The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1907-07-22
WEEKLY REVIEW
OF SECURITIES
TWO FACTIONS AT wORK-oNE
STIMULATIvE, THE OTHER
REACTIONARY.
lBy the Associated Press. J

by the Associated Press.
NEW YORK, July 21.-The stock
market of the past week has re-
vealed the cross-currents of specula-
tive sentiment, running on the one
hand through the channels of the
northwestern and Pacific railroad
stocks, where efforts centered for an
advance In prices and a stimulation
of speculative interest and on the
other hand in the industrial world,
where evidences of trade reaction
caused some depression and hesita-
ton. The easing of the money mar
ket has a good influence on settle
ment. The stirring of speculative
interest in a limited group of stocks
has not shown any revival of sub
stantial investment which must be
relied upon for any conclusive relief
of the troubles caused by the scanty
available supplies of capital. The
indications of trade reaction are in
accordance with the expectations
generally felt ever since the disturb
anoe in the securities market first
gave warning of the forces at work
to that end. Nevertheless, the ex-
tent to which those forces may act,
and the measure of the counterbal-
ancing forces which may operate as
check, are SO far undisclosed as
to leave opinions unsettled and capt.
tai still doubtful and embarking into
investments rather indefinite.
The Journal of Commerce has
made a compilation of new settle
ments made in the United States dur
ing the first half of 1907, showing
total of $1,22S,72S,5O0, with issues
since January 1, of which $798,442,-
100 of this amount has been In short
notes at high interest rates, reflect
ing the urgency of the requirements.
The summing up of the Financial
Review is that the existing situation
in the financial market offers to
capitalists and investors generally
the opportunity by which they have
been deprived for nearly 20 years, of
securing suitable return on their
invested capital"
One of the principal restraining
| factors during the last week was the
decline in prices of metals The
copper market remained in an I'M
stable condition after the reduction
made previously by the principal
producers and sales were made be-
low their quotation.
Reports from the iron and steel
markets we're of falling off In or
ders for finished products and con-
dition of complete dizziness in the
iron market with fears of possible
deadlock between buyers and sellers,
such as characterized the copper
market, other metals at the same
time declining in prices. Authorities
in the iron trade have foreseen this
result and have expressed satisfac-
ton over the prospect, promising a
return to more normal conditions,
with an assurance of an advancing
demand on reimbursement of price
basis sufficient to afford continu-
ance of highly prosperous conditions.
The sustained activity In the branch
es of the iron and steel trades Is adj
mittedly due to the working off of
| accumulated orders and to the COM
pletion of plans of construction part
ly entered upon btfore the shortage
of capital became manifest. The
completion of many of these projects
has been with money borrowed on
enormous terms. The extent to
which the curtailment in future
plans of the railroads may effect
the demand for iron and STEEL is as
yet an unsolved problem.