Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-19
CLOSING TO THE GOOD
Weeks Losses Wiped Out
Largely by the Rebound.
PRICES MOVE IRREGULARLY
Milwaukee Road Featured the
Railway Issues.
FURTHER ADVANCE IN PRICE
Reading and the Local fractions
tn
PRICES MOVE IRREGULARLY
FURTHER ADVANCE IN PRICE
Reading and the Local fractions
Bought on Prospective Increase
of Earnings.
Sperial Disnatrh to The Star.

Special Dispatch To The Star
NEW YORK, September 1s.-Stock
market transactions today altogether
bore the stamp of an evening up OF
business at the end of the week The
market was more irregular than 1T had
been previously, and in the main the
leading stocks closed somewhat lower
than they did Friday.
Indiea tions earlier in the week that
today's bank statement might. like that
of last Saturday, be unfavorable were
yesterday and the day before somewhat
modified by the statements of bankers
privately made that even the slight
advance in the call money rate to .
per cent, with a corresponding slight
hardening of the time money rate. mad
had the effect of greatly diminishing
the westward crop-moving drain, If, In
deed. the result should not prove that
the clearing house institutions had
gained money during the week on net
balance. These suggestions were more
than borne out In the bank statement
when it appeared.
There was, through the operation of
one cause or another, and probably by
reason of many causes. large decrease
in loans shown in the statement in both
the average and actual figures.
In the average form of the state
ment decrease occurred III CASH VI d
little more than s5,3O0,OOO. but in the
actual figures cash increased over
$500, 900.
All this, with a large decrease in
deposits. resulted in a considerable In
crease in the surplus reserve in the
average statement, and in large In
crease in the actual return. Curiously
enough, the statement of the state banks
and trust companies not comprised In
the local clearing house did not indi-
cate that this improvement was due to
a mere shifting of liabilities to banks
outside the clearing house association.
These banks reported only comparative
ly small changes in their last weeks
figures.
Northwest Roads Strong.
The feature Of the stock market
today was further advances in Chicago.
Milwaukee and st. Paul common stock.
due to an impression which became
widespread that a large issue Of st.
Paul bonds was imminent. which would
be in the nature of a reimbursement
to the stockholders of money spent on
the Pacific coast extension and would
also include unusually valuable SUBJ
scription rights.
The stocks Of railroads operating in the
northwest were strong, perhaps by reason
Of the publication of the Canadian Pacific
company's report of an increase of $4Oo,
00O in gross earnings for the second week
of September.
Reading and the various local traction
issues were bought upon the prospects of
the increases in the earnings Of these COM
panies due to the Hudson-Fuiton cele-
bration, and an instance of the way In
which affairs of this kind do increase traf-
fic receipts was currently afforded in the
results of the mardi gras carnival at
Coney Island.
The rise in the market this week has
wiped out the greater portion Of the loss
oinod hv movement
dent upon the markets discount1ng OF the
death of Mr.. Hartman, but there Is no
doubt that the rebound here has had
more substantial foundation than the buy
ing In of stocks sold speculatively for the
decline during this period.
Steel Common Prospects.
Logically enough, the idea has become
more or less prevalent tnat an increase In
the dividend rate on United States Steel
common stock is likely at the October
meeting Of the directors Of the corpora
ton, when the results of the third finan-
cial quarter of the year will be summed
up. But those who know most about the
affairs of the steel corporation are not
basing their optimistic views regarding
the future stock market price OF steel
common stock upon any action regarding
dividends which the directors may or may
not take. Their hopeful convictions are
grounded upon facts of a more general
nature, which can hardly be at this time
any secret to intelligent and observing
people.
1t suffices to say at the moment that
from speculative point of view alone.
enough reason for confidence in this
respect lies in the reasonable inference
that. now that such a large portion of the
corporations net earnings in past years
has been devoted to improvement and
new construction. 1t will be thought neither
fair to stockholders nor necessary for
other reasons that the current profits Of
the corporation shall be expended in this
way IN future in the same large way that