Evening star., 1901-06-28
Wall Street Shows Inclination to
Be Conservative.
SUBSTANTIAL SECURITIES SOUGHT
Failure of Marquand & Co. Has
No Effect.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. June 2S.-In the London
market today a better feeling prevailed.
American shares showed all around
strength, and business was quite active
transactions being reported in over twenty
issues in this department Gains were
shown. as compared with our final prices
yesterday, extending to a full point in
Atchison common. The United States Steel
shares were firm. and there was good de-
mand for the Pacific issues. The average
Improvement was u to u per cent.
In the local stock market prices at the
opening showed advances extending to
per cent, the latter in Atchison common in
response to the large increased earning for
May the net increase being 1858. .761. The
improvement in the market was general
though speculation at the start was rather
sluggish.
Soon after the opening announcement
was made Of the failure Of Marquand &
Co. This is the house that is said to have
brought on the Seventh National Bank
suspension yesterday. The announcement
today Of their failure did not disturb the
market in the least.
On the other hand, prices were worked up
on the sales under the rule" which would
indicate that the firm mentioned must have
been short Of most of the stocks held In
their account.
st. Paul advanced point and a half over
the opening price, which showed q Der
cent advance over last nights closing fig
ures, and the stock was well bought
Union Pacific and Southern Pacific also
showed good advance, while Delaware and
LackaWanna rose over per cent.
Local traction shares were stronger, with
gains OF l per cent in Metropolitan and
Brooklyn Rapid Transit. The Industrial list
was without special features at the OPEN
Ing, but after the first hours trading some
excellent buying was noticed in the United
Steel issues. helping those. specialties to
substantial rally. Sales under the rule
OF american Tobacco stock at an advance
Of per cent from the last quotation oc-
CURED. Tennessee Coal and Iron showed
an advance of per cent on light trading.
In the afternoon the market was very
when prices throughout the list started up
on sharp covering by the shorts and sub
stantfal advances were made all along the
line, the nervousness and depression that
characterized yesterdays speculation Civ
ing way to a very buoyant feeling Call
money rates ruled from to 10 per cent in
the forenoon. but this had no bad influence
on the speculative temper today II also
loaned at 6la per cent after O'Clock TODAY.
The point In tomorrow's bank statement
Is whether there has been sufficient reduc-
tion In loans to offset an apparent loss in
cash by the banks of 81 900 600 resulting en-
tirely from the large government colec-
tfons on general accounts this week The
elimination Of accounts Of Seventh National
BANK from the clearing house figures for
three days this week will operate in the
direction Of decreasing the loan and de-
post items Of associated institutions.
In addition to the preparations for July
disbursements the Seventh National sus-
pension and circumstances leading up to
the embarrassment induced many banks
to call loans. which would also tend to
strengthen the reserves. The loss In cash
referred to above might possibly be offset
by local movements of cash, which not in
frequently happens. as for instance, move
ment OF money from trust companies into
banks The banks up to the close Of busi-
ness Thursday received by direct express
from the interior $3.S54. los and shipped
700. 400. a gain on the movement Of
81. .3S3, ,70S
In the period mentioned the subtreasury
drew from the banks SO, ,221 900, leaving an
apparent net loss in lawful money by the
banks of S1.s37, ,295. In the previous week
the banks received by express 81 2S4 800 and
shipped $4,000, a gain on that weeks
movements Of $334S,3OO. This week con-
siderable sums Of money were shipped to
Boston, and some gold was forwarded by
local banks to Canada. Large sums Of gold
are known to be on the way from the
Klondike. but banks in this city interested
have not yet been advised of their arrival
at Seattle.