Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-26
Market Transactions Were on
a Small Scale.
IRREGULAR ACTION
GENERAL LIST SHOWED FRAC-
TIoNAL LOSSES AT OPENING.
Local Traction Shares Were Strong
and Rapid Transit Bonds Made
New High Record.

Special Dispatch TO The Star.
NEW YORK. August 6,-Transaction In
today's stock market were upon a small
scale during the greater part of the bust
ness session and price movements were
irregular. The tone of the opening was
generally heavy. being Influenced by the
uncertain status of the peace negotiations
and by the common expectations that the
bank statement would make very weak
showing
The first named circumstance served
likewise To dcpreSs the London stock mar
ket, where American shares We're quoted
at material declines below parity with New
York's closing figures OF yesterday. Opera
lions here for foreign account were. how
ever upon a sma, scale Reading and Mis-
souri, Pacific opened at declines of about
one point each, and the general market
showed losses of about half as much.
The local traction shares were excep-
tionaliy strong. and with the course of the
morning rose smaTtly. Y. r. T. bonds ad-
vanced to new high-record figures. The
general market gradually developed a firm
tone and many stocks recovered a goodly
proportion of their early losses.
u S. Steel Prominent
United States Steel shares were proml-
nent in the rally, which was. however.
fairly general movement. There was no
news at all over night relating to the mar
ket. aside from that in connection with the
peace negotia lions.
The weekly reports of the mercantile
agencies made very satisfactory showings,
and a number of excellent statements OF
railway traffic were made public during the
market. 1t seemed TO be the general view
that for a midsummer half holiday the
days stock market gave a very good
ll1y lt-t rlAt, fI,A trin-
lent fluctuations of the preceding days of
the week were taken into account Some
what reassuring advices with regard to the
peace negotiations were received during the
morning. but. broadly speaking, the effect
of that phase of the situation was shown
mainly in the restricted volume of business.
The Bank Statement.
The bank statement turned out to be en-
tirely out of line with all of the forecasts.
and in addition the figures failed entirely
of technical proof The decrease in actual
cash shown was only $22i30O or about
one-half of the amount indicated in the
preliminary estimates, nor there any
correction Of the equally wide discrepancy
in the cash item of last weeks bank state
ment.
The loan account showed a contraction of
Si,493Oto. while deposits decreased 81 466-
600. sum nearly 100000 greater than
the combined decrease in specie and loan
In consequence of the other changes sur
plus reserves decreased only S377,0OO, and
the banks still hold SS97S 900 in excess of
the lawful requirements. Surplus reserves
IN the corresponding week of last year were
SJI.3I5UDo; in 1903. $50. 671 COO and In 1902
S9Ti2Oo0
The very large increase in the circulation
of the national banks, which does not figure
at all In reserves. but which is undoubtedly
being utilized In connection with the crop
movement. was the only explanation adj
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