The times., 1901-06-29
AN IMPROVEMENT IN TONE.
The Stock Market Shows the Eff
feet of Return of Confidence.
Failure of n WALL street House Not
Reflected in the DeaIings-NO More
Wenk Financial Spots i'm sight
London Furnishes Higher Prices.

London Furnishes higher fFices.
NEW YORK. June 2S-The money mar
ket continued active today, with the bulk
of the borrowing on call effected at rates
ranging from to 10 per cent. Lower and
higher fgures than these We're also
quoted but they We're not significant as
rejecting the real state Of the call loan
market.
Having obtained some range upon mon
ey market probabilities, the street seemed
TO regain confidence and a general inn
proVenent followed in the stock market.
The failure of the banking firm, the in
solvency of which has been suspected for
ere days. was announced shortly after
the opening and was without the slightest
effect on prices. the news being greeted.
ig.5eed, with composure and satisfaction.
These feelings, of course, reflected the re-
lief from uncertainty and not any senti-
ments of animosity toward the unfortu-
nate firm.
It was generally believed that the at
mosphere had been materially cleared up
through the formal bankruptcy of the
two concerns whose failure had been be-
lieved to be impending for some time,
and while, as was to have been expected,
rumor continued to circulate regarding
the status of other concerns. they die not
receive any considerable amount of Gre
dence.
The statement of the Chairman of the
Clearing House Committee of the Asso-
ciated Banks, that he was not cognizant
of any other weak spots in the situation,
had also no little effect in restoring con-
fdence. a favorable influence, further
more, was exercised by the changed dis
position of London toward this market
Generally speaking, higher prices we're
sent in from that quarter and London
houses traded quite actively in this mar
ket, buying on balance about 1900 shares
of stocks.
Some Improvement in the situation at
Berlin was indicated in the fact that Ger
man banking houses were buyers of
American stocks in London TO a consid-
cradle extent.
Today's actual developments outside of
the wide fluctuation in the rates for call
lonas were meagre in quantity and insig-
nificant in quality. Traffic returns were
good. particularly those made by the
Union Pacific Company. A feeling of I'M
certainty prevailed in regard to the prob
able showing OF the bank statement to-
morrow. but for once Wall Street properly
paid more attention to actual and pros
peetive money market conditions than the
iliusory probabilities that the bank state
ment.
The improvement in prices was shared
in by all quarters of the market In the
railway list noteworthy advances were
scored in Atchison, Kansas and Texas
Pacific preferred. Erie, ST. Paul Union Pa
cific. Southern Pacific. and Wisconsin Gen.
trail There was, however, TO be cited in
connection with any of these movements
and indeed most OF the days fluctuations
appeared to result from technical causes
exclusively.
The local traction group was strong, and
MD FacfT
We're quite active. There was some disap-
pointment felt that the United States
Steel stocks did not make a better show
ing than they did In view of the early ap-
proach of the dividend period, particularly
as the declaration OF a dividend on the
common has now come to be commonly
expected.
in the specially quarter of the market,
which moved in line with the other divis-
ions.