Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-03
WHOLE LIST HAROEhS
EarIy Fractional ReCesSions
Yield to Leadership.
MIXED OPENING CHANGES
Usual Leaders Dropped Below Yes
terday's Closing.
PRICES RECOVER BEFORE CLOSE
Coppers and specialties Helped Raj
lies and q. P. and Steel Rise
Stimulated Dealings.
PRICES RECOVER BEFORE CLOSE

The opening dealings in stocks today
showed mixed changes. but the declines
we're more numerous and more important
The reluctance shown by the LONDON
market TO follow the two days advance
here while that market was closed IN
duced some heavy realizing sales
Reading ran off 1ss, and Southern Pa
cific, New York Central Missouri Pacific,
Southern railway preferred. Amalgamat-
ed Copper and American Smelling large
fractions. Pressed Stee Car was marked
up points The trading was active.
SneciaI Dispatch to The Star.
NEW YORK, August 3.-What looked
as though it might develop into rather
long expected and in the opinion of
many an overdue reaction in the stock
market, came to nothing of the kind this
morning
After general initial declines, which
were after all little else than fractional
recessions. and after some rather extern
sive subsequent irregularity, the whole
list hardened under influential leadership
movement which has been in progress al
most continuously since a week ago yes
terday was resumed.
1t is needless to say that bullish prog
nostications were confirmed or renewed
by the strength which security prices dis
played today. \ very respectable aggre-
gate of stocks had unquestionably been
supplied to the market since last Friday
morning and the result was merely the
temporary unsettlement which appeared
this forenoon. London after a holiday
since Friday, resumed the business of
trading in securities today and promptly
signalized its appearance in speculative
considerations by furnishing this side with
a lower price level for Americans.
AS the rest of the London market was
steady, firm and buoyant, the course of
Americans over there was significant
enough to play some part, no doubt, in
causing the lower opening here. Foreign
houses followed up the dealings at home
by balance of sales in this market, but
these sales, like others from whatever
quarters, were absorbed in an impressive
fashion.
Whether or not a reaction would be
timely becomes a matter of more or less
academic conjecture in the light of such
a construction as the speculative COM
munity is disposed to place upon such
10 il.
Sharp Fluctuations.
With few exceptions and none of those
striking in Importance. the whole list
opened not far from a half point down
from last nights closing. In some cases
these losses were promptly extended,
notably in the instance of Reading. to
more than a point Reading fiuctuated
SE,. l,.f Ipd in
around the opening figure. as indeed did
most other active issues. From this
level such qualities of stock as were Of
Tered for sale had obviously much diff
iculty in disodging the list and along
toward midday tone of positive buoy
ancy began to make itself evident.
Union Pacific and United States Steel
common advanced to new high records.
and this time the steel preferred stock
went up with them.
Other issues, notably American Smelt-
ing, attained new levels since the panic,
and in response to such effective stimu-
lants as the aggressive strength of stand
ard securities a renewal of confident buy
ing In various directions was encouraged.
Noteworthy Exceptions.
In the early part of the afternoon the
most noteworthy departures from the gen.
eraI course were Canadian Pacific. Rock
Island and Southern Pacific, which were
everything else on the list had recovered
the early setback or was selling at sub
stantiai gains. Denver and Rio Grande
rose almost two points.
The Wabashes and Missouri Pacific
were also strong. There was a vigor-
GUS rise in the local fractions. espe-
cially in Brooklyn Rapid Transit and
marlborough Metropolitan preferred. In
the bond department which was active
and very strong in the so-called specu-
.lative quarter, the Electromagnetic Metro
politan u per cent collaterals were re-
markably active at an astonishing ad-
vance.
Other features of the general stock
market today for buoyancy were Cen
eral Electric, Amalgamated Copper
Pittsburg Coal issues. Pressed Steel Car
and Railway Steel Spring.
News Net Stimulating.
Before the opening the news was not
particularly calculated to stimulate bull
ish sentiment, including, as it did, I'M
pleasant sequels of the work of the
tariff revisers and the initial ratification
of the income tax amendment by one
branch of the Alabama legislature. The
Wall street community. however, paid
about as little attention to such matters
as these as il did to gossip and rumor
about particular corporations.
\ moderate quantity of conjectural re-
ports are In circulation about the finance
ing contemplated by this railroad or that
industrial concern. but Wall street. as a
whole, is not seeking for explanations
about individual stocks when the whole
market seems to be responding chiefly to
the impulses provided by good crop
outlook increasing Improvement in bust
ness and credit situation which prom
ises sufficient accommodation for all legit-
innate needs at no excessive rates.
Reception to Italian Officers.
A hands across-the-sea reception TO the