The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-07-03
HOLIDAY ON
HE MARKET /. ! ! |
No Disposition for New Com
i11itinents Until Routine
Is Resumed.
REVIEW Of THE WEEK WEEK.
Monetary Situation Favorable
to Stocks Demands Iron
the South.
REVIEW 4 E: Of The WEEK 'I|:|:.I |,

n Especial to Tho Tiinsy. Dispat ch.)
N NEW YORK, July 2,--Henry Clews anu
Company say III their weekly financial
Holiday Inertia overhangs tho stoc1
market. With three days cessation "
business In prospect there was q natural
indispostlon to take up new coinmltments
until the regular routine Is resumed. I'M
portant events. II must DO remembered
uro likely to occur shortly at tho seat
( OF war In tho East, which would exercise
far-rcnching effect OH the European
boursea. Again, only three years as0
business was resumed after the HOLIDAYS
to find the corn crop blasted by heat and
drouth. This is not likely to happen q gam
al the Same date. hut such remonlbrnnces
induce caution. In u few days ago WY ~,
st. Louis convention Will take place ailu
the opposition candidate Will De CHOSEN.
This event is not likely to go OH 20
smoothly as Its predecessor at Chlca 80,
and the probability Of more or less c s
citing discussion acts as "a check upon
stock market activity. stu another ele.
ment, and the most important element q
/ prospects are quite satisfactory. the prom
sise being above the average. N,rhis devel-5
opfnent lis Of course, imparttng much
moro hopeful feeling In business circles,
which has already been reflected ~ ne tis
stock market. In tact, y y qusse n,,t
been sufficiently discounted for the Pres
AMI. ~ nfayorabi. tlevelopm ents. from
which escape cannot yet be assured, are
quite possible. and y ~ unlikely Inat lne
/ seasori Will so on without some . se.,
wheat. corn, cotton and other crops have
reached stute OF maturity where tncy
are better able to Withstand Injury. Crop
prospects are certainly encoura gins yNt
there Is dpnaer In being too optimistic.
Favorable to Stocks.
s8 The monetary situation Is consplcuo pussy
4avora bic 10 stocks, since tho latter yleld
much better returns than money ana arg
relatively In smaller supply Bank rs
sSryes arc now at the highest point N
many years, and the crop demands. wn y. y
+ viii soon begin, are likely to drain " NE ny
center less than usual, because ,lh .Il'.
centers arc also we'll supp go WI 1uh s,
The largest demands are likely sto coI Wy.
abundant than at the West, but cotto 2, y
much cheaper than year ago, ana ~
consequence the movement to market
may BE slower than last year 3, sue sest,
ing a less active and some"ha oack 1asl-
flow If currency with the South COZ
\ nared with last year. corn,sthe most I'M
portar.t OF all crops, appears 70 eDe dolhs
fairly vol and recovering earl Gack
wardness In the business world more
hopsful feeling prevails clearing mouse
returns show smaller decreases, ana y, tts
declines In railroad earnings are less
marked than few weeks ago. Ihe sl',-
Gle exception perhaps. Is the Iron ira
Which has not yet recovered from tHs
reaction or 1903. Prices OF raw iron ana
Eteel declined considerably. hut ftnlshed
nrod1cts nave not fallen corresponaingly,
and buyers naturally hold off Tor lower
figures. a good many Iron and steel pro.
ducts are subject to pool contIo!, aud ~
IS the hold-up policy Of the latter that y
\ largely responsible for dizziness n Inc
iron trade although demand, especially
FOR building and railroad material, has
greatly shrunken.
Confident undertone.
Among financial leaders a con tldent un.
dertone prevails. The first sign Of real
Improvement Is a good demand for sec1r-
tiles from investors. This Is still In cyl
= dance In regard to bonds. and as soon as
doubts regarding the election the crops
and tho war are cleared UP the STOCK
market is likely to exhibit increasing ac-
tiyity and strength. Generally speaking;
the summer is a period OF quiet, o"lns
10 the absence OF many operators on va
5cationa, etc, but the cable ana ing te.s-8
graph bring all In easy communication
when conditions warrant II clrcun,-
stances favor July and August may VII
ness q widening stock market, though
New York Is hardly likely TO finance 9
vigorous bull campaign unless EWarFahtee
by good crops. 5@S
sEw yoh Ry A fats ess.a SssiEs2 AND
M loahs; loans nana sixty and ! n n!sey
c1nnt', mercantile paper ahsdi per cent. st r.