Evening star. [volume] (Washington, D.C.) 1854-1972, 1917-06-24
WIDTH AND STRENGTH
FEATURES OF MARKET.
Activity and Gains Cover a Wide
Range, Rails Alone Remain
ing Quiet.
By the Associated Press.

By the Associated Press.
NEW YORK, June 23-Opening at ir-
regular prices on relatively small oper-
ations. today's short session soon de-
veloped strength in all directions under
the guidance of equipments and similar
war issues. The only notable excep-
tions were shippings and Saxon motor.
the latter recording an extreme decnne
Of 8 points to Is and rallying little
more than half way.
Baldwin Locomotive was the strong
Ast feature at gross gain OF o's
to IeH, virtually all of which was re-
tanned. American Locomotive rose al
most 3 points and United States steel
rushed forward in the later dealings TO
130N. a gain of over points
Gulf States. M,dvaie steels. Great
Northern Ore and Colorado Fuel fin
ished at advances of to 212. Coppers.
oils. Industrial Alcohol and Mailing
preferred embraced the other promi-
gains.
Rails Unusually Quiet.
Rails were unusually quiet. some bet
ter known shares failing of actual quo
tation New York Central and Coalers
registered slight advances. Southern
Pacific made only Indifferent response
to publication Of the May report. whicn
showed net gain in excess OF sz ~ ~
900. Total sales amounted to 100000
shares.
Unusually heavy dealings in liberty
bonds at par to 100 ESQ helped create
more favorable sentiment. Washington
news bearing on the money situation
and government contracts also was
more reassuring. Improvement was
observed In the leading quotations 1or
foreign exchange.
AS a result of the extraordinary move
ments during the week actual excess
bank reserves again contracted by over
$12,000.o00. the total excess declining 70
$41,s27,2 30. or within a million dollars
Of the minimum established in Decem-
Der. 1916.
The general bond list was heavy. To-
tai sales (par value) aggregated s3,2o0,-
900. liberty bonds contributing over
half
The various old United States bonds
were lower by 1 to per cent on call
during the week.
High Rates for Money.
Highest money rates of the year and
rd-breaking gold imports were the
important week in the stock market.
Dealings contracted sharply and the
undertone was often irregular;
Call loans remained around per
Industrial securities formed the great
bulk Of the collateral. further dlscrlm.
ination being shown against issues OF
speculative character. Time rates also
hardened oeClQootS, anu ~" oiu nv INV
of the week the paucity OF money oc-
casioned some anxiety.
Well informed financial circles ex-
pect no marked readjustment of these
conditions pending payment OF the nrst
liberty loan installment. which calls
for s360,000, 900. Almost coincident with
this are the July interest and dividend
disbursements. which will surpass all
previous demands.
Relief for Money Market
The Treasury Department has in
formed bankers that steps will soon be
money market resulting from the re-
quirements OF the liberty loan. 1t Is
fully expected half of the money now
virtually idle will be made available
Immediately after the midyear.
The s73,000.000 of British gold i'm
ported during the week was larger by
more than $2o. 900, 900 than any previ-
Gus amount received here in similar
period It's arrival fulfilled promise
recently made by British fiscal repre-
sentatives in this country and served
to stabilize sterling. when rates on the
countries of all the other allies were
uncertain or heavy. especially as ap-
plica to Italy and Russia.
Wall street expressed disappointment
At the failure of the Washington au-
thorities to Ak upon a definite schedule
to be purchased b. the government in
connection with impending contracts.
The proposed war tax measures also
gave rise to further anxiety. although
amendments now contemplated by Con-
gress are, for the most part. less oner-
Gus than those under consideration
few weeks ago.