Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-30
anticipated July Dividends Be-
hind Weeks Advances.
CHANCES OF INVESTMENT
Movement Wholly Professional and
Experimental.
NEWS OF CROPS FAVORABLE
Belief That Long Period of Prostra-
ton of Demand for Stocks Is
Approaching Close.
CHANCES OF INVESTMENT
NEWS OF CROPS FAVORABLE

NEW YORK. June 29.-The stock mar
ket made some stand today against the
disappointment caused by the failure of
the New York city bond offering. The
small number of bids for the bonds did not
In fact come as a surprise to the bank
ing world, in spite of the fictitious con-
fidence in its success which had been built
up in the stock market for speculative eff
feet 1t appeared, however, that most of
the selling prompted by tn. disappoint
ment had been completed yesterday. ana
prices were bid up again today.
Assistance was given to this movement
by the circulation of rumors that the bank
statement would prove an agreeable dis
appointment. The statement failed to
reflect the heavy loan contraction which
had been alleged in these rumors and the
cash loss ran to the full figures of the esti-
mates. There was some loan contraction,
however. evidently the result of calling
in of funds placed IN the market pending
the necessity for their employment in the
payments of dividends and interest which
begins on Monday.
The professional element among the
stock operators showed a revived conf
dence that these disbursements will re-
dound to the benefit of the stock market
and they worked to hold prices so as to
get the benefit of the weeks advance on
sales which 1t Is expected to make next
week
oeCCeT COuQlC1OuS ADTOaQ.
Foreign markets also were affected by
the expectation of coming relaxation in
the money markets. Prices of stocks
vigorously to the highest level of the week
in the final dealings and closed strong.
without important reaction.
The bond market held steady. although
very dull, and was not affected by the UNI
favorable investment differences of the New
York city bond failure.
Total sales of bonds, par value, $25S,OOO.
The Resistance of Prices.
There has been some advance in prices
of stocks this week based on the assump-
ton that the great sums to be disbursed
IN dividends In July would find their way
back into securities for inv stment. The
determined resistance of prices for some
time past to efforts by professional opera
tors to depress them disposed that element
to take the long side of the market and
to accept the demonstration that stocks
were not to be forced to sale at present
prices.
The delay in the effect on the money mar
ket of the preparations for the July settle
ments. which promised short duration for
any tightness. also encouraged the pro-
fessionals to anticipate the turn of the
put stop to the export movement of gold
and advices from abroad showed a sub
sidence of anxiety there over the outcome
of the semi-annual settlements
troubles in Egypt also passed out of the
category of active influences. The belief
gained ground that the long period of
prostration of investment demand was ap-
preaching its close and that capital ac-
emulation was reaching sufficient proper
lions to furnish resources to absorb some
OF the congestion that has clogged the
securities market for so long.
Feeling of Anxiety Subsided.
There has been a sensible subsistence
also Of the feeling of anxiety on the part
of capital over the public attitude and the
activities of the public authorities toward
corporations
Occasional opposition in state legisla-
lures and by state authorities to two-cent
iare legislation and the drift of discussion
In public addresses by men prominent po-
litically have fostered this feeling. News
of the crops has continued favorable and
evidences of recession in business activity
show 1t in so moderate a degree that fears
OF acute coming depression have largely
disappeared
The movement in stocks which has been
prompted by these considerations Is rec
ognized as almost wholly professional and
as experimental with its Justification yet
to be proved by the course of the invest
ment demand after the LIST of July. The
total failure of the New York city bond
Offering late in the week Jared the con-
fidence which had been forming over the
Improvement in the Investment situation
and there Is some apprehension that this
influence may be in evidence in the future
United States 3s have advanced a per