Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-19
Banks Gain in Cash From the
Subtreasury,
BUT LOSE TO THE INTERIOR
Good Bank Statement Looked for To-
morrow.
STOCK PRICES WERE IRREGULAR
Some Gains Were Made, But the
Manipulation Was Thoroughly
Professional
BUT LOSE TO THE INTERIOR
STOCK PRICES WERE IRREGULAR
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK July 1s.-The preliminary
estimates of the principal movements in
currency during the week concurred in
setting forth gain in cash by the banks
in the neighborhood of s4.500,000 The
banks favorable balance in their operations
with the subtreasury amounted to more
than $4,000. 900. but they suffered small
loss on account of the interior movements in
currency.
With such gain in cash as that indi-
Gated. however. tomorrow's bank state
ment ought to show quite a handsome in
crease in surplus reserves. This prospect
would appear to be indicated also in the low
rates which have been quoted for loans on
call this week and which were continued
today. Sterling exchange rates advanced
ather smartly.
In the days stock market large num-
Der OF advances in prices were made. which
at their maximum represented very extern
sive proportions The general course of
prices was. however, after all, irregular,
and the markets upward tendency was
punctuated by frequent smart reactions.
This was no more than was to be expected.
however, when the extent of the advance
In prices during the past ten days was con-
sidered and when there is considered also
the thoroughly professional and manlpu-
lated character OF the market.
Leaders Were Unchanged.
Vnere was a large increase nOteC IN tne
volume of business and a greater number
OF stocks changed hands than has been the
case recently. but nevertheless the trading
again showed undue concentration in
activity upon the same particular stocks
which have been conspicuous In that regard
for so many weeks past
The London stock market was generally
strong with decided animation In the
American department, but the activity there
not SuCCaeded nv either huyi09 SELL
Ing orders for foreign account upan on ap-
preciative scale.
Apart from the prospective showing Of
tomorrows bank statement and the senti-
mental influence usually exerted by the
advanced quotations for American stocks.
IN the London market, there was little or
nothing OF general Importance to be cited
In connection with the course of prices.
So far as particular stocks were con-
cerned. the most important contributions
In the way OF news were furnished by the
preliminary annual statements of the
Union Pacific and Southern Pacific COM
panies.
The remarkable exhibits which were made
coincided very closely with the forecasts
the week. Union and Southern Pacific were
both conspicuous features Of the railway
list In every respect.
Steel Stocks Supported.
There was nothing further to be adduced
In connection with the continued anima-
ton in Great Northern preferred and North
ern Pacific except through the repetition OF
the same reports which have accompanied
the transactions In those stocks for the past
ten days or more. and there was no varia-
ton in these rumors today, were they
in any way substantiated. Transactions
elsewhere In the railway list were unaccom-
panied by the slightest news novel goS-
sip The traction shares were again rela-
lively heavy. for sufficiently known reasons
A fair volume of business was transacted
in the industrial and miscellaneous issues,
where the tendencies displayed were identi-
cal with those exhibited by the railway list.
The United States Steel stocks showed,
however, a rather better degree of support
than has been witnessed for some time.