The Washington herald., 1907-08-04
WALL STREET NOTES
Little Trading DOne-PriceS
Nearly Stationary.
STEEL ORDERS FALLING OFF
Brokers Also Comment on the Con-
fifct fn North CaroIinR-Bank state
ment Not ScnsationaI-Fine Inn
posed by Judge Landis Has No Eff
feet on Standard OIL shares.

New York, Aug. S.-It was a holiday in
London to-day. and a very fair imitation
of a holiday in Wall street. On one
previous Saturday this year business was
duller but with one exception it would
be necessary to go back far for market
comparable with to-day's in dullness and
lethargy The offices of brokers were
practically deserted, and many houses,
though open, executed no orders
Fractional declines were scored in most
of the active stocks. but no great amount
OF selling pressure was exerted on any
one of them. The market simply sagged
from inertia. Most of the transactions
represented The customary weekend
evening up OF speculative positions, and
We're as professional as possible.
The bank statement offered no en-
couragement As against an expected de
/ crease in hans 1t showed an increase OF
50. 7S7, 600 in that item. There was an in
! crease of deposits by an amount S25O,OOt
| less, which makes by no means a good
ratio between these items. and decrease
1 OF about 100000 in cash holdings. The
net result was a decrease Of $l,I60.OD in
| the surplus reserve leaving the reserve
at 81, ,f73, 200. as compared with more than
1 Sl4 OC0. 900 IN the corresponding week last
year. and Sl2000.000 In the like week OF
the year before.
The money changes were Influenced,
! 1t was thought, by continuation
1 in the early days of the week Of the
shifting OF trust company funds from
/ the loan market 10 the banks. The same
movement was reflected TO much
greater extent in the statement Of the
/ preceding week.
In the Saturday letters Of brokers with
/ large cHentelles among investors much
/ stress was laid on the business recession
indicated by the falling off in the Steel
orders and the conflict between the rail
roads and the State authorities in North
Carolina.
One OF the letters gave information
Of a backward tendency. similar TO that
shown by the Steel Corporation. in the
business of the American Car and FOun-
/ dry Company. At the beginning Of the
year, II was said this company had on
/ its books orders ior 1900 cars. On july
Il. the orders called for 5000 cars, while
at present the number Of cars booked
I totals only about 60,G00 Other brokers
called attention to the fact that London
advices indicate a gradual decrease IN
business activity there particularly IN
/ the steel trade There was general con-
! currence in the belief that the retrograde
| tendency is proceeding rapidly.
Illinois Central stock Is impervious q
/ the resumption of hostilities between Mr.
/ Fish and Mr. Hartman. There has not
/ been a transaction in the stock since the
I war talk was cut loose. The stock has
/ seldom been active in speculation. Or
/ that account the contest is without gen
/ eral market effect.
The S29. 240,000 fine imposed by Judge
/ Lands on the Standard Oil Company 0t
/ Indiana is equal to about three-fourths OF
/ the dividend payments made by the
/ Standard oil Company Of New Jersey last
/ year. and less than 10 per cent Of the tota
l dividend disbursements since 1855. Since
/ that time the company mas paid out more
/ than 500 00O, 600 in dividends. II has a capi-
/ tai zation Of Sl00.000.0OO. OF which about
/ Sg7, 10000 is outstanding and has latteriy
/ paid dividends which. though Of different
/ amounts in the different quarters, are al
/ the annual rate Of 4 per cent.
/ In case the company is compelled by tht
/ higher courts TO pay the fine, and does so
/ II might reduce the dividend rate tenn
porarily, It was pointed out to-day, but
no one could say positively whether or no
a reduction would in this event he neces-
| sary.
There was but one transaction in the
stock to-day, and that was at 500. ths
/ same price as on the last previous sale.