The Washington herald., 1907-07-28
MARKET Is LISTLESO
Strength Exhibited Only at
the Close Of Day.
BANK STATEMENT NOT GOOD
Buying 20 Cover Outstanding Short
Lines Causes Slight Advance I'm
Prices-Mueh Money Added To Loan
Accommodations Week Devoid of
Interesting Features.

New York. July 27.-Fractional reces-
sions We're the rule at the opening to-day,
and, while the initial losses were made up
before trading had been under way FOR
more than few minutes, the market did
not long continue 20 hold an upward di-
TectiOn, bat moved aimleSsly within nar-
row limits and without any definite ten
dency until just before the close. when.
spite Of an unfa,orable bank state
ment, it began 10 exhibit a considerable
degree Of strength.
Repeated efforts were made by some of
the large professional traders to bring
about a reaction. the most determined OF
the attacks being delivered just after the
publication of the bank statement. but
at 10 time did these succeed IN forcing
out stock. while the underlying strength
was so great as 10 impress upon some
or the most prominent Of the operators
for decline the wisdom of abandoning
that side of the market for the present
and covering their outstanding short
lines.
Strong in Last Hour.
Buying for This purpose had much to
DO With the strength Of the market in
the last hour. which lifted closing quota
uons not only wen over the lowest of the
day. but in many stocks substantially
above last nights close. The item in the
bank statement that caused the greatest
amount OF surprise was that the increase
IN deposits Offset the gain in cash and kept
the Increase in surplus reserve down TO
nominal figures. The addition 10 the loan
the decline in rates for call money during
account was. however, easily explained by
the week. which caused the withdrawal Of
the trust companies from the market, as
lenders. and compelled the banks to as
sumo the liquidation of loans previously
carried by the other institutions
At no time during the day was there
any great activity, and the Hartman
issues did not dominate the trading to
anything Ike the extent that they had
done earlier in the week
a number Of issues hitherto compare
lively neglected scored substantial gains.
among these being Missouri. Kansas and
Texas, Texas Pacific, American Cotton
oil, and Nirginia-Carolina Chemical New
York Central displayed strength. and the
Erie issues recovered from a traders raid
IN a way which practically refuted the
current stories that the preferred diyi-
dends would be passed.
Large short Interest Extant.
There appeared to be a large short in
terest in the common stock, although, of
course, a reduction in the preferred divi-
dends could hardly injure the prospects
for that issue. as it would mean an in
crease in the amount Of earnings put
back into the property.
Except for the movements in Union Pa
cific and Southern Pacific, the week Just
closed was without special interest in the
stock market. for, although prices gen
orally exhibited a strong tone, changes
IN quotations, outside of a very few is
sues, were not important. United States
Steel was depressed early in the week on
the strike news. but the stock rallied with
some VigOr when the strike collapsed.
ana it became generally understood that
the statement of earnings for the quarter
ended June 80, TO be published on Tues
day, would show the largest net earnings
ever exhibited by the company for any
quarter in its history.
The grain and cotton markets were
fairly active during the week at advanc-
ing prices.