The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-07-09
WALL STREET HEARS
JAPANESE WAR TALK
Not an Active Influence on
Movement OF Stocks,
However.
HEAVY TONE AT THE CLOSE
Money Market Causes Hesitation
in the Movement OF
Prices.
HEAVY TONE AT TIE CLOSE

NEW YORK. July S.-Some OF the
factors in the financial situation evil
IDENTIFY appeared to,speculatsVe. senu-
.nent to-day as containing hazardous
elements which served as an admo-
milton to reduction of commitments IN
stocks. This did not dissuade n consld-
able party in the speculation from per
sistin- in the operation Tor rise
that they have been carrying on .lor
some time past. Between rev stochs
that were positively strong and a rev
others that were actively weak the
general list was almost passive ana
was pulled this way and that IN SYM
patty with the movement in the ac-
tive stocks that happened to be domi-
nant at the time. Amnlgamated Cop
per and St Paul were the most con-
spicuous points of strength and Were
supposed to reflect the continuance oil
the advertised campaign for advance
ing stocks. The advance in Amalga
mated Copper was accompanied by re-
pcrts that an agreement had been
reached practically for sales of cop
per by large producers for early de-
ltNeries at concessions from the prices
new quoted. and which have induced
a deadlock between buyers and sellers.
The movement in St Paul was ascribcd
to a purpose to further the demand
for the new stocks of that company,
subscription warrants for which are
now quoted in the market
The money market position lay at
the bottom of the hesitation end IL
regularity of the market as much as
any other matter. The engagement of
sl,750000 gold for export to France
to-day conformed to the expectation at
the end of last week. This withdrawal
Of cash from the banks follows the
showing in the Saturday bank state
ment of surplus above the legal
reserve requirement Of only $S56,250
The natural inference would be that
the New York banking surplus was
wiped out. Nevertheless, rates for cal
loans here receded from the level al
the close of last week. This but en-
phasized the disposition to distrus,
the bank statement entirely as a re.
liable index Of the actual banking sit.
uation.
The large amount of attention giver
to the discussion of relations betweef
the United States and Japan was :aSar
note OF, although not an active influ
ence. The market was dominated b!
heavy tone at the last
Japanese A IL per cent. bonds de
clined Ia and the 4 per cent. 3-S II
this market. The bond market wa
irregular a s a whole. Total sales, pa
value, s1,027,0OO. United States o
advanced Ia, while the As registere
declined 3s and the is coupon J.
per cent. on call.
Total sales OF stocks to-day wer
65S,300 shares.
NEW YORK. July S.-Money on cal
firm, Sos IL ruling rate, Ia; CLOSING
bid, 5; offered at 5 l2. Time loan
strong; sixty days, 4 l2; ninety days
4 3D.; six months, 8 S-4@6 per cent
Prime mercantile paper. 5 1-2@6 pc
cent, sterling exchange firm. witt
actual business in bankers bills a
s4.SI05NSi. $40 for demand. and a
S4.SS95 @si.S4 Tor siXty-day bills. Post
ed rates, Si.S4 l-2 and S4.SS CONNER
cial bills, s4,S3 5-S9s4,SS "a. Bar sill
Yer 81 SIS Mexican dollars 20 -