Evening star., 1909-08-27
SHARP GAINS IN SPOTS
Summary of Conditions at
Opening on Change Today.
QUOTATIONS IN NEW YORK
Effect Of Harriman's Return From
Europe Analysed.
LONDON SUPPLIES ADVANCES
Midday Market Weakens Temporal
rily-New Low Prices Recorded.
Gossip on Shrinkages.
LONDON SUPPLIES ADVANCES
Special Dispatch to The Star.

Special Dispatch to The Star
NEW YORK. August 2i.-Fer the
time being. at least. the downward
movement in the stock market which
was renewed on Mr.. Harrimans return
seemed today to have been interrupted
halted checked or stayed Just which
II any. of these terms descriptive ol
the markets status was applicable was
for the greater part Of the session
matter of conjecture. At all events
some show of resistance to pressure Is
so certain that the speculative basis
on which prices rested a few weeks
ago has been replaced by something
like an investment level, due regard
being paid to those important factors
commonly described as general condi-
tione.
Instead of as was the case yesterday
and the day before, contributing discour-
agement to bullish hopes by weak range
Of prices for American securities, Lon.
don this morning furnished general ano
rather substantial advances over parity
with last nights close. Whether this
fact was owing to London initiative or
not. it served TO induce short covering
movement at the opening here: Trans
actions of this nature. plus traders pur-
chases for an upturn. sufhced to ex-
plain the all-around strength and sharp
gains in many quarters which were ais
played in the early dealings. The neces-
assuming that their introduction might
have been intended, nor was there any
appearance of aggressive buying for i'm
pcrtant interests.
General Recession Noted.
After the early business there was a
general recession Of moderate proper
tions. but prices speedily hardened, and
on the second hour on somewhat re-
duced scale of activity the opening
level had been pretty generally recov-
Southern Pacific, Union Pacific, Penn
sylvania. Reading. st. Paul and some of
the prominent industrials selling at an
average advance of point or more
above last nights final figures.
Around midday the market weakened
and receded to new low prices for the
day, but rallied rather quickly, and In
the early part of the afternoon had re-
gained the opening range with the excep-
tion that Industrials displayed on the
whole more substantial strength than
they had in the forenoon. Rather con-
spicuous exceptions TO the general move
ment because of their weakness or heavi-
ness were Louisville and Nashville, the
Northwestern, American Cotton Oil.
American Telephone and Telegraph and
United States Steel preferred.
Gossip is Busy.
Gossip and surmise were busy again
with the search for explanations of a
shrinkage in quoted values. which had
been attended by such peculiar phenom-
ena as to stimulate curiosity There was
mo cessation of improbable rumor, but this
was negligiblsfn the face Of some more or
less authoritative indications that ex-
plantations could be furnished by GER
tain individuals if they were so dis
posed. Wall street wonders very much
If a bank president, a flnancier who not
SO long ago sold one railroad and bought
another. and a capitalist who some
years back bought a railroad without
exactly knowing what he was going to
do with it when he got 1t could throw
any light on what has occurred.
Outside this more absorbing topic OF
speculative interest, there was fur
nished for Wall street attention only a
minimum OF material. The Southern
railway reported an increase in gross
earnings amounting to $685. from
July I to August 81.
Foreign exchange was easier, as was
the local money market. the quotations
for the more active maturities in time
loans being an eighth lower Pre-
limiuary estimates>-of money move
ments Indicated a moderate gain IN
cash by the banks on the weeks trans
actions.