The Birmingham age-herald., 1905-07-18
STOCK MARKET HAS
 FIRM UNDERTONE Trading Narrow and of Pro-
 fessional Character DEMAND IS UNlMPORTAN1 Moderate Strength Shown in a Few Cases Was Due Mostly to Dividend Rumors-soon DrIfted Into
 Old Ruts.
DEMAND IS UNlMP0RTAN1

New York, July 1.-The narrow and professional character of the days mar ket did not obscure the fifmness of it's undertone. The demand was unimportant and centered in only few stocks, influ- enced by special causes, but the demand was still sufficient to absorb the scanty offerings for such stocks as enjoy any thing like an ordinary degree of activity. In some of the obscurer stocks the le- thargy of the demand had larger ef- fects where any attempt was made to market the stocks wide declines, result ing in some such cases The moderate strength shown in a few cases, and which was the sustaining influence upon the rest of the market, was due mostly to dividend rumors.
 Union Pacific and Southern Pacific, Erie and Amalgamated Copper were all in the list. So far as the restraint upon the market was due to any apprehension of a closer money market 1t was not justified by an irnmedite development, although the sub-treasury operations reflected the payments on account of individual de- posits recalled for Saturday last The first of the installment called amounts to about s11, 600 for all the national banks of the country. As a matter of fact the government has expended since the first of July and the new fiscal year in excess of It's receipts s12.ss215S, thus more than offsetting the withdrawal from the market under the call for Saturday.
 Bankers also expect that the govern ment bonds held to secure the deposits in banks and now released, will promptly go into use for taking out additional cir culation. Some of the proceeds of the new Japanese loan subscription also are likely to be restored in the market shortly. Ap- plications were to be accompanied with per cent, and the over-subscriptions may be employed to the extent of another per cent to discount the second in- stallrnent of the subscriptions due on Au- gust B. This would be returnable to the subscribers on the allotment which was made in London today, and will be made in New York on Wednesday.
 But it is felt that when the remaining installment is paid in October next 1t is likely to be remitted abroad shortly Any prospect of Russian indemnity loan being offered would probably disin- cline the Japanese government to leave large sums on deposit in the banks of the western world for the benefit indirectly of a Russian loan Notation. Demand for time loans was reported good, but the supply ample Railroad officials spoke of the increasing demand for all lines of commodities owing to the growing confi- fence- in the grain crops, and today s wenther reports were favorable. The cotton market was nervous, but did not affect stocks Reports were current Of some large contracts placed for foundry iron. leading to the query whether the buying movement for pig iron had begun. United States preferred was benefted by this suggestion.
 The days occasional strong spots were not well held, and as the heat wave be- came aggravated the market drifted into the old ruts and closed at small changes from last weeks level.
 Bonds were irregular. Total sales par