The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1905-07-15
NEW YORK

Yesterdays advance calculations on
the weeks movement of money indl-
Gated a gain of cash by the banks
of about s2.000000. New York not
only gained new gold shipped from
the Pacific Coast but also gained
currency from the interior Under these
circumstances 1t was not regarded as
extraordinary that call money rates
should have ruled lower than the week
before, Notwithstanding the operations
of important loan SyndicateS, the aetive
speculative market and the approach,
though still weeks distant. of the season
of crop-moving demands. Under the pre-
vailing conditions, with New York
hea Willy in debt To London. II was pointed
cut by bank officers that the Govern
nlent crop report had had direct beal :
Ing on the money market The yield or
small grains promises to be such as to
hold prices down to the export Level.
while the cotton crop is not yet definite
" down to such proportions as would
discourage foreign consumers from pur-
chasing The official figures on cotton
export during the month of June give
grounds for the hope that the season 3
movement of that staple across the seas
will be heavy, and that there will be
both cotton and grain bills in volume
to cover the finance bills sold here by in
ternationai bankers in recent months.
which have played SO important part
in keeping call money rates down. But
students Of the money market have not
lost sight of the fact that New York
could be called sharply to account,
should unexpected disaster befall the
crops or unforeseen political conditions
impel the bankers Of foreign capitals
to build up their gold reserves.
A characteristic of a market IN which
only the public is furnished by the moro
or less permanent commission house
circles is that its activity is concentrat-
ed in very small number of issues.
giving the market at times an even more
purely professional appearance than the
acts warrant. When the. whole coun-
try is interested in stocks. the com
munities In which certain companies
have. their plants or through which
certain railroads run send in buying
! orders that naturally spead business
over the entire list The ordinary nom
professional buyer of stocks away from
New York much prefers TO trade in the
securities OF a company with which he
is or thinks he is in some sort OF locG.
| through the gossip of the night watch
man. At times like the present the
minor stocks are left largely to the
specialists.
Brokers whose judgment OF the mar
ket Is generally recognized as conserva-
tive and founded on good information
F., J esterday that the liquidation which
| played so large a part in the early
| transactions did not come from i'm
portant sources. but from room traders
OF the smaller sort who change their
minds and their market positions with
! great facility During the first two
! hours of trading brokers on the floor
| thought otherwise. They said that the
! selling must come from some rather
/ large interests. and decided that all tho
movements in the Hill stocks. st. Pau
! and Southern Pacific, o. the past three
| days were designed TO facilitate realiz-
! ing. The traders were much the most
| hearish contingent in the Street, but
| became less SO the selling pressure
| eased IN the afternoon
The technical position of certain is
! sues. notably the SteelS, has becom'
! considerably weaker during the past tw,
! days. according to gooG judges Of tn
| trading The selling in Loco share lot
! of the preferred stock came from SOM
| Of the biggest commission firms in tn
Street and at least one of them wa!
said to be selling out the stocks pur
/ chased by the Moore party early in tn
| week. when il closed out its Readin:
| and Union Pacific. On the other hand
there is less demand for these issue
| in the loan crowd than there was
| week ago. and borrowed stocks haV
| been returned In some volume, indicat
| ing the reduction OF the short interest
| The smaller commission houses follow
| ing in the Steel stocks Is said 10 be still
| very large, considering the degree o
public interest in stock speculation.