Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-02
MORE HIGH RECORDS
Bank Statements, However,
Limited Activity.
STEEL STOCK THE LEADER
Money Market Impaired General
Irregularity.
TRADE REPORTS REASSURING
Industrials Firmer Than Railways.
Reading and Hartman Issues
Under Pressure.
TRADE REPORTS REAssURING
Special Dispatch TO The Star.

Special Dispatch to The Star.
NEW YORK October 2.-Curiosity as
to the position of the banks which would
be disclosed by the statements published
after the close Of business had visible
effect upon the stock market this morn
ing. 1t limited activity to a small part
of the list and impaired irregularity to
the general price movement. The stocks
which were active, however, were quite
active, indeed, especially u. s. Steel. The
operations in this one stock for that mat
ter. had also a curtaling influence on gen.
eral business. 1t is the habit of the
stock market to hesitate when any one
prominent issue becomes excessively con-
spicuous. L. S. Steel was very strong.
however and both 1t and the preferred
made new high-record prices.
High records were made in other direc-
lions also. notably by Atchison and
Mackay companies. Particular strength
especially the Inter-Met. issues, including
the bonds. and by Louisville and Nash
Vile.
The international mercantile marine
stocks showed further strength, related to
Mr.. Tafts utterances on ship subsidy.
U. S. Steel World Factor.
Industrial stocks were generally firmer
than the railroads. in which Reading and
the Hartman stocks were apparently I'M
der profit-taking pressure.
Information obtainable this morning was
to the effect that the continuing advance
of United States Steel must be related to
the International departments Of great
consequence. 1t is promised, of course,
that United States Steel has greater
market than Wall street. 1t is not far
from the truth to say that the civilized
world is interested or specializing in it.
The developments referred to, however,
are more important and significant than
international transactions in the stock or
it's listing in any foreign market.
Excepting MIR. Tafts renewed pledge of
fealty to the policy of his predecessor,
qualified by the proviso about his own un-
derstanding OF those policies and his own
approved methods of pursuing them, the
weekend news was favorable.
Gratifying Statistics.
The trade reviews noted no reaction
anywhere and laid especial emphasis
on the soundness of the Improvement
which has been taking place. The monthly
statistics prepared in Washington showed
an excess of imports over exports during
August. amounting to s7,474.OOO, but the
figures for both exports and imports
Snow that our commerce is expanding.
The local post office receipts in Sep
termber increased 161s per cent. compared
with the corresponding month last year.
For the quarter ending September 80
they increased 12A per cent, and for the
year ending September 80 they increased
1Ol2 per cent. showing a progressive rate
of gain. The copper exports for last
month exhibited an increase contrary
to preliminary estimates.
Figures compiled by the New York
Central railroad show that the largest
number OF loaded freight cars for any one
month in the history of the New York
Central system were hauled during Sep
TENDER. During the week bank clearings
throughout the country increased - per
cent. Foreign exchange for the week
showed slight decline
Selling pressure on the stock market
increased in the last hour. The Erie is
sues, Reading, Rock Island and Union
Pacific and Northern Pacific were par
ticularly under pressure, but: only Erie
showed real heaviness. Toward the close
there was a general smart upward move
ment, led by United States Steel and ST
Paul, and the closing tone was decidedly
strong.