Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-15
Desultory Trading Marked
Streets Business Today.
A LITTLE ANIMATION
U. p. AND S. P. STOCK FEATURED
EARLY DEALINGS.
There Was Firm Undertone, but
DISPOSITION to Frefer Commitments
for Divers Reasons.

NEW YORK. July 13-Trading in the
stock market through most of the short
session today was largely of a desultory
kind and at about the level of yesterday $
closing prices.
There was a fair amount of animation in
Union Pacific and Southern Pacific in the
early dealings. but activity. even in this
quarter. soon larsed. and Eefore the end of
the first hour the market was about the
dullest seen this year. In fact, the course of
prices with the progress of the week has
been to a striking degree Corroborative of
the opinions expressed few days ago in
important banking quarters. that the secu-
rifles market was rot likely to accomplish
much for the rest of the month.
The unGcrtone today was extremely firm.
as II is expected by the interests cited to
continue. but II would seem that just at
present there is "A desire on the part of in
vestoTs and spectators to postpone commit
ments until it is seen how the crops pro-
gress. what the probable future of the
money market is, and how dividend expec-
tations with regard to certain prominent
issues are met.
Preliminary forecasts this morning of an
extremely favorable bank statement failed
to arouse any enthusiasm. for the period
seems to have been reached when facts
rather than conjectures are desired.
No Impulse to Market.
There nothing in the overnight news
abroad or at home calculated to give any
impulse TO the market. and although Lon
don was firm In all departments, no impetus
came from that quarter. In relation to more
general matters of ultimate significance 1t
was noted that the weekly reports of the
mercantile agencies spoke of normal
summer conditions and continuing IA
vorable prospects for fall business.
Bank clearngs throughout the coun-
try showed an increase of more than
p per cent over the aggregate for the
corresponding week last year. and compila-
items made by the Chronicle were spoken OF
as showing steady progress of the railroads
OF the country through increasing pros
perity.
Up to the close of the first hour there was
hardly anything worth noting with regard
TO the course of particular stocks The
Pennsylvania issues. the Hartman Pacifics
and the Steel shares were firm, but there
was In no direction an initiative of lasting
influence.
The Bank Statement.
The bank statement bore out fully the
most optimistic estimates. 1t showed an
increase in reserves of $11, $50, 425. a de-
crease in loans of 81. 100, 100 and an increase
In deposits of S113 100. Specie increased
S9.l90. 500. legal tenders increased 81. 90. 500
and circulation increased $2DT 200. The very
large gain IN cash indicated was from two
and a half 10 three times the amount of
the estimates based yesterday on the known
movements of money. The exhibit itself
was again about S2.dO0.Ogo out of the way
in respect to the technical proof repeating
about the same amount of discrepancy
noted last week between the changes in the
loans, cash and deposit items.
AS a result Of the changes exhibited to-
day the banks now hold SlY :5223 2;IJ in excess
OF lawful requirements, compared with S4i-
$4,000 last year and $13 rs 40 two years
ago. on account OF the return of govern
msnt deposits. the balance of which, on the
last call. was due today. the suhtreasury
was a creditor at the clearing house this
morning for Slll,l4J 1t has been said that
the payment under this call might possibly
be reflected next week in little hardening
OF the money rate, although this would
seem hardly likely In view of the improved
banking position.
The banking exhibit gave no flip to trad
Ing in the stock market. Early in the sec
ond hour, and before the statement came
out. there was quiet hardening Of prices,
but the statement itself did not impart d
stimulus to activity