The morning journal-courier., 1908-07-06
FINANCIAL REVIEW Profound Apathy in Securities Has No Parallel in Re
 cent Years. BONDS MORE ACTIVE Lack of Money Market Resources Cannot Be Blamed for Deep
 Slugglshness.

New York. July 5.-It Is necessary to go back to the records of years in which previous presidential elections have occurred to find any parallel for the stagnation in which the securities market lay last week The dwindling In volume of activity fell on Friday to a total of only 71,000 shares Last week the dependency of the holiday at the end of the week was an additional influence in contracting the dealing. the more so as some of the stock ex. change members felt themselves az grieyed over the refusal of the gov ernors to grant petition to close the exchange on Friday as well as Satur- day and took their departure early in the week for prolonged holiday.
 There was a perceptlble stirring of demand in the bond division of the market, in spite of the profound apathy In the stock division. Usually such a demand springs ID in antici- patton of half yearly disbursements of dividends and interest in January and in July. On this occasion it was indistingushable until after the turn of the half year and was very mod CT te then. The large offerings of new issues which have been placed on the market in the last few months fol- lowing the state of the Pennsylvania salo of s40,000.000 of first mortga ge bonds are held partly accountable for the blunted investment demand. The showing of declining earnings of rail roads in exhibits now coming to hand, the encroachment which results on amounts available for distribution in dividends and even in some cases the margin lacking in the amounts requir- ed to meet fixed charges, keen un- favorable Influence on demand for inventment
 It is obvious that lack of money mar ket resources plays no part In the slug gish investment demand The half yearly requirements in New York were unusually heavy, including provision for disbursements approaching s2oo.- 100000 subscription payments for s11.- 625000 of new Northern Pacific stock and withdrawal from the banks of something like s25ooo.Oo0 by the trust companies to replenish their proportic i; O. reserves in compliance with new ly effective provision of the law. There was besides the notice from the sec retary of the treasury of recall of si5.- 0oo,O0o of government deposits payable by July l5, which is expected to con verge largely on the New York banks NNfu hC tt,fr {.
 ments money on call in New York dlt not rise above two per cent. and thai -but momentariy, with subseuuen lapse to ore per cent.
 Loans on time carrying over the en, of the year fell to 9-4 per cent rate Facilities forholding securities are made abundant and there are no press ures of liquidation. The steady ton, of the market is a consequence 1T spite of the paralysis of demand.
 Besides the ease of the money mar. ket, the good promise of the country, crops Is a sustaining influence or Stacks. Confidence in the crop out come keeps up the hopeful spirit whicI is felt in a revival of business activity when the crops begin to move.
 In the railroad world there Is a not of anxiety over the possibility of wag s adjustments to be entered upon. RaIl road authorities consider that the con traction In railroad earnings confront thep with the alternative of raisin freight chargas or of reducing wage fin order to conduct business at a pro fit