The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-07-17

NEW YORK. July 1.-THE stock
market. all things considered. gave a
very good account Of itself during the
week.
The price movement was Characterized
by considerable irreGularity. ana the
bulk OF the trading was clearly T.-ofes-
sional. with activity cOnvergins upon
relatively few issues After each little
wave OF depression. however. prices re-
covered rapidly. creating the impress
sion OF an Oversold market and going
a long way toward confirming the
statement made in this column last
week. that some buying orders Of an
excellent character have been placed in
the market to be executed upon a scale
down
The hardening tendency resulting from
such operations is clearly indicated by
the resistance offered TO bear selIiag on
adverse news. and the rapid rec0veries.
Dizziness. however. was intensified
The Investment division OF the market
was a disappointment. Sales Of bonds
on the exchange were limited, and the
demand for investment issues sold OYER
the counter showed practically no i'm
DrOvemenL As is well known there was
no ANTICIPATED investment demand prior
TO the heavy July 1 disbursements, such
as almost always develops even in times
OF Ui-rket unsettIemsnt.
Failing TO come in advance Of the dfvi-
dend and interest payments. many bond
dealers argued that investment bgrving
would develop later on. but the mid
month has come and gone, vet the S8J5.-
o1e,e9 distributed among personal in
vestors All institutions has made no
ripple j. the bond market In fact the
failure Of the state comptroller TO re-
ceiye bids at par fer the fun amount
OF the SD 1E9,elO New York State 4 Der
cent, 52-year. canal Improvement bonds,
offered on Wednesday. indicates that the
congestion IN the investment division IS
more intense than before.
Bond Investment Slow
The canal Improvement bonds failed
OF fun subscription by S2.zs2, 90. This is
said 10 be the hrst instance Of the kind
with a New York State issue siace the
civil war while as recently as April
Ss.9lleJ issue OF 4 per cent New York
state highway bonds was oversubscrih-
ed i've times The incident mad a de-
pressing influence on bond dealers for
although q number Of rn11nicfrsIfrias
have failed 10 market per cent interest
bearing issues recently. this is the FIRST
lnS-ance IN which q Northern state and
such q state as New York. has failed IN
have a bond offering covered by sub
scTiotious-
No fault can be -7ound with the Issue.
= IS a Urinary Obligation Of the S+srs
* - exempt. and the highest possible
.--,zL INV 7SLfisnr for savings banks and
trust funds OF course. the r1usTlF7s.--iFs.5
.lsl-ance OF the issue VIII be uurr-Iaz 7lI
Tor Ine State sinking fund but tbe frri-
cent IS or importance in the 1io,r f-
throws upon the present Ir7ves-v,7ez7+ sf-
-l--i9LL- II IS apparent tina, In This case
through their Obduracv sayf~a-s b7-7I-z'
sl iiSlees. ana personal investors have ~
lgNed 6 bargain 10 slip Ev them
Ihe dc nestle money ma rIyaf has et,,--
. rV o. 10 cnanEe during the vSeek. SO
- - rates are concerned despite the
-,-- De-Ll5l statements, but the in
- ~ L-glldl monetary situation has an
oou5teciy improved materially The
~eE-iE report OF the Bank OF England
~ 4 ~ ~ tsl1y showed loan reduction OF
s--.,-r7'tyt, and an Increase in the vr0uor-
tieh o. reserve TO liability from Is 9a-
Cei ~. last week 10 50-5z per cent at pres
This was followed by a -efsres s.,
market discounts in I.oT5oT -
> --aIp decline in demand Of srerIiDr e,-
D--e-L-=e on ~ ednesday to 4 s515 tho low
- Ldle IN nearly two years and though 4
- recovered and Is still above the ]
zotN import ting point. under normal con-
diuons, 100000 addIrIonaf gold for i'm
PoFt vas purchased in London on Mon
gay ana the belief IS quite general tF7sr {
NeW York viii secure a portion oF e. 4
SCUM african gold arriving in Io75g-7
On MONDAY next In fact I have haeD &
informed byafOreign bankers that rbe
loClilry ear obtain upwards Of 500 0l1 4
sea on the present movement, If we
need so much.
Money Conditions.
There is a growing disposition To at I
tribute the preliminary gold engage
ments, even though secured at q higher
rate than usually jUstifes the fmporta-
Ton OF gold, to the unusual conditions
prevailing in the time money. and com
zEerclal paper market. For instance al
though the bank statement a week aro
was favorable. in the heavy loan redIc-
tlorl, time money was very closely held
throughout the week
SIX months money was quoted at to
- per cent, and loans were negotiated
At both rates, and there was no ab71n-
lanL supply even at these quota tf-rs
Rates were also distinctly higher for
mercantile borrowers. and some choice
FOUR 10 six months single name OaDer