The daily morning journal and courier., 1907-06-24
LATE FEATURES OF
 THE STOCK MARKET A Rather Dubious Outlook
 for the Bulls THE MONEY QUESTION Possibly a Rally to Scoop in
 July Dividends.
THE MONEY QUESTION

The stock market is between hay and
 grass and some of the Wall Street
 philosophers look to see it continue in
 that condition for weeks more. The
 trouble seems to be the money mar
 ket. Some little relief is expected when
 the $15O,OOO,0OO of July dividends come
 forth but the way gold is going out to
 Europe is not at all cheerful for Wall
 street.
 An Associated Press review of the
 situation sent out last night is as fol-
 lows
 The securities markets of the world
 were heavy and apathetic during all
 last week, prices fluctuating feebly in either direction. There was no evidence
 of liquidation but demand was pros
 trate and no power of recovery could
 be seen.
 The strain of the seni-annual money
 settlements caused some anxiety and markets evidently are waiting the pas sing of that critical period. The mon- ey situation abroad is the occasion of even greater anxiety than that in this country. The position abroad, however, is directly reflected in our own mar kets by the withdrawal of gold from New York to build up the reserve in Paris. The motives of the Frech de- mand for gold are canvassed with in- terest. One obvious motive is the pur- chase of the bank of France to recoup itself for advance made to other mar kets during the strain of last fall and winter. Many millions of discount bills were taken in the London market by the bank of France to mitigate the strain there for the safekeeping of the financial position of the world, which would be affected by any troubles in London. There are many large French advances made to the Berlin market also, meantime, trade continued very active in France and the French bank found itself many millions below the gold holdings of a year ago, while it's loans and note issues were much great CT. The sustained rates for money in London have enabled the London banks to shift the French demand on New, York.
 The persistence of the French de- mand gives rise to fears that political causes in addition are dreaded. The popular upheaval in southern France over the discontent of. the wine grow CTS and the overturn of the Russian duma are regarded as containing the seeds of danger for the French finan- cial position The official discount rates maintained by the great foreign banks, four per cent. by the Bank of England, 5 1-2 per cent. by the I'm perial Bank of Germany and 8 1-2 per cent. by the Bank of France, are high CT than at this time for many years past and are the index of the strain upon money resources.
 The foreign exchange market at New York is kept up to the gold export point by these forces, and New York bank reserves are being forced down. 1 wards to the vanishing point for the surplus. Prices of stocks show the same unresponsiveness to current de- | velopments, which seem to show a l check to domestic trade activity. The | backward spring has resulted in some accumulation of mercantile stocks and | orders for future needs are neglected ] to some extent. A condition of prac- ticaI deadlock exists between buyers and sellers of copper, the former keep | ing to a hand to mouth system of buy | ing in the confidence that prices will | recede too. The large producers of copper are reported ready to make some concessions in prices, the amount | of which, and its effect in placing the produce, remain to be determined
 Iron and steel trade authorities re- port quiet and yielding market for eth iron and steel, although the de- mand for finished products is maintain ed. Dealings in bonds are inconsequen- tial, and there is no evidence of such | demand as usually appears in attention of disbursement of such large amounts | in profits as are in prospect for the end | of the fiscal year. The general pay ment of interest by New York savings banks for the half year at the rate of per cent. is evidence of the advantage taken of investment opportunities.
 Much attention was given to the com pilation of American capitalization con- taired in the annual issue of an au- thorltative manual of corporations. The for capitalization of electric rail- ways are given at $S13O, ,464,OOO or more than half that in steam railroads of the country. Industrial and mining eorpo- ra tions are estimated at $13O00, ,000, ,OOO and gas and electric light and power at $1,O0O,00OOOO each. The expansion of enterprises thus indicated iu specific lines helps to explain the destination reached by the country's capital resources and the necessity for a pause for further accumulation which has forced tho present halt in the out pouring of capital and the difficulties encountered ill the further extension of