The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-07-01
WALL STREET and
FOREIGN MONEY
THE EUROPEAN MONETARY SIT.
UATION A MARKET FACTOR.
Gold Not Likely to Go Abroad in Any
Important Quantity for the Presen>-
London Seller Of Stocks in New
York-Merger Stock Gossip and Cop
per Stock News-Summary OF the
Week in the Street.
Special to The Journal.

New York, July 1.-Bullish talk stocks is
now the rule, altho well-posted brokers quiet
~ getting rid Of their long'' stock. This shows
that there is lack of confidence in the best cir
clcs regarding sustained advance in the market
at present. The gold exports, while attracting
much notice, were not particularly significant,
at least not SO far as regards conditions in this
country, but were expected several months ago,
and have about thru the natural order
of things. On account of continental demand
we have been accustomed for number of years
to look for gold exports when sterling exchange
Is only fractionally above par. The English
pound sterling, when melted up, is worth
4.s6.67. 1t is now quoted at $4.S7.2o almost
exactly one-eighth of one per cent above par
say 81 $50 per million dollars. Everyone knows
who stops to consider the cost Of freight, insur-
ance, abrasion and loss of interest, that the
money cannot be shipped at anything like the
, premium. 1t requires a peculiar disturbance of
| the rate between London and some continental
| center most frequently in recent years, Paris.
This peculiar rate exists and nearly five
millions in gold bars will be sent to Paris this
week. 1t is recalled that last year exports to
France began about April and continued thru the
| summer, the total shipments from New York te
| France reaching some ffty-odd millions Durine
! this time, owing to intelligent and sclentnt
banking arrangements, money rates continued
to rule extremely low and the stock market made
almost steady progress toward higher level
London Seller.
| London has been selling a considerable amour
or American SCOckS recently, 1dlSeiS Aoi .on'A
mental account. On Thursday, Friday and satur
day of last week and on Monday London sale
were on balance probably loO00 shares OF
cash value of $15OOO,O00. This movement ha
continued thruout most Of the week on decreas
ing ratio. There is thing to be though
of, and that is how much American stocks 0W me-
by New York bankers, have been carried Il
Iondon for the past six months, because IN
owners found it fully as economical as carryln
them here, and because they might have had a
Interior motive in keeping down money rate
here; also possibly in exerting influence o
sterling rates. The peculiar demand for gol
comes no doubt from the French political dis
turbances. Paris has stood the brunt or tn
! discredit of Russian bonds and now the fafl
banking community stands the brunt Oh HefHa
ny's agitation over Morocco. -.
For the moment. sentiment among the specula
tors who conglegate nightly at the uptown NJ
tells appears to be conservative In the pest sens
of the term. 1t is not to be inferred that ther
is any abatement of confidence that prices WI
gradually work to a higher level. There is II
desire, however to force advances by shee
, manipulation, and it is intimated that any move
ment of that character would be frowned upon D
| the banking element There is general desi1
to permit the foreign political situation to cles
-. I'D more definitely, and at the same time tcs
: the ability Of the market to, IN a sense, taA
: care of itself. 1t is admitted, however, tha
( the bullish feeling has obtained SO strong
hold among the influential spectators ths
q if an adjustment of the differences betwee
. France and Germany regarding Morocco WI
|. announced it would be difficult to prevent q
D immediate spirited response In the local marKe
!; # is maintained that, on the other hand dome
4 tic conditions strong that contlnuan'
K of the Moroccan crisis would not influence a III
), terial decline. - Go