.
Steel common and Union Pacific were
somewhat more active than the others
both selling wen dDoNc piOSiOoo "'ciA
ord prices. and the latter deriving strength
apparently from new and more gener-
ally accepted report that the company
had latterly increased its holdings OF New
York Central stock Atchison. Rock
Island. ST. Paul and other stocks OF the
granger roads also supplied features Oh
decided strength, and additional interest
was taken in Rock Island on account OF
the company's statement for June snow
ing an increase of 81, 1851 600 In gross ana
$4,000 in net earnings.
4 DEVELOPMENT also regarded Of market
inheritance was the contract secured Dy
the Western Electric Company, SUD-
sidiary of the American Telephone ana
Telegraph Company. for the instaiiaaio n
of telephone appliances in Peking inns
matter attracted particular attention oe-
cause of the current negotiations con-
Quoted by New York bankers for par
ticipation in the Chinese railroad loan
and other evidences of intentions on tne
men to secure a broader market 1or
American products in China than mas
been had before.
Sales Absorbed Easily.
In the second hour the market was
Obliged to absorb a large number of those
realizing sales customary at the close
of business for the week. and absorbed
them readily and without material re-
cessions in prices. The average at the close
showed a level more than a dollar a share
above that at the close last week, not
withstanding the reaction in the middle
OF the week All of this gain was made
after the enactment Of the tarin bill, and
the keenest OF yesterdays buying indi-
lated that the market effect of the tar
iff upon the general public may not
Yet be over.
The bank statement showed, as was
expected, a loss of cash and an Increase
in loans the latter being due to the con-
siderably increased volume OF business
on the stock exchange. The figures OF
the actual statement presented an in
crease of S., 6SS, 900 in loans and a decrease
of S6,5S2 600 in the surplus reserve, leav-
ing the surplus at s25.2OOOOO. which is
we'll above the average for this season
of the year.
Increased Security Transactions.
Bank clearings for the week also re-
fected the increase in security transac-
tions, New York city showing for the
week clearings 81 per cent over those
for the corresponding week of 1908. while
in July New York city clearings, on &C
count of the dullness of the stock mar
ket were in lesser number.
For the entire country the clearings for
the week were % per cent in excess of