The Washington times., 1901-08-18
A DULL HALLIDAY MARKET
Rails and Specialties at Stand
still. and a Reaction in Grains.
Further SaEGing of Market Expected
by Professionals - Unprecedented
Exports and Foreign Demand for
Wheat Decrease i'm Bank Loans.

NEW YORK. Aug. 1.-THE day was
rather desultory one, traders who be-
licve that the present dizziness prtsages
a further sasging of prices extending
their commitments to further moderate
extent with the view of chipping of i'm
mediate profits on the short side. The
outside public was conspicuous by its alb
sence and even London interest was lack
ing. half holiday inactivity at that -en-
tire being reported as pronounced as upon
the local exchange. The aggregate trans
actions in stocks in this market were less
than 10000 shares, showing a decided
contraction of interest as compared with
the recent average volume. During the
greater part of the week, however. prices
have advanced, while regardless of
nr..,ber of aggravated crop damage esti-
mases published the wheat and corn
markets have declined to the extent OF
an extreme to cents hushei.
Notwithstanding all of the more or less
disinterested estimates of the falling OH
in the yield of the corn crop, the opinion
Is reiterated by unusually well-informed
Chicago operators in both grain ana
stocks that the loss of tonnage to the
railroads from the lighter corn yield will
be very much less than has been sup
posed The divergent course Of the mar
kets for cereals and for securities has
afforded the Western speculative contin-
gent little or no opportunity to cover
contracts at profit.
The reaction in the cereals market is
the more noteworthy in view of the I'M
precedented exports of wheat for the
week and revised estimates of the re-
Quirements of foreign countries for our
breadstuffs 1t is now predicted that
France will need from 100000 to 100000
600 bushels of our wheat, the estimate of
the English shortage has been consider
ably enlarged and il is said that the eX-
portable surplus of Austria-Hungary
will be considerably below the earlier
expectations.
The usually heavy clearances of wheat
and large engagements ahead for export
were mainly responsible for condition or
actual Generalization in the sterling ex-
change market today. In addition. heavy
offerings of grain and cotton futures and
of bankers bills for next week at rates be
low today's lowest figures were reported
The statement of averages of the aSso-
ciated banks today again surprised the
financial community in that moderate
decrease in loans was shown, which was
partly due 10 the lessened volume of deal
ings on the stock exchange and a decrease
of about 10000 in lawful money about
evenly distributed between legal tenders
and specie. The individual bank cash fig
ures had indicated an increase of some
thing like S1.oJo.Cc1 The showing was
later explained as resulting from a de
crease of $1,5li. 80 in the circulation of the
Bank OF the Republic. The loss in specie
was due to local shifting of funds. The
net result of the statement is a decrease
of $2,53l. O50 in the surplus reserve, reduc-
ing the total of that item to SIS, $50, as
compared with a surplus for the CORE
spending period last year of SIS 1850
The speculative lethargy today was va
riously attributed to uneasiness regarding
the probability of an extension Of the steel
strike to the theory of no change being
made in the st. Paul common dividend,
and to suggestions of the probability of a
more active money market. st. Paul.
Union Pacific. and Atchison common were
the only railroad stocks that reached the
1900 share mark. The first mentioned
was the leader by a very small margin,
and together with Union Pacific. sustained
a net loss OF i. per cent Even at the de-
cline st Paul shows an advance for the
week of over five points. Atchison COM
mon left off Is, and the preferred, in
which the dealings were only nominal.
per cent lower. Brooklyn Rapid Transit
lost lla. and Manhattan Railway and
Pennsylvania. Ia each. Other declines
were fractional for the most part. In the
industrial list General Electric exception
ally scored a net improvement of point.
The United States Steel issues were less
active than for some time past and sus-
taintd losses at the close extt ndiDg to
point in the preferred
The railway bond market was duh and
practically feature less.
In the curb market about the only fca-
ture was Consolidated Tobacco fours
which displayed continued strength
moderate dea Ings- Apart from the tech
nical stock market conditions, there was
nothing in the situation to account for the
reactionary move ment in share prices, the
trade reports indicating geneia al improve
r'ent in the busino IS situation The stock
market clos. d sluggish