Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-06-21
Speculation Took on Renewed
Hopes Today.
GAPS IN THE BUSINESS
BULLISH AUTHORIZATIONS EN-
Outraged BY A GENERAL TONE.
Strength Of a Number of Prominent
Leaders Contributed to Helping
the Whole List.


Special Dispatch to The Star.
NEW YORK, June 21.-A further change
came over the spirit of Wall streets dream
today, and instead of visions of an imme-
diate relapse into dizziness and sluggishness
following the moderate animation and ad-
vance of the last two days the speculative
community thought that it saw prospects
of quite a broad, active and strong market
continuing for some time to come.
There were gaps In business in today's
session, but bullsh hopes were encouraged
by very general distribution of interest, a
marked increase In activity and many i'm
pressive upward movements in influential
issues
The Steel shares, Pennsylvania and Bal
timore and Ohio. Union and Southern Pa
cific, ST. Paul and Illinois Central and the
local fractions were leaders calculated to
create quite following. and it was not
remarkable that the whole list sympathized
with the strength of these. Nothing sue
ceeds like success. and the satisfactory re-
wards which greeted professional efforts in
the last few days for a rise were probably
the chief factors in making today's ad-
vance extensive it was.
An outside factor of general bulliSh i'm
port was the announcement of Paul Nor
tons intentions with regard to a drastic
overhauling OF the affairs of the Equitable
lar significance, but calculated to stimu-
late bullish imaginations, was the disclos-
ure of an alliance between the Belmont
and Pennsylvania interests in the Long
Island traction deal.
Uneasy Fears Dissipated.
Uneasy fears that had been entertained
for some time were dissipated by the news
that the extra session of the legislature
had no other business set for 1t by Governor
higgins than to try Justice Hooker The
improving political outlook abroad reflected
in hrmness on the London stock exchange
and the continental bourses, although when
accompanied by only very large increase
In business. was further feature of help
fu!ness for the construction side of the
account. especially insomuch as 1t made
LOT assurance of money market ease by
leaving undisturbed the present comfortable
position OF international credits.
Foreign Money Supply.
Foreign money is in very free supply in
wall street just now, and although some
thing OF furry is looked for toward the
end OF the month on account of the enor-
nous dividend and interest disbursements
In July, authoritative opinion remains I'M
changed that the local banks will be able
10 meet the crop-moving requirements later
without previous distress or coincident un-
P-eaodHIuesS Ior the loss OF securities.
mis- is not the same thing as saying that
there Is likely to be any such plentiful sup
plies OF money as will make possible con-
tlnuously active and strong markets
throughout the summer, but statements
that many leading commission houses in
w all street prepared some time ago for an
extensive camp align later in the year by
borrowing more money than their immedi-
ate requirements called for meet with some
acceptance in well-informed quarters For
tAe immediate present the banks are doing
very wei. holding to date a gain of aImost
Si,UO4Do cash on the weeks transactions
with the subtreasury, and there was a fur
ther easing today in the rates for both call
and time loans