Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-06-27
RESUME OF WALL STREET
By Henry CIews.

NEW YORK, June 27.--The money
situation and the crop prospects re-
main the important factors in the
stock market. AS to the former, the
outlook is quite sufficiently defined to
justify caution in operations on the
exchange. There will, in the next few
weeks, 1nquestionably be favorable
opportunities for quick trading, but
profits should be promptly taken on
moderate advances and purchases
made only on reactions. The stub
bornness with which the market has
withstood additional export engage
ments of gold, bringing the seasons
total up to over $1s,5oo,oo0. is a favor
able indication of its temper: and
when 1t is considered that the week
has been one of unusual dullness even
for the summer season, this evidence
of underlying strength becomes sug-
gestive of the slowing up Of liquida-
ton. Dizziness at this season is, of
course, normal in that the large spec
ulative interests seek rest and recrea-
ton. This leaves the field to the small
err traders to undertake transactions
based on their own judgment of mar
ket influences without the risk of these
influences becoming overshadowed by
arbitrary transactions on a large scale
for the account of big operators.
The new engagements of gold have
further reduced bank reserves almost
to the point of exhaustion unless a Sc
we're contraction of loans shall be
shown by this weeks statement; and
lenders, both by inclination and neces-
sity. are outstanding their resources
and pursuing distinct policy of limit
ing accommodation to transactions in
nowise connected with expansion or
speculation.
Redundanee Of Call Money,
The apparent redundance of call
money Is but another evidence Of this
policy although 1t is quite true that
the extreme dullness in stock exchange
speculation and the consequent abb
sence OF banking requirements is also
an influence in the east in the market
for demand funds. Abundant call
money under such circumstances rep
resents timidity on the part Of lend
ers who refuse to tie up their resources
for specific periods. Professional Wall
street deals with the future; It has
already discounted, to very impor-
tant extent the reactionary condition
of business-or, more properly, the
slowing down of business activity
that is only now being generally APP
preciated outside of the street; and is
in a position to recover as soon as gem
eral conditions justify. The justifica-
ton, however, is not yet evident. Mon
ey is scarce the world over, with every
ing the balance of the year. The de-
mand for our gold has thus far come
largely from Paris, which is under
pressure to strengthen it's reserve in
view Of the unsettled Russian situa-
ton, with which France Is so closely
related in financial way by holdings
of something like $4,000, 100000 in
Russian securities. This is a load re-
quiring financial ability to protect; and
with the protracted period of unrest
that is so distinctly in prospect in the
cars domain, redistribution of the
funds that France is now calling home
may hardly be expected TO become a
factor in any market calculations of
the near future.
France Finaneiering Russia.
The dissolution of the Russian duma
represents merely single step toward
the final adjustment of the cars po-
litical affairs; it is quite probable that
duma after duma will follow in the
footsteps of that now just ended before
the conditions shall become acceptable
to the autocrats or grand dukes to
whom the czar is so closely bound and
who exercise such a dominating influ-
ence over him. Until this adjustment
satisfactory to the czar's advisors, has
gone through it's various stages, the
Russian situation may be expected Il
remain a disturbing feature in Euro
pean finances; and the possibility of G
return of European capital to chan.
nels of comparative idleness will re.
main practically as remote as now
The Bank of England is this weel
shown to have improved it's reserves
and sterling exchange conditions seen
to indicate settled policy in this di.
rection. The continental banks hav,
also increased their gold holdings. 81
far as money conditions in the United
States are concerned, an entirely new
feature will be encountered this year