The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-06-24
Money Situation Causes Most
Anxiety i'll This
Country,
lsToCKs ARE UNREsPoNslvE.
Indicate Check to Domestic
Trade and Rather backward
Spring.

MI NEW YORK. Juno 23s1'hc sccuri-
ties markets OF the world were heavy
and apathetic during the whole OF
last week, prices nuctuating feebly
in either direction. There was no
evidence OF liquidation. but demand
was PROSTATE and no power OF recov-
cry could he perceived.
rho strain OF the sami-nnnual money
rettlements caused some anxiety, and
markets evidently arc waiting tie.
passing ont critical period. The.
money situation is tho occasion Of.
even greater anxiety than that In this
country. The position abroad, how
. ever, Is directly reflected in our own
markets by the Withdrawal OF gold
from New York to build up the re-
serve In Paris. The motives of the
French demand for gold are canvasscd
with interest. One obvious motive Is
the purpose of the Bank OF France -
recoup itself for advance made to,
other markets during the strain ~
last fall and winter. There are many
large French advances made to the
! Berlin market. Meantime. trade con-
tinued very active In France. and the
French bank found itself many mill
lions elbow the gold holdings of a year
ago while its loans and note Issues
were much greater.
Banks Shift Dcmnnd..
The sustained rates In money In
London have enabled the London
banks to shift the French demand upon
New York. The popular upheayal in
Southern France over the discomfort OF
the vine growers and the overturn of
"A the russian Parliament are regarded
as containing the seeds Of danger for
y the French financial position. Special
facilities offered by the Bank OF Eng
land for gold shipments have started
gold exports from New York to Lon
don direct. The official discount rates
maintained by the great foreign
banks, 4 per cent by the Bank OF Eng
land. LIZ per cent. by the Imperial
Bank OF Germany and 3 1-2 per cent.
by the Bank OF France, arc higher
than for years past! The July LIST re-
quirements in thehNew York money
market are suMctently onerous tc
Inake!t clear that funds for any specu-
ket VIII be lacking, pending the prcpa
rations for these requirements. Z;
Prices OF stocks show the same un.
4 responsiveness to current develop.
ments which seem TO show check
to domestic trade activity. The back.
ward spring has resulted In some
accumulation OF mercantile stocks AM
DINERS Tor future needs are affected. #
Practical deadlock exists betwee,
buyers and sellers OF Copper. Their.
is a quiet and yielding market for botl
steel and iron, although the demand
for finished products is maintained
Dealings in bonds are inconsequential
Some QUIET absorption is in progress
Facts About Capital
Much attention was given to tn,
compilation OF American capitalize.
tion contained in the annual issue o
authoritative manual OF corporations
! The figures decentralization ofPelec
trio railway systAtns are given as IS.
l30,464.000. or nioreTthan half that ii
steamers Of the country. Industrial
and mining corporations are estlmatc
Mt $l3.000,000,0o0, and gas and electri
light and power companies at on.
billion each. The prodigious cxpaa
sion OF enterprises thus indicated Il
specific lines helps 70 explain the ne
cesSity for pause for further &C
cumuiatton which has forced the pres
ent halt in the outpouring of capita
and the tiestencountered in til
further extensionnof enterprises