The sun., 1904-07-31
FINANCIAL AND COMMERCIAL.
SATURDAY, July 80.

To-day,s stock market was typical mid
ssunmer Saturday short session, devoid,
practically, OF either interest or incident.
Sasa4ng prices marked u trading from
beginning to end; and tne close, almost
without exception, showed price losses,
which. however, In no case ran over frac-
lions. Tho securities dealt in were few IN
number, and in these, with the possible ex-
osption Of Union Pacific and United States
Steel preferred. the trading was light.
There was no impetus from London, the
exchange there being closed to-day for a
holiday which also includes Monday. There
wss 'dearth Of important news on the
iorsdgn international situation, the various
reports from Chinese sources Of the fall or
inpsnding fall Of Port Arthur receiving
scane attAahon. The attendance on the
Aoor Of the exchange was small and the
little business there was owed it's inception
70 the traders. Union Pacific was the
most sotive stock in the trading, as 1t was
also the weakest, showing q net loss Of Y
Of Q point. Explanations Of this fact were
offered freely, including expressions Of
belief Of the withdrawal Of support from
the stock; professional disappointmen
that the directors had failed to increase
further rust reports from crop terri
tories. 1t is more likely that the
refusal Of Judge Bradford to allow a
distribution Of dividends on Northern
Securities shares, many of which are held,
Indirectly, OF course, by the Union Pacific
until after the trial of the cause In the court,
was the influencing factor. The weather
map continued to show good conditions
for tho growing crop, but reports OF rust
In wheat due to previous excessive moist
ure wsre quite insistent. and played, as
much a. anything, part In speculative
sentiment. The actual extent OF damage TO
wheat can hardly be accurately estimated
until the publication Of the Governments
monthly crop report for July, on Aug. l..
In the meantime trading based on the out
como Of the crop, and this Is not inconsider-
eble 10 very apt to be halting. contin-
uatton Of this dulness, unless the market
II forced into activity by events at present
indiscernible, Is not at all unlikely. One
feature, at least. In to-day's business which
was not negative In value was the un-
doubted further liquidation by certain
Roup OF speculators OF their holdings.
This movement, while not pro nounced
1t ali, has been In progress since Thurs
dsy and may account In part for the weak
mess In Union Pacific. The weekly state
ment OF the associated banks, which max es
the best showing. in many respects. in some
weeks, aroused neither interest nor activity
In the market. The statement as whole
about fulfilled forecasts, the gain In cash
particularly running close to the
estimate. The cash gain reported was
Se,2eo, 900, reserves increased IS $50 900,
and loans decreased $2,6l1,lO0. Deposits
showed q nominal increase OF >8,522 400.
Tho decrease in loans. while expected as a
result Of the liquidation OF the week, Is
nevertheless gratifying. this being the first
time In many weeks that showing Of this
kind in the loan account has been made The
increase in reserve to-day brings the total
surpius up to SIS, ,ess 900, which is the largest
on record for this period Of the year and
compares with t24, 900 .o75 last year, 3la, 1885,
125 In 1892. $22 los $50 In 1901. This with
the course Of money rates throughout the
week tends to support the belief. which Is
also held In banking circles, that money
viii be obtainable at easy rates over q long
period. It Is doubtful, even, II the oon-
cuErencs OF interior shipments for crop
moving purposes and q moderate export
movement OF gold to London would force
rates to any great extent In view Of the
huge holdings Of our banks. The decline
In the rates Of exchange throughout the
week have carried the quotations to q point
whore the possibilities Of an export move
nneot arc quito far removed. International
banking houses were OF the opinion yes-
tsrday that the demand for exchange had
been very fully met at the end Of the week
and that exports were therefore, at present
at least, unlikely.