Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-05
Notable Increase in Volume OF
Trading Today
FROM COMMISSION FIRMS
Distinctly Advancing Tendency of
Prices at Opening.
RECESSION IN CALL LOAN RATES
outlook for Bank Statement Encourag-
ing-Gain in Cash by the Banks.
Commodities Irregular.
enecIal DIspatch To The Star.

epecial Dispatch tn The Star
NEW YORK. July 5.-1t begins to look
ms If spectators in securities were becom-
ing Indifferent to or wearied of the theoriz-
ing as to the sources of the present upward
movement in the stock market and were
becoming willing to take their chances
along with the promoters of the rise. AT
any rate. there was considerable increase
In the volume of business in today's mar
.ket greater activity on the part Of commits
sion houses and. during the greater part
of the business session, a distinctly ad-
vanclng tendency to prices.
Specifically speaking. the most direct
incentive to the markets course might be
named in the publication of the usual
weekly preliminary estimates of the chief
movements In currency during the week.
These pointed to the gain in cash by the
banks of between 100000 and $7.0OO.OoO.
practically the whole of which was derived
from the hanks operations with the sub
treasury, rejecting, of course. the redemp-
aion of the Tnatured per cent bonds.
There was further recession today In the
average rates for loans CALL and Of
course the outlook for tomorrow's bank
Statement with such large gain in actual
ments OF the large foreign banks. which
were published yesterday, were Indifferent
but seasonable exhibits.
A Striking Development.
The most striking development which was
presented for consideration previous to the
opening of business was the definite an
nouncement that practically the whole of
the battleship fleet of the country would
some time during the autumn be transfer
red to the Pacific ocean. In well-informed
financial circles this announcement did not
come in the nature of a surprise, but on
the other hand, in view of recent more or
less official denials and equivocations. it is
W IA ha prth1 In OF loro
prepared for this intelligence.
AT the same time, whatever conclusions
may have been drawn from this informa-
ton. Z had perceptible influence either
upon the local or the London stock market
The latter dull and irregular. home
securities being heavy. while American
Foreign houses We're buyers here on bal
hnce 60 the extent of about $4,000 shares.
Crop Report Forebodings.
: The commodity markets were irregular,
but generally firm and Wall street was
again flooded with the most pessimistic
forecasts of next weeks government crop
report.
A disposition was again fairly common
10 attribute the course of afrairs iri the
stock market in large part to the manipu-
iative operations OF a conspicuous Boston
SPECTATOR. The Compromised outgiving
of that personality was published in the
advertising columns of this mornings news
papers, and it appeared therefrom that the
major promise used by him in his argu-
ment for a higher range of prices in the
stock market was the continuance in power
for another presidential term of the present
administration at Washington. 1t is hardly
necessary to say that Wall street accepted
this theory with mixed emotions.
Movements In particular stocks were a
matter entirely of the temporary pre-
ponderance of buying or selling orders or
otherwise OF technical trading circum-
stances. The increased public interest tn
the market was reflected In the general
distribution of activity and the unusually
large number of securities which were dealt
in. Movements In prices were quite uni
form. and there were no exceptions of sig
niflcance to the general drift