The Washington herald., 1907-10-06
DULL WEEK At END
Stock Deals Chiefly of Pro-
feSSiOnal Character.
PRICES LOWER IN LONDON
Forecast of Good bank Statement
Causes BuOyaRcy, but DisappOint-
ment Follows Its PubIication-In-
tereSt I'm Presidents Speeches Prac-
cHiIy CeRSes-Dccrease in Earnings

New York, Oct. 5.-To-day's stock mar
ket was again only nominal Prices at
first were a little lower than they closed
yesterday, owing 10 a lower range for
quotations for American securities IN the
London market, where sentiment WAS de-
pressed over the shipment of S,2o0,ooO To
Egypt. The price Of consols in London,
however. advanced 4 little and the gen
eral market there was sustained by
knowledge of the relatively strong posi-
ton in which the Bank Of England now
stands
After the opening weakness our market
was stronger largely on account OF pre-
diCiOnS that the character Of the weekly
bank statement would be a good deal
more favorable than was indicated yes
terday In the forecasts of the loss Of
cash by the banks
Statement l. Disappointing.
But when the bank statement appeared
and was found not TO wholly justify the
more optimistic opinion concerning it,
prices again sold of, closing, In the
main. slightly below the hnal figures Of
the day before. The bank statement was
accounted good in that the loans Of the
clearing house institutions had been de-
creased during the week by Su .2S3 l01.
The drain OF cash from the banks. how
ever proved 10 be much greater than
had been estimated, amounting 10 S.62I-
100 and bringing the bank surplus down
10 S2,6sS.07a
The weeks stock market, as q whole,
has been more devoid of interest than
any that has been witnessed in a sim
liar period for considerable length of
time. II has not been uninteresting In
the sense that it has been duh. because
daily transactions have been fully up 20
the normal standard. and the activity of
the market has been more pronounced
than on many other occasions during the
year. The dealings in stocks. however
have been. 10 au extreme degree, of a
professional character.
At the beginning Of the week there was
great desire manifested in the financial
community for information as to the
probable character of the speeches that
were likely 20 be delivered by President
Roosevelt. on his Western trip. but as
the week went on and these ouJEivinss
seemed 10 be no more than a continua-
tion of the same moral" pTedchmeutS
and anti-c0rpCrdti0n talk although
couchcd IN somewhat more moderate
terms than the President has been put
ting forward SO long, interest in these ad-
dresses ceased
Decrease in Net Earnings.
Railroad earnings recently have made a
poor showing. due in a certain de-
gree, doubtless 10 the operation of the
new rules OF the Interstate Commerce
Commission that went into effect on July
l regarding the standardization OF rail-
way accounts 1t is obvious however.
that the tendency is f0r railway net
earnings 10 decrease under enlarged
operating eXpenses of which the higher
cost OF tabor. IS the chief item.
Toward tae close Of the week rates for
money advanced partially because of the
tying uP Of money incident 90 the settle
mc1ts o. October / and partially because
the remittance of money 40 the West
tor ccop-mOyiug purposes. which has
hitherto been delayed on account Of the
lateness. of the season. is now in fun
swing