Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-22
Rally Follows an Early Period
OF Weakness.
GAIN IN CASH BY BANKS
Anticipating Favorable Statement
Tomorrow.
ADvICEs FROM WASHINGTON
Standard Oil Authorities Declare That
They Will Welcome the Threat
ened Investigation

Special Dispatch to The Star.
NEW, YORK, June 22-The preliminary
estimates Of the principal movements i'm
currency during the week indicated gain
in cash by the banks of something over
$1,50000O. about half Of which was derived
from the currency movement from the in
terror. and the remainder from the trans
actions with the s1btreasury. The conse-
quent prospects that tomorrow's bank
statement would make a fairly strong
showing led to fairly general rally in Tho
stock market after an early period of quite
pronounced weakness during which many
OF the active stocks had shown declines
running from one to two points. The MAJ
kets early tone was not very definitely ac-
counted for through any of the overnight
Developments
A good deal of beartsh capital was made
out OF the advices from Washington to the
erect that the administration would an
nounce during the day that rigid investi-
gatfon OF the affairs of the Standard Oil
company would be undertaken, but ii was
unofhcially announced on behalf of that
corporation that any. scrutiny into affairs
by the federal authorities would be well
coined and facilitated.
The London stock market continued de-
pressed chiefly on the gloomy views held
as to the out turn of the situation in Rus
however, exceptionally firm, which would
not indicate any special uneasiness on the
part of persons who might be assumed to
possess actual information as to the facts
in the case.
The commodity markets moved irregu-
lar1y. and wheat failed to give any material
reflection to the continued reports of the
injury wrought to that crop through the
appearance of rust in Illinois and other
states
Money market conditions showed no es-
sentlal alteration and sterling exchange
was steady at the rally in rates made III
that market late yesterday afternoon.
Stock market transactions showed a ma
terial falling away in respect of activity
after the fairly active transactions during
the first hour of business.
Southern Pacific was the leading feature
of the market IN respect of strength and
activity the dealings in that stock being
accompanied by the familiar dividend ru-
mors, and also by reports that an additional
issue of the preferred stock will be made,
with consequent valuable privileges to the
common
tionally strong. and the United States Steel
shares enjoyed vigorous rally; the move
ments In these securities being attended by
quite definite statements that negotiations
had been virtually concluded through which
the ore lands of the Great Northern COM
pany will be disposed Of, to the United
States Steel Corporation.
The local traction issues were strong,
with a considerable increase in animation
in Interborough- Metropolitan There was
otherwise little news gossip accompany
Ing the dealings in one stock or another.
The business of commission houses was
upon little more than q nominal scale, the
continued irregularfty of movement In the
market having apparently the natural eff
feet of still further contracting public IN
terest In the speculation.
Little further was heard of the reports
current yesterday relating to the disrup-
ton of the southern iron pool. and the
weeks rumors IN that respect were said,
upon competent authority, to have very lit
tie foundation In fact.