Evening star., 1909-07-08
REFLECTED PRESSURE
Stock Movements Showed
Varying Price Shifts.
CONFUSED SPECULATION
Railways Furnished Larger Part of
Days Dealings.
READING LED ACTIVE LIST
READING LED ACTIVE LIST
Americans Heavy in London-For-
eign Houses Sellers Here on Bal
ance of Upward 10000 Shares.
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, July S.-The stock market
today continued to move along irregular
lines. and the transactions in general re-
fected no little confusion of speculative
sentiment.
The prospects for very favorable gov
ernment crop report were a sustaining in
fluence in the dealings during the greater
part of the business session. but not
withsIanding the outlook in that respect,
large number of stocks from time to
time reflected acute and effective pres
sure.
American shares were heavy in the
London stock market also. and foreign
houses were sellers here on balance of
upward of 10000 shares of stocks.
1t would be rather difficult to assign
any specific reasons for the course of
prices so far as the market at large was
concerned. The passage by the Senate
of the corporation taxing measure was
not liked, but. on the other hand, the de-
feat of the stock-transfer tax by the
same body created favorable impress
sion.
Banks Gain With Subtreasury.
Money market affairs showed no es-
sential alterations and the sterling ex-
additional engagements of gold arranged
for shipment to South Africa. The Bank
of England's rate of discount was left
unchanged at 21s per cent. and the bank
reported large but only seasoilable
ratio of reserves to liabilities.
According to today's figures the banks
have gained in their opera; ions with the
subtreasury since last Friday more than
81, 500 900. and the figures suggest q
somewhat belated movement Of currency
to the interior. A few stocks made
some high records for the current year,
but the market in general was lacking
in uniform tendencies, and, in fact, it
would be necessary TO fall back upon
the threadbare term of irregular to
give any definition of the days dealings
in their entirety.
Price movements in the various quar-
ters OF the market were. however. char
acteriZed by fairly uniform tendencies.
inasmuch as the varying shifts in prices
were commonly participated in.
fractions Heavy.
The local traction shares, which yes,er-
day were generally firm, or at any rate
showed well defined rallying tendencies
with the course of the day, were heavy
The reports that the public service COM
mission would refuse to sanction the
terms of the plan for the reorganization
of the Third Avenue railroad appeared to
leave the holders of that stock in de-
cidedly uncertain frame of mind The
Inter Met. shares were also heavy. while
the AZ per cent bonds were decidedly
strong. Brooklyn Rapid Transit huctuat-
ed in common with the other traction
shares.
In the industrial and miscellaneous
group American Smelling and American
Cotton Oil, together with the other So
called fertilizer shares. were strong but
otherwise sagging tendency marked the
dealings in that quarter of the market,
including the United States Steel stocks
The railway list continued to furnish
the larger part of the days transactions.
the most active features there being
Reading and Union and Southern Pacific
The Wabash issues were particularly
weak. and. in fact. a sagging tendency
was common in that quarter of the mar
ket. No news and little edifying gossip
accompanied, however, the transactions
in the department in question.