Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-12
Market Ruled Firm During Most
of the Session.
THE DEALINGS REDUCED
Preliminary Bank Currency Esti-
mates Indicate Loss.
AMERICANS STRONG IN LONDON
Union Pacific Firm in Common With
Remainder Of Railway List-Trans-
actions Strictly Professional.
AMERICANS STRONG IN LONDON


Special Dispatch to The Star.
NEW YORK July 12.-Today's stock
market opened and ruled firm during the
larger part OF the business session, with the
dealings, however, In greatly reduced VOL
ume in comparison with recent daily aver
ages. 1t would not be at all easy to assign
other than technical explanations for the
general drift of prices.
The preliminary estimates of the principal
movements In currency during the week In
dictated loss in cash by the banks in the
neighborhood of s6,oO0,00 Their direct
loss In their operations with the SuDtrea5-
ury was In excess of $40. JOO, 900. but the re-
ceipts of cash from the interior were I'M
usually heavy. probably In connection with
the return to the treasury or the govern
ment deposit.
. II the showing made In last weeks bank
statement was and II today's forecasts be
even approximately accurate, 1t Is imposS-
BILE to escape the conclusion that tomorrow 3
bank statement must show a deficit in re-
serves.
There was nothing. however, In the con-
dltions In today's market fo- call loans to
suggest any such issue to that weekly mis-
leading document. The renewal rates on
standing loans were fixed at per cent. but
the larger part of the days borrowing on
call arranged for under that figure.
The foreign exchange market was again
reactionary
LOuOOu IudIhSt AlAcS
The London stock market was irregular,
but the American department was rather
exceptionally firm. and the limited opera
lions here for foreign account showed a
small preponderance of purchases. Little
or nothing that was not a matter of COM
mon knowledge was presented for consider
alton from the opening of business.
The days dealings appeared to Indicate
as much as anything else that the pool
which has been operating under the leader
ship of Boston speculator had with more
or less success liquidated it's holdings, and
that IN connection with liquidation of that
character there had developed a consid-
cradle increase In the short interest in the
market.
1t might be said. indeed, that the activities
of fairly we'll identified speculative group
upon the short side Of the account now
form one of the chief subjects of discus
sion in stock exchange circles. Just as
no specific reasons could be assigned to
the course of the market-at-large. no par
ticular explanations could be attached to
the movement in particular stocks-that is
any that were at all novel.
American Tobacco Weak.
All of the American Tobacco issues were
again weak on account Of the federal
prosecution OF that company and In the
curb market there took place a sharp de-
cline In American Snuff common from it's
last recorded sale. The Interborough-M Met
ropolitan stocks were likewise exception
ally weak for reasons more or less identi-
cal with those attaching to the course of
the Tobacco securities.
Initial transactions In the new Union
Pacific per cents were made at quotations
close to the prices at which the bonds are
to be taken by the syndicate. Union Pa
citic stock was. however. firm in common
with the remainder of the railway list.
The days dealings were largely of a
strictly professional character and con-
tinued to show an undue concentration of
interest upon a small number of stocks.
namely. Union Pacific. Reading. United
States Steel common and Amalgamated
Copper.