The Minneapolis journal., 1906-07-22
WORKING TO REVIVE i
The STOCK MARKET
7 -elxers Succeed but Indiff fferently
Big Men Back in
Wall Street.
,ecial to The Journal.

,ecial to The Journal.
New York, July 21.-Strong efforts
ave been made within the last few
iys to put some life into the stock
arket, but without much success. The
orts were squeezed somewhat on Tues
sy@y and stocks had corresponding
advance, but the movement was only a
fash in the pan. A majority of well
informed people in Wall street do not
see any substantial basis for an ad-
because of high rates for money and
the approach Of the fall elections.
Of late Standard Oil interests have
been given the credit of selling stocks
besides talking very bearishly upon the
situation. Thus one of the big mag
mates at 26 Broadway was reported to
have been iquidaating his holdings of
that with. Standard Oil sources of in
formation he foresaw reaction in the
iron and steel industry. Advices in this
particular are very conflicting, however,
Iand it is hardly reasonable to suppose
shat this group of fnanciers propose to
injure their own interests in order to
vent their spite upon the administra-
A relative Of II. H. Rogers when
asked recently as to the truth Of the
yemark credited to that gentleman that
he had been cured of the disease of en-
terprise, stated that Mr.. Rogers is talk
ing very optimistically on the. iron and
1y indicates any impending business
depression. While little has been heard
of James Stillman since his return from
Europe, well-informed people intimate
that he is the vanguard, so to speak,
for other Standard Oil magnates who
are sojourning abroad. Like j. P. Nor
gan, who will shortly return, Mr.. Still
of rton r
GERS to fix up. ..
That brokers', as a rule, are somewhat
skeptical as to the legitimacy of the
recent advance was evidenced by nu-
merous advices to the effect that
stprofts should not be ignored on the
bulges.' Rumors of selling by the
larger interests because of a probable
Heavy selling of Erie first preferred,
ordinarily one of the most inactive
stock market issues, gave rise to the
story that Hartman interests were
Hquidating. The liquidation that is go
Ing on. serves to keep rates for call
money at relatively easy level, but
even in this part Of the loan market
higher figures are apt to develop Just
as soon as the demand from the interior
becomes active. Probably by the mid
die of August the movement of cur
rency from New York to interior points
will begin in earnest, and it is likely
that the drain on this center will be
heavier this year than ever before,
despite the fact that out-of-town banks
usual at this period Of the year. A
large part of the holdings of interior
banks, however, are on deposit with
The clearing house institutions Of New
York, and Withdrawals Of these bal
ances doubtless will be large in the au-
tumn, if not sooner. '.-
Already the large western cities re-
port an active inquiry for funds in the
southwest, where the harvest is under
way, and this inquiry is bound at nc
hate period to be reflected in shipments
srom the east. Fortunately the favor
fble reports Of the crops induce foreign
bankers to make advances against fu
thru sales Of their long bills, and Just
as long as money remains at an. at
tractive level there will be no lack oil
foreign capital available for the loca
market, barring of course, the devel
opment of disturbance abroad. Declin
ing prices in the cereals markets ART
bringing quotations for grain to {
port demand, an indication of this al
ready being presented in a growing in
quiry for freight room. on the trans
atlantic steamers, and this factor, to
gether with the probability Of larg
Crops this year, ought not to be los
eight Of. ...~ s.
That there will be large shipments O
gold from Europe to this country in tn
course Of the next few months is ad
fnitted by all observers of the fnancia
outlook, but these shipments will hardl
serve to bring about easy rates 70
/ loans, as they will merely offset tn
funds withdrawn from this center fo
The west and south. If it were no
for the prospect of imports of tn
precious metal the money outlook woul
sbe most discouraging, but it is well t