Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-27
Yesterdays Rise in Prices Was
Resumed Today.
I
CONSIDERABLE ACTIVITY
Upward Movement in Face Of Ad-
vance in Call Rates.
GOSSIP OVER MUNICIPAL LOAN
The Market Developed a Firm Tone
and Number of the Leaders Scored
Substantial Advances.
GOSSIP OVER MUNICIPAL LOAN
Special Dispatch to The Star.


NEW YORK. June 27.-Whatever may
have been the actual causes Of this weeks
Improvement in stock market conditions, 1t
is necessary for purposes Of record to note
that the rise in prices which was
temporarily interrupted yesterday was re-
sumed today with considerable vigor. Less
was heard of the operations of the small
bull pool which undertook to bid up prices
in the early part of the week, and 1t was
apparently the case that 1t builded bet
ter than 1t know. Today's upward
movement took place in the face of quite
a pronounced advance in the rates for
loans on call. although a slight furry in
that direction was by no means remark
able in view Of the fact that tomorrow Is
the practical end of the month and of the
fiscal year.
Sterling exchange conditions showed lit
tie alteration, and SO far as that market
was concerned in the prospect for additional
shipments Of gold was not altered in one
way or another. In the absence Of fur
Their gold engagements the banks made
small gain in their operations with the sub
treasury yesterday, and this morning
figures set forth an unfavorable balance In
their operations with the subtreasury Of
81, 524.OOO.
This is about $1,000 900 greater than the
sum total of the surplus reserves reported
in last Saturdays bank statement, but, per-
haps because of the paradoxical showing
made by that document. little attention
was accorded to the prospects for this
weeks exhibit
The London Market.
The Bank of Englands rate of discount
was left unchanged at per cent, and the
banks weekly statement showed the char
acteristic decline in the proportion of re-
serve to liabilities incidental to the season
of the year. The banks statement was
without any pronounced effect upon the
London stock market Consols continued
steady tone to other departments
American stocks were quoted at Irregular
changes in comparison with New YORK
closing prices of yesterday, ana little or
nothing was done here for foreign account.
AS has been the case throughout the
week, local discussion was largely occu-
pied with the prospects for the successful
Notation tomorrow of the municipal loan A
rumor obtained currency during the morn
ing that a syndicate has been organized
which would make tender for the new
securities at price slightly above par
1t was impossible to confirm this report or
TO discover any concern which would admit
TO participation in this undertaking.
The outstanding per lent city Donds
are now quoted below par, but 1t was sug-
Pested that members of the olde- SyndicateS
still carrying the 3h per cent and per cent
issues might for reasons of policy combine
for the purpose of furnishing market LOT
the new ISSUE
Developed q Firm Tone.
The reports in question were, however.
beyond any doubt decidedly influential In
the course of affairs upon the stock ex-
change. After a brief spell of irregulartty
around the opening of business, the mar
ket developed decidedly firm tone and
number of stocks notably the higher priced
issues. scored substantial adv noes.
Noteworthy instances were Great North
cific and Reading. The traction stocks
moved irregularly Brookl"h Rspid Transit
being strong while the i.terborough Met
ropolitan stocks were subjected % ralir
striking pressure. The industrial and mis-
cellaneous issues were practically all strong
in common with the railway Est. with the
dealings as usual most active In United
States Steel common, American Smelling
and Amalgamated Copper.