Evening star., 1909-05-28
STEEL COMMON LEADS
Feature of Close OF Week
Stock Transactions.
REACHES TOP-NOTCH PRICE
Preferred Stock Rule Firm, but Less
Animated.
RAILWAYS ARE SECONDARY
Heavy Proht-Taking Sales Tor
Reading and Pacifcs-Local Trac-
tions Show Animation.
RAILWAYS ARE sEC0NDAR,
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. May 2S-Preliminary esti-
mates of the principal movements In cur
rency during the week pointed to a gam
in cash by the banks of upward of So,op,-
coo by far the greater part of which was
derived from the receipts of cash from
the interior. While the days money mar
ket cut no particular figure in the transac-
tions In securities, the foregoing circum-
stance is worthy of mention on account
of the increasing discussion with regard
10 the probable course of the money mar
ket between this time and the autumn.
AS the stock exchange will be closed
tomorrow, as well as Monday. the bear
ing OF the banks gain In cash this week
upon tomorrow's bank statement attract
ed less than the usual amount Of atten-
ton.
Transactions in the stock market were
in greatly enlarged volume in comparison
with Yesterdays aggregate. United states
steel common was i'm all respects the
chief and leading figure Of the days deal
ings. that stock rising to by far the hisn-
est figures at which II has ever been
quoted The preferred stock was also
firm. but the transactions in and the
course Of that security suffered In con-
trast with those pursued by the common.
1t could hardly be said with truth that
States Steel common was accompanied
by any actual news of Importance. one
theory was current to the effect that some
special distribution of profits might be
made upon the stock in view of the vast
expenditures upon the Gary plant, and
the recent sale of securities of some OF
the controlled companies was pointed to
in substantiation of this idea
More Prominent Than Railways.
As has been the case throughout the
week. the industrial and miscellaneous
issues were much more prominent than
the railway share list. The movement in
United States Steel common was natu-
rally the overshadowing feature of the
transactions in that group, but substan-
tial advances were noted also In the Re
public Iron and Steel stocks, Corn Prod
ucts. Westinghouse Electric. American
Telephone and Telegraph and Amalga-
mated Copper.
The local traction issues exhibited
rather more animation than they have
done throughout the week.
The railway shares list was likewise
decidedly frm, although further evidences
Of heavy profit-taking sales were noted
in some directions. and especially in
Reading. Transactions In that quarter
were largest in the last-named stock,
Union Pacific. Southern Pacific and Wa
bash shares and the other Gould issues
and Rock Island.
London Market Steady.
Little news Of gossip Of interest ac-
companied however, the dealings in the
railway list. although, as has been the
ease previously. rumors were current Of
some impending development of i'm
portance favorable to the Hill group Of
stocks.
The London stock market was steady,
with decided strength shown by the Amer
lean group. while the kaffir shares en-
joyed a veritable boom and closed at
the highest prices Of the day. Foreign
houses were buyers in the local market
TO the extent of $1,000 shares. the largest
purchases being in United States Steel
common.