The Birmingham age-herald., 1905-07-16
LETHARGY FALLS OVER THE MARKET Days Business in Stocks Was
 Small
CALL MONEY WAS EASY
The Process of Digesting Profits Gull minated Early Last Week In Sharp Break In Prices-Confiden
 Feeling Is Abroad.

New York, July 15.-The stock market fell into Iethargy today, and only insig- nifcant changes resulted from the day small business. The heavy accumulation of cash revealed by the panK statement was much larger than indicated by the preliminary estimates, but this was sup posed Eo be due to the rectification of last weeks unexpectedly large decrease by the working out of the computation by daily averages. As this building up Of the reserves Is for the purpose of provid- ing for the repayment of the $lloooOOO of government deposits called for today, the money market Is not expected to ben eft from 1t.
 The ease of call money during the past week had evidently been due to the tenn porary employment of these funds. The contraction in loans relieved any appre- hension that the subscriptions for the Japanese loan had made any undue in- roads upon available credits. The absorp- ton of Union Pacific set afloat renewed conjectures as to the coming dividend, acting upon which has been expected from day to day during the week. The Finan- oial Chronicles estimates of the expan-
  attention, returns from 125 railroads part " estimated, indicating an increase for the first half of the year over the rather unfavorable showing of the first half Of last year of approximately s53,0O0, GOO, while the comparison with the first six months of 1S97 eight years ago. shows an expansion of some s470, 900. The buy ing of Union Pacific held the market firm to the close. Total sales of bonds, par value, S1 .028,000.
 The process of digN sting profits, which was manifest last wetk in the stock mar let. culninated early this week in a sharp break In prices, coupIedi with the endorsement of coming vacation in the presence of some of the accredited lead CTS of the recent speculative campaign.
 The market for the rest of the week showed the benefit of some of the favor able developments in affairs, put lacked inc important operations on the part of skilled organized parties which had formed the backbone of the preceding ad- vance. and which had been fostered in the confidence that a market would be found for holdings accumulated on the ad- vance result of the re-investment of the large sums disbursed half yearly profits on July l.
 The underlying feeling of confidence was fostered by number of incidents Ofmost far reaching effect probably was the prospect of the grain crops. The goV- ernment report of condition as of July Unpublished Tuesday afternoon was re- garded as warranting every encourage ment to the hope of a prosperous outcome to the country's cereal crops. The fact that the governments estimates were ac- corded their usual authority also relieved the anxiety lest the cotton leak scandal shouid serve to discredit all the gov ernment's agricultural statistics and to serve to leave the basis of the market operatiens unstable and uncertain with the threat of resulting unsettlement
 The stock market view of the outlook m the iron and steel trade has been one of growing confidence. The statistics of production and consumption for June failed to reflect any revival in the iron market the falling off in production not availing to prevent an accumulation of stocks on hand. But the vast dimensions