The Washington times., 1905-07-04
STRONGER PRICES,
ACTIVE BUSINESS
Slight Falling Off Yester-
day Afternoon.
GROWING DEMAND FOR MONEY
Six Months Money Comparatively
Cheap and Will Prove Profitable
NEUTRALITY-SUSPICIOUS. Hopeful.

NEW YORK. July 4-In the early
dealings in yesterdays stock market
prices were strong on an active volume
of business, but in the afternoon trad
ing there was slight falling off in
transactions, although quotations show
ed increased 6rmness In the greater
number of issues.
Commission houses were moderately
heavy buyers, while evidence was pre-
sented of further accumulation of good
securities by substantial interests and
manipulation for better prices by lead
ing spectators and banking concerns
that are tied up with stocks and bonds
which they are anxious TO distribute
among the public.
The fact that there was a better tone
in foreign markets. despite the serious
internal s1<uation in Russia, naturally
helped the local market. but traders
failed to notice the movement in Paris
exchange. which presented conditions
that indicated a renewed demand for
gold in the French capital. The move
ment of the Paris check on Londen
ought to be carefully watched at this
requirements that ST. Petersburg Will
call for after peace terms have been de-
c-ded upon
'rhe local traction shares were
strong features, also Erie, Pennsyi-
vania, Union Pacific Reading, Tennes-
see Coal and Iron. United States Steel
preferred, American Steel F'oundries.
Atchison, Canadian Pacific. ST. Paul,
New York Central, AMI Rock Island
Money Demand Large.
| Saturdays bank statement, with its
| large increase in loans and its decline
| in reserve above legal requirements
furnishes little encouragement for the
| people who believe that New York is
to enjoy a long period Oh easy money
rates The demand for money con-
| tinues large, while the available supply
| IS meager. and as a consequence the
banks may soon be compelled to call in
| loans. Such movement will be un-
| usual at this time of the year. but if
| gold exports are to continue il is hard
| to see how 1t can be avoided. especially
as the efforts to draw money from the
| interior are only partially successful.
| Ordinarily from the first or second
week in July TO the middle or the lat
| ter part of August call money rules IN
| the neighborhood of l per cent, some
| times rising fractionaliy above that fig
but il Is seldom that 1t averages per
cent If however, there Is 1 per cent
| money this month or nextit will be be-
cause OF a change in general condi-
tions, OF which there Is at present no
| sign. Japan has a large amount of
| money on deposit in this country, a part
| OF which may be recalled at any minute,
| while that country has just decided to
| place another loan in the United States.
| England. and Germany for S15o, ,o00. .000-
! Then Russia Will be an enormous bor-
rover in Paris. and, of course, French
bankers will look to the United States
| for gold, which, in connection with the
| Japanese demands and the domestic re-
| quirements in the money market. in
| connection with the gathering of the
| harvests and the expansion in business,
| will made= for higher rates for loan
acc6mn: : IA -;on.
| That borrowers are beginning te be
| impressed With the unfavorable outlook
| .or money i'll the fall is reflected in the
i il. crea sing demand for money for pro-
tlacted periods. At the moment six
! months money is comparatively cheap,
and beyono much doubt will prove. a
| profitable Investment, as the banks,
from present indications, will not be
! axle to build up their reserves ma
| terially this summer, thus entering the
| crop moving period with small holdings,
| which naturally will cause higher rates
| for call and short time funds. People,
| therefore. who borrow now for six
months doubtless will be able to relend
| their money at substantial profits.