Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-02
NO GREAT SIGNIFICANCE
Sharp Advances Scored in Cotton and
Grain.
CALL MONEY RATES ARE HIGH
Slight Contraction in Activity in Lon
don Dealings Despite Fair Selling
for Foreign Account.
Special Dispatch TO The Star.


NEW YORK, July "A number of rea-
sons might be advanced for reaction in
the stock market this morning. although
the movement IN question was neither ex-
tensive nor apparently of any great sig
nificance. Among the causes for the set
back to the rise in prices. there might be
named to begin with the very extent of
the advance since Monday of last week,
the disclosure of the leading personalities
in the bullish manipulation. and finally
this mornings reports that the admins
tration had arrived at a decision to trans
fer to the Pacific the larger part of the
naval forces of the country.
While the reports could not be ac
ceptrd entirely authoritative, they were
nevertheless generally credited and were
naturally taken TO indicate that the rela-
tons between this country and Japan
were in a more critical condition than has
been heretofore suspected. At all events
there was question that the views in
this Respect were a factor in the stock
market in the early part of the day. and
according to the cabed adyices the rather
pronounced weakness in American stocks
in the London market was due to the same
cause
Further influences in the irregular and
reaCtionary course of prices during the
morning were the sharp advances scored in
both the cotton and grain markets and the
continuing high rates exacted for loans on
call The sharp rise in the cotton market
was directly attributable to the publication
this afternoon of the report of the Depart
ment of Agriculture upon crop conditions.
This showed a percentage as of June % of
~. as against 50 per cent last year. Il per
cent in 1903 and IS per cent in 1904.
Strength of Grain Market
The strength of the grain market was
based specifically upon unfavorabe do
mestic and foreign weather advices and
was probably due in some part to anticipa-
lions of the showing which is expected of
the government crop report on July 10.
Money call during the greater part OF
the business session ruled between and 10
per cent There We're very heavy presenta-
lions at the subtreasury of the matured
per cent bonds, and while the amount ten
dered was not made public until after the
close of the business it was known to be
sufficient to indicate that the banks will be
able to report a very large gain in their
surplus reserves in next Saturdays bank
statement.
Up to this morning they had gained from
the Subtreasury since last Friday 81. 2sS 900.
Sterling exchange was again decidedly
firm. Notwithstanding the high rates quoted
for loans on call.
Americans Weak in London.
In spite Of the rather marked weakness
ofzAmerican stocks In the London marke,
the selling here for foreign account was
not much in excess of 10000 shares There
was slight contraction in respect of ac-
uVity In comparison with recent totals, but
quite fair distribution of interest was ap-
parent There was little or nothing to be
deduced from the dealings In any particular
stocks.
The United States Steel shares were rela-
lively steady, with the usual periodical
predictions with regard to the forthcoming
dividend on the common stock Reading
and Union Pacific furnished their usual
quota or the aggregate transactions in the
railway list.