The Washington herald., 1907-08-27
WALL STREET NOTES
n. Y.5Central Goes Below Par
for a Second Time.
INVESTORS GET IN MARKET
banking Circles Interested I'm Call
for state Bank Report, August %,
Same Day as Cali for Reports by
National Banks-MOney Conditions
Getting TO BE More Promising.

New York. Aug. 26.-Reports that argu-
ments for placing the finances of the
city on a sound basis brought about a
sharp rally in the stock market to-day
after the average OF prices had again
sunk to the new low record.
The entire issue Of 100000 4 1-2 per
cent bonds TO be offered by the city
would, 1t was said. be taken. IL need be-
by a syndicate OF Wall street bankers.
The bankers. It was reported. had con-
suited with Mayor Mcclellan before the
amount Of the offering was decided upon
and not until they had expressed a viii
lingness to take an offering as great as
$40. 600 was this amount fixed The
price. Il was said. would be a bit
above par Naturally there was no alb
solute verification of the report, but on
good authority 1t was said that several
conferences had been held and the man
ner in which bankers agreed that the is
sue would be fully subscribed supplied
additional confidence.
New York Central in the morning got
down below par again. As on the other
occasion. when il broke par recently,
there were found a number Of orders
FOR execution at or below par. But there
was the difference that when Central
first broke par. orders We're in long
blocks, first one OF LOCO shares coming
out and, later, one OF more than 1900
making its appearance.
That looked like determined inside sup
port. To-day. though blocks OF LOCO
shares or more changed hands at par
or below. There We're a number Of pur-
ehases Of 100 and 3o0 shares. and in two
or three Of the largest commission houses
IL was said that many OF these repre-
sented purchases for investors who had
previously put in orders 10 buy at or
close to par If the stock again dropped
10 that figure.
Central closed at 1O2. 1-2 points up
from the low point Of the day.
In banking circles much interest was
manifested over the circumstance that
the Comptroller Of the Currency and the
State superintendent of banks had desig-
mated the same day. August p, as the
time for reports OF condition. An idea
that designation Of the same day for re-
ports 10 both national and State author
tiles was not a chance coincident may
haze had no other foundation than that
the banking superintendent was lately
a prominent official Of the Treasury De-
partment at Washington Whatever its
origin. the idea obtained considerable
currency. In the past. It was said State
and national banks have made reports
on the same day. but such occurrences
are very unusual
No perceptible change was noted In time
money rates. but a great deal Of encour-
agement over the money situation was
taken from a decline in sterling ex-
change, demand going of IS points to
1855 and 48 It had been feared that
a different response would be given BY
the foreign exchange market to Secre-
tary Cortelyou's announcement.
Or the local traction shares gains were
scored in all except Third avenue: the
latter was not only weak by contrast.
but on account Of the magnitude OF the
transactions at very low figures.