The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-06
DULLNESS IN WALL STREET
THERE WAS PRACTICALLY NO
MARKET DURING LAST
WEEK
FEW STOCKS WERE ACTIVE
The New York Financier Doesn't
Have Much Faith I'm the Bank
Acknowledgement Reflect
Actual Conditions.

NEW YORK, Aug. 4-Other than the
limited speculation growing out of the
operations Of the professional element 1t
is not beyond the truth to say that there
was last week practically no market on
the New York Stock Exchange. Profess
slonallsm was easily the dominant fea-
ture of = trading as there was and
under che circums tances it is not sur
prising that the dealings developed along
special lines.
-Four or five particular stocks each day
monopoized the greater part of the busi-
ness yet not even this artificial stimula-
ton swelled the total sales for the week
much beyond what in times of ordinary
activity might be considered a fair days
business.
The market in many senses of the word
was a duplicate of that of the week pre-
vious, wherein the professionals played
nearly all the part and the public little
or none. And, as In the previous week,
the movement Of prices was decidedly ir-
regular, strength. though superficial, APP
peardng on some days, and on others,
! whenever manipulative efforts came to an
end. heaviness.
In some quarters there was evidence of
more determined and aggressive effort
to force prices higher and to a degree
the efforts were successful. If home de-
Velopments go for aught, the week has
been one rather inclined to favor ad-
vancing quotations.
One OF the leading railroads Of the coun-
try the Union Pacific, has increased the
dividend rate on it's common stock: an
other, the Baltimore & Ohio, has placed
us common stock on a 4 per cent basis
Wmle some excellent statements of earn
lngs, annual and otherwise, have been Dut
out by a number of the larger systems.
Ihese developments. following the re-
cent increase in the Illinois Central divi-
dend, might not unnaturaIly have been
expected to give strength, if not actual
buoyancy, to the railway group at least
Yet the facts and the figures show that
the good news fell practically fiat and
Ldl4eo 10 stimulate any appreciable en-
thusiasm. much less to induce buying.
only In Union Pacific has there been
what may be termed a fairly hearty re-
spouse. In that stock some good buytne
has appeared on the theory that as a 4
per cent stock its present market position
is absurdly low as compared, for in
stance, with Louisville &c Nashville or
Baltimore & Ohio.
In the other railway stocks heavIness
Tor the most part has ruled, Baltimore &c
Ohio actually declining after the declara
ton Of the dividend.
The New York Financier saws This
week:
The statement. made by the clearing
house banks of New York for the week
ending Aug. 4 Is open to the suspicion
that 1t does not reflect accurately the real
condition of the institutions at the close
OF business. Saturday. The known receints
from the interior and the gains made by
the banks from the subtreasury Indicated
an expansion of more than IS, OOO, 900 in
cash holdings but the statement shows
an increase of SO, 269 1o0
The detailed exhibit shows that all the
specie, at least, was absorbed by one
large institution. The banks now hold
$z52, 800 in specie and 1egals, which is
within $S,O0O,O0O or 100000 of the maxi
mum amount ever reported, and at the
rate they are gaining it would not be
surprising to see former records closely
paraIleled.
At the same time the movements in
sterling quotations foreshadow a possible
export of gold, and the crop movement
Will likely reduce New York. totals very
shortly. Last year the banks lost $25. 600
VVe as result of fall demands This year
the amount may not reach that figure
The rise in the loan total at this time
Is rather difficult to account for. No spe
clal operations of moment have occurred.
and the expansion is rather regularly dis
tributed among large number of insti-
tutions.
The receipts of cash and the increase In
loans swelled the deposits, and the gain
or S6,64O.SOO in that item necessitated an
addition to the legal reserve of at least
$l'66O'oOO so that the excess cash reported
is only $l,6OS9OO larger than a week ago.
The banks are adding rapidly to their cir
culation' possibly with a view to ship
ments to the interior later, and the ex-
pansion for the past six days was 81, 1857.
Ioo, making the total circulation S26,645, 700.
This is gain Of $7,776,3O0 since March
IA, when the new financial law took eff
fect' but the total Is now less than 421h
per cent of capital. as against 100 per
cent allowed by law.