Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-28
Upward Movement of Prices
Renewed at Opening.
SOME DEPRESSING TOPICS
London and Other Foreign Markets
Quite Cheerful.
BUYING MOSTLY BY THE SHORTS
Substantial Increase in Volume Of
Business-Notable Advances by
Railway Leaders.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 2S.-The subjects
which engrossed the greater part of Wall
streets interest and discussion were the
prospects for the fotation of New York
city loan the further although really slight
furry in the money market and the pre-
liminary estimates of the principal move
ments in currency during the week, which
indicated the net loss In cash by the banks
of sum about equal to the remaining sur
plus reserves reported in last Saturdays
bank statement. This was assuredly not
an encouraging category of topics, but
nevertheless the stock market advanced
further and extensively during the greater
part of the business session and all depart
ments shared In the Improvement.
The upward movement in the market
occurred also Notwithstanding that four
fifths of the business session elapsed De-
fore any definite Information was obtain.
able to the outcome OF the offerings OF
New York city securities. AS was the case
yesterday. rumors were in circulation to
the effect that the success of the Offering
was assured through the Organization Of the
syndicate to bid for the securities, but as
was also the yesterday, 1t was i'm
possible to locate any participants In this
alleged syndicate.
Cheerful representations as to the sue
cess of the issue were forthcoming from
the municipal authorities in charge of the
matter, and equally pessimistic predictions
were current In financial circles as to the
result of the foatation. AS noted, however
the course of prices in the stock market
suggested that none of the chief matters OF
interest already mentioned appealed with
any great force to the buyers of stocks,
whoever the latter may have been. The
London and other European stock markets
were again quite cheerful today, and Tor
eign houses were buyers on balance here,
although not to sufficient extent as to
have influenced prices materially in the
absence of local support.
Some Advances Scored.
Although there were no other matters of
either general or particular importance
which could compete in interest with those
mentioned at the outset of this article, ad-
vances approximating, and in many cases
exceeding, one point were scored in the
various quarters of the market.
1t was apparently the case that the we'll
sustained rise in prices during the week
had finally proved disappearing to the re-
manning short interest in the market. and
much of today's buying was obviously for
that speculative faction.
There was very substantial increase In
the volume of business in comparison with
yesterdays transactions. and. already
mentioned. fair diversihcaHon of specula-
tive interest.
Some of the more striking movements in
the railway list took place in the Southern
railway shares, Reading, Union and South
ern Pacific. ST. Paul, Northern Pacific.
Great Northern preferred, Atchison and
Pennsylvania.
The local traction shares moved upward
also, and the Industrial and miscellaneous
issues were generally strong. There was,
however, nothing of novelty or particular
interest to be elected from the transactions
in one stock or another.