Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-08-06
DUE TO NEW TARIFF
Buoyancy Continues on New
York Exchange.
RISE ALL ALONG THE LINE
Average of Point or Two Over Fig
ures Last Night.
FEW DECLINES IN OPENING
Low-Range Quotations by London
Handicapped by Difficulty in
Producing the Stocks.
FEW DECLINES IN OPENING
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 6-Evidence that
the reactionary movement which became
pronounced toward the close of yester-
days stock exchange session was caused
by the passage of the tariff bill was
promptly furnished by the stock market
this morning. Either the good news was
not all out when Congress adjourned or
the theorists were right in their diagnosis,
for after firm opening today all stocks
enjoyed buoyant rise. which carried
them before midday to a price level aver
aging a point or more over last night $
final figures.
The facts. OF course. are that re
spectacle aggregation of speculative
stocks was liquidated in the fore part OF
the week. and it was not at all surprising
that for an hour or SO the market should
indulge itself with something like an APP
proach to a reaction. Its behavior today
corroborated overnight predictions made
by shrewd interpreters of speculative
phenomena and bore out anew long-run
calculations OF those who have been
basing their representations or commit
ments upon general conditions outside
the market, as well as upon its intrinsic
situation.
Declines of Minor Grade.
Comparatively few declines were shown
in the opening dealings and these were
of little consequence in number or inn
portance when compared with the adj
vances. A lower range of quotations for
Americans had been sent over by Lon
don but spectators here who tried to
take advantage of them reported that il
was difficult to get stocks over there.
Foreign houses followed the lower price
level with sales on this side estimated at
about $4,000 shares. but this selling
was no more effective than had been the
foreign made prices.
The market had very clearly turned
over night, as those who tried to buy
stocks al anywhere near yeste rdays clos
ing quotations speedily found out. The
early bird caught the worm and the
suspicion was general that the earliest
birds this morning were room traders
who had INDUCED their bearish proclivi-
ties by going short late yesterday.
In any event prices hardened. not only
really, but with marked unanimity, and
an all around advance of extensive pro-
portions was scored in the first hour. on
transactions at the rate of million a
shares day. Naturally the recovery was
followed by a moderate recession due TO
operations of a profit-taking nature, but
strading fell off and prices hardened
again.
Interest Well Diversified.
The market was not as broad as it
looked. four stocks approximately, Ameri-
can Smelling, Reading, Southern Pacific
and United States Steel-furnshing not
far from half the business during the
forenoon: but it was not narrow. Inter
est was we'll diversified. industrials par
taking equally with railroad shares, and
there were few stocks even occasionally
active which did not figure in the list.
:. Among the most substantial gains not
ed were advances of a point and more in
Atchison, Delaware and Hudson, Illinois
Central, American Agricultural Chemi-
cal, Amalgamated Copper, General Elec-
trie and National Lead. Republic Steel
common was UP two points in the early
afternoon; Pennsylvania and New York
Central Ia each, Union Pacific and
Southern Pacific a point each, American
Smelling "a. and st. Paul 2ss
Shared by the Railroads.
The grain carrying railroads. including
Great Northern, which reported a gain
of almost 100000 in gross earnings in
July, shared. although not so extensively
as st. Paul. in the advance. On its super
fetal characteristics the market seemed
10 have been fairly cleared of stocks
by this weeks selling movement. In
specialties the market continues to be
barren. as was illustrated by the abrupt
rise of Pullman.
Chief place in the days news of market
wise Importance was. of course. held by
the fact that Congress was out of the
way until December. The intervening
time is short. but Wall street is dis
posed to make the best of it.