Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-26
NO CHANGE IN MONEY RATES

Fpecia Dispatch TO The Star.
NEW YORK, July 26.-All of the great
financial markets of the world were stlmu-
lated this morning by the very extensive re-
covery which took place in Russian govern
ment securities In the London market
there was sudden advance of three
points In Russian Imperial four per cents
and marked decrease in the discount on
the new loan.
1t could hardly be said that the recovery
in Russian securities could be attributed
TO much that was actually definite indicat-
ing any improvement in the social and po-
Htical conditions in the Russian empire, but
In the absence of exact information the Sc
curity markets plainly construed the rise In
Russian bonds as indicating some turn for
the better.
The early consequent advances In prices
which were made both In London ana IN
New York were sufficiently extensive as to
induce very heavy proft-taking sales with
the course of the business session. the
loca! stock market accordingly. after ex-
hibitin9 great strength and animation dur
ing the first hour of business, relapsed al
terward into irregularity and comparative
dizziness.
While American stocks, In common with
the other departments of the London mar
ket were quoted at substantial advances
the rapidity of the early local rise caused
the balance of the operations for arbitrage
account to result in the sale of some 2o,OOo
shares The Bank of England's rate of dis
count was left unchanged at three and
half per cent, and the banks weekly state
ment was not particularly strong snow
ing. Discount rates in London We're harder.
No change whatever was noted In local
money market conditions, but the foreign
exchange market was quite reactionary
Crop Conditions Satisfactory.
The days advices relating to the crops
continued altogether satisfactory. and the
commodity markets were weak. notably for
cotton. Aside from the indicated improve
ment in Russian affairs there was little
or nothing of general Importance in the
mornings news or the days developments
bearing upon the financial situation.
Rumors with respect to impending devel-
opments in Southern Pacific and Union Pa
cific affairs continued persistent, and those
stocks were conspicuous In point OF actiy-
ity. but both issues followed the irregular
lines traversed by the remainder OF the
market. Other active features OF the rail-
way list were Baltimore and Ohio, Atchi-
son, Reading. Missouri Pacific and st. Paul.
Dealings in the local traction shares and
the Industrial and miscellaneous issues
varied in no essential respects from those
conducted in the railway list. Suostan-
TALLY higher prices were commonly scored
at the outset of the trading. only to be sue
ceeded by irregularfty and rather fitfui
movements.
: Notwithstanding the great irregularity
which the market showed after the open
ing, very considerable increase in the
business of commission houses was re-
ported. The professional element of the
street quite commonly adopted the short
side of the account basing their position
upon the heavy taking sales which
were observed and proceeding further on
the theory that the recent rise in prices has
carried the market to an average stage
justifying a substantial reaction on merely
technical conditions.