The Washington times., 1904-07-21
NEW YORK.

MllIOnS OF dollars were offered in the
money crowd yesterday at / per cent
and good deal of money was loaned
at that price. This is the lowest rate
that has been made since the beginning
OF the month, and the fact that call
rates were falling instead of rising was
looked upon as an indication that the
monetary outlook offered nothing 20
worry about. Those who are bulls for
a long pull are insisting much on the
favorable effect on the market of con-
unued ease in money rates. There are
many bulls who are not at all disturbed
Dy declines such as occurred In the late
ttddlng yesterday. which they at
tl1outed entirely TO profit-taking sales
II was true, however, that the decline
was little too sharp to suit most. and
IN the last few minutes a good many
threw their stocks overheard rather tba1,
take the risk Of holding them over
night. Some thought the break in the
market III the last hour would be re-
ilecJed IN the London prices this morn
lhs ana cause lower opening here
ABOUT as many were inclined 10 the
opinion that the market would omen
stronger before again selling off.
Transactions in the stock market yes
terday amounted to $4,000 shares. ex-
ceeding by 5000 shares the largest rre-
NlOus total during the present period of
! activity. It was the third day since
July / on which the trading exceeded
fot,'',, shares, each one of which was
looked upon as the volume" dav
which was 10 mark the elimination Of
, the upward movement. The devOtea of
street theories having guessed yyronp,
twice had another chance to guess YES
Ierday with the chances more in HE
/ favor than they were on the earlier nc
| casions, inasmuch as everyone admits
lnat the end Of the movement is TO
come some time. aud on this ground
! mere Is increasing probability of the
guess coming true.
The minority stockholders of the
tramp Steel Company. who met yester-
day at 4S Wall Street to see what steps
n!sht De taken 10 protect their inter
I ests III the reorganization of the prop
! erty' failed 10 accomplish anything
definite. and the meeting broke M I'm
tax that the courts might be asked "a
intervene and take charge of the prop
erty.
The company has furnaces. in Colling-
wood, Ont, and is controlled by DR.
Seward Webb. The minority stockhoId-
ers charge that in the proposed reorgan-
izatiOn their interest Will be wiped out
the preferred stock has been dissipateG
by the management.
The inclination on the part of many
D
some weeks TO look upon any further
/ advance as doubtful. which was OBJ
/ servable since the beginning Of the week
was still more in evidence yesterday. 81
am still bullish," remarked one trader
/ who had been a rampant bull when the
/ list was ten points lower, but naturally
] cannot feel the same confidence thai
/ ] did two weeks ago. The market IS
/ apparently being held up in the face 81
/ a prOht-taking movement Of large pro
| portions. ] do not care any more TO buy
| on n rising market. as we have beer
/ doing for two weeks past. ! viii tax,
/ them on the dips and will be content
| with smaller profits
/ The Iron Age says today:
There is IN nearly all quarters a kind
/ ~ disposition to help an Improvement II
the iron trade along with cheerful talk
( There are certainly more inquiries an,
! there Is a good deal more estimating OF
/ work than there has been, but there Is
/ very 1ffr1c really reliable evidence fha