The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-07-05
TRIPLE HOLIDAY
AFFECTS MARKET
Securities on Wall Street Reas-
onabIy Quiet
GENERAL TRADE IS GOOD
ket Causes Strong Undertone.
Hopeful Feeling Also Gives
Strength to Trade.

New York, July 4-The securities mar
ket of last week was seasonably quiet
and disposed to await the passing of
several Influences that are traditionally
repressive in their effect on the markets,
although they were not operative with
their usual force at this time
The July money settlements are of
equal Importance with those of the first
of the year and it is customary for
speculative activities to stand aside while
they are worked out Last week was
curtailed by the closing of the stock ex-
change on Friday evening until Tues
day of this week. There was little dis
position to enter upon new commitments
with the three-day holiday in prospect
and the other elements which usually
cause uncertainty at this time.
Tho speculation, although quiet, was
expectant and responded quickly to sug-
gestions of favorable developments as
was seen on Tuesday when the volume
of dealings rose to nearly three-quarters
of a million shares and prices advanced
easily at various influential points in
the list. United States Steel was par
ticularly ready to break through restraint
anu OtneT STOCKS aS We'll were QUICK TO
respond to rumors which failed of later
verifcation, but without the stock af-
fected losing the benefit of their circula-
ton. 1t was reported on Monday that
a new development had occurred in the
plan to introduce United States Steel on
the Paris bourse, and the rumor was
afioat also that the federal governments
case against the American Sugar Refining
company would be debarred by the stat
ute Of limitation. The latter assertion
was disproved by the findings of indict-
ments later in the week, and no confirm
alton of the former rumor occurred.
A predisposing cause of the strong
undertone of the market In spite of the
dullness was the extraordinary ease of
the money market through the prepara-
tlons for, and the disbursement of the
July payments. The amount of those
payments in the New York market were
estimated at as high as s21S,00O,O0o. I'm
portant syndicate operations, Involving
new bond Issues, went on at the same
time. Gold was shipped to the amount
of several million dollars to Poland and
South America. There was the senti-
mental influence of the governments call
for return of deposits with national banks
to the amount of $25, 100000, although the
return did not fall due until July 10 and
August 10 The bank clearings and the
reports of Industrial activity pointed to
expanding needs for money Notwith-
standing rates for call loans we're held
to the 2 per cent maximum, practically
as low at this time last year during the
0f cd nd CIR .
demand which We're the after-effects of
the preceding financial depression. Time
money rates have reeeded as we'll, indi-
eating confidence in the easy rates for
money for a considerable period to come
Another strong sustaining influence on
securities was the hopeful feeling. In
the metal industrials an improvement in
the market position Of lead and a sym
pathetic effect on the copper industrials
although sentiment regarding copper was
still unsettled. The iron and steel trade
was reported in a healthy and expanding
condition. The extra distribution by the
Delaware, Lackawanna and Western In
connection with the recasting of its or
ganization to conform with the commod-
tiles clause of the Hepburn law called
attention to the astonishing opulence of
that company and helped to stimulate
demand for others connected with the
anthracite trade. On the political side
the end of the long drawn out labors
over the tariff although not definitely
fixeds@is beginning to be counted on for
effect on the markets and on business
The action of the bond market investi-
cation. the extreme ease of money and
the heavy disbursements of profits for
which investment should be sought.
proved somewhat disappointing outside
the success with which new issues are
passed from the hands of bankers to
secondary subscribers