Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-03
Hesitating Recovery in Prices
Marked the Opening.
FAVORABLE BANK BALANCE
Reflected at Once in a Lowering o.
Money Rates.
LESS HEARD OF JAPANESE ISSUE
London Was Dull and Irregular To-
day-Railway Statements of Earn
ings the Important Feature.


Special Dispatch to The Star
NEW YORK July 3.-The subtreasury
was debtor at today's clearing house set
tlement to the extent of more than S2,5OO.-
OO0 this exceptionally large balance re-
sultipg. of course fNom yesterdays re-
demption of the matured per cent govern
ment bonds. Together with the gains pre-
viously made. the banks were able to re-
port favorable balance in their operations
with the SubtreasUry between last Friday
and this morning of s. 925, 060. The irregu-
lar advantage in this respect will, of course,
be continued through the further redemp-
lions of the matured 4 per cents and cur
tailed to the extent of todays unexpected
further shipments of gold.
While no definite information was avail
able with regard to this last-named trans
action. 1t was the common impression that
that 100000 shipment represented a re-
mittance against government bond redemp-
tons. and at any rate 1t stated by
the bankers undertaking the transfer that
IL had nothing to do with international
credit conditions either at London or Paris
The large gain In cash by the banks
from the subtreasury at once reflected
In a lowering of rates in the market for call
loans. although these ruled high enough
and averaged well above the figures quoted
at the pondng period of last year
Conditions in the foreign exchange mar
ket showed little alteration but it was
the opinion there that yesterday afternoon 8
engagements of gold I'D not indicate an i'm
mediate. or at any rate a continuous re-
sumption of the export movement Coadi-
lions in the market for time loans were
practically unaltered.
A Hesitating Recovery.
Less was heard today of the so-called
japanese question. or at all events that
matter occupied a less prominent part In
discussion. At the same, time there was
some lingering uneasiness evident as to the
outcome of the question, and this may
probably remain the case for an Indefinite
period or until some exact disposition Of
the matter In controversy has been eff
fected.
In the days stock market there took
place hesitating recovery in prices from
yesterdays reactionary movement. A mild
degree of curiosity was expressed as to
the tenor OF the observations upon market
conditions which are promised for tomor-
row morning. not so much by any great
Importance as attached to them, but by
reason of the now generally recognized
part which was played by Boston's spec
tacular speculator in the recent rise In
prices.
Irrespective however of the character
istics of the Individuals who took the initia-
tive In the current advance, it cannot be
questioned that they were successful In
exciting an increased public interest in
the market. and they seem to have it upon
their proper psychological moment for their
undertaking.
London No Factor Today.
London was factor of no Importance In
the local dealings. and the market at that
point was dull and irregular During the
greater part of the business session trading
was conducted in reduced volume from re-
cent averages, probably because of the sus-
pension of business tomorrow
A number of important statements of
earnings, including those of st. Paul and
Union Pacific, furnished the most impor-
tant news there was relating to particular
stocks. The commodity markets were de-
cidedly strong in the early part of the day,
but later moved irregularly