Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-02
BETTER DEGREE OF SUPPORT
London Strength Pronounced in All
Departments.
NO ALTERATION In LOAN RATES
Volume of Business Considerably in
Excess of Friday-Good Outlook
for the Week.

Special Dispatch TO The Star.
NEW YORK, July 1.-The stock market
continues to move irregularly today. but in
a general way it might be said that in the
presence of renewed liquidation, a small
better degree of support was observed
than could have been detected in last
week S unsettled dealings. Little of i'm
portance was comprised In the develop
ments over Sunday, the adjournment of
Congress having, of course, been definitely
indicated Saturday morning. The London
stock market today showed rather pro-
nounced strength in all of its departments.
and American stocks shared fully in the
improving tendencies there. 1t was appar-
emily largely because of the. advances at
which American stocks were quoted In the
London market that. in the local dealings,
general and substantial gains were scored
IN the initial transactions.
Operations here for foreign account re-
suited in a small preponderarice OF pur-
chases. The stock market reacted sharply
almost Immediately after the opening and
infatuated with great rregularity during
the remainder of the business session
Money on call opened at percent and ruled
around that figure during the greater part
of the business session but this was not
remarkable circumstance in view OF the
days exceedingly heavy disbursements for
dividend and Interest payments. There was
much disappointment expressed in that no
turther ENGAGEMENTS OF gold were made In
the London market. although the fact that
the Bank of England managed to secure
the bulk of the new gold ofIe! inC i'll the
open market was of the caus IS OF the
strength upon the London stoc< sxcbs nse
There was no material alteration In the
rates quoted for loans on time in the local
money market.
The volume OF business transacted upon
the stock exchange was considerably in
excess OF that recorded on Friday but this
was largely because of the great activity
during the first hour of business. Suisse
Quently there was marked falling away in
animation The character of the dealings
varied little from that observed during last
week, except In the already mentioned occa-
sional appearance of what appeared to be
supporting orders. The business of COM
mission houses seemed to be mainly on the
selling side, and the general tenor of the
market adyices emanating from those direc-
lions was decidedly pessimistic There
were further evidences OF liquidation by
speculative pools in various stocks
Professional operations included both ag-
greSsiVe selling for the short account and
on hand; quite heavy buying for the
purpose of retiring short contracts was oc-
casionally observed, many traders taking
the ground that the decline in prices had
attained proportions which warranted a
substantial rally. In view of all the noted
technical circumstances relating to the
market, its great irregularity was not spe-
cially remarkable. The only DEVELOPMENTS
of Importance relating to individual securi-
ties were made up of the days dividend an
nOuncements and statements of earnings
The latter included the Unexpectedly salts
factory May report of the Erie company.
which showed only a trifing decrease in
gross earnings in spite of the curtailed an
thraclte coal production OF that month.