Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-05
MARKET FAIRLY BU0YANT
LOAN RATE MOVE INEFFECTUAL
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July "a smart and gener
al advance in prices during today's fore
noon session on the stock exchange APP
peared to be largely induced by the very de-
cided strength of American stocks In the
London market. Ali departments of that
market were fairly buoyant In sympathy
with an extensive rise in Russian securi-
ties. which also moved upward In the con-
tinental markets.
The advance in Russian bonds was at
tributed to much more optimistic advices
respecting political and social conditions
in Russia, although these were not alto
gether borne out In the press dispatches.
American stocks were. however. quoted
at advances in the London market, rang
ing from fractional limits to over one point,
and as the prices furnished from that quar-
ter were followed up by purchases for for
eign account, estimated at upward of 40.0OO
shares. they exercised no little influence
upon speculative sentiment.
1t was the fairly common testimony -
observers of the trading that the :.
sharp gains resulted almost ecs' civ frnr;,
the foreign purchases ar I'm, tha oa,,or
ing of short contract III n e,t 80.
was no materis! Increase In the business
,vhen tn houses to be detected. and
nn.a5 purchases of the descriptions
4 ceaSeQ OF Tell away altogether the
i-.drket relapsed again into irregularity.
Matters outside of the stock market it
Self which might be mentioned In connec-
ton with the early rise In prices included
the announcement Of additional importa-
lions OF gold and rather unexpectedly easy
conditions In the money market. Efforts
were made to open the market for loans
on call at 8 per cent. but they were quite
ineffectual. and most of the renewals of
standing loans and the new borrowings
were arranged around per cent Another
factor in the early strength Of the market
was the expectation, which was accom-
panied by rumors to that effect, that a
high officer In a conspicuous national bank
was to deliver with the course of the day
an address taking very optimistic view
OF the financial conditions In general
Disappointment Over Address.
Previous addresses coming from the same
quarter have been tinged with ultra-con-
servattsm. but for some reason Wall street
attained the idea that todays deliverance
would setesforth a glowing view of all
things. including the future of the stock
market Perusal of the address which has
been published early in the afternoon. made
II appear very quickly that Wall streets
early notions as to Its tenor were alto
gether askew, and the consequent disap-
pointment on the part of the spectators
was quite acute There was little that was
striking or important aside from matters
OF routine character over the holiday.
Crop adYices were satisfactory. but the
grain market moved irregularly, wheat be-
Ing weak. while corn was decidedly strong.
the month OF May. including the returns of
the Chesapeake & Ohio and Norfolk 4
western companies carried some weight
In the early part of the day. particularly In
view of the dividend expectations regarl..,~
the stocks of both of those compa-~.s