The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1908-07-16
STOCKS ARE DULL
WITH MONEY EASY
A VIEW OF BUSINESS AT NEW
YORK THE WEEK BEFORE
LAST.

NEW YORK, July Sit is necessary
to go back to the record of previouc
years in which Presidential elections
have occurred to find any parallels of
the stagnation in which the securities
market lay last week The dwindling
volume of activity fell by Friday to a
total of only 1000 shares. Last week
the tendency of the holiday at the end
of the week was an additional influence
in contracting the dealings, the more SO
as some of the Stock Exchange mem
bers felt themselves aggrieved over the
refusal of the governors to grant a
petition to close the exchange on
Friday as well as Saturday, and took
their departure early in the week for
a prolonged holiday.
There was a perceptible if slight
stirring of demand in the bond division
of the market, in spite of the profound
apathy in the stock division. Usually
such demand springs up in anticipa-
ton of half-yearly disbursements of
dividends and interest in January and
July On this occasion it was indis-
tinguishable until after the turn of the
half-year and was very moderate then.
The large offerings of new issues which
have been placed on the market in the
last few months following the success
of the Pennsylvania sale of $40,000,000,
of first mortgage bonds are held partly
accountable for the blunted invest
ment demand. The showing of de-
clining earnings of railroads in eX-
hibits now coming to hand, the en-
croachment which results on amounts
available for distribution in dividends,
and in some cases the lacking of
amounts required to meet fixed charges
make an unfavorable influence on de-
mand for investment.
1t is obvious that the lack of money
market resources plays no part in the
sluggish investment demand The half
yearly requirements in New York were
unusually heavy, including provision
for disbursements approaching $780,
100000, subscription payments for SILL
625, 900 of new Northern Pacific stock
and withdrawal from the banks of
something like $4,000, 900 by the trust
companies to replenish their portion
of reserves in compliance with. new
ly effective provision of the law. There
was besides the notice from the Secre-
tary of the Treasury of recall of $45,-
000,0 900 of Government deposits pay
able.
Government deposits are payable by
July 18th, which is expected to con-
verge largely on the New York banks.
Notwithstanding these large require
ments, money on call in New York did
not rise above per cent, and that but
momentarily, with the subsequent
lapse to per cent. !
Besides the ease of the money mar
ket the good promise of the country's
crops is a sustaining influence on
stocks. Confidence in the crop out
come was not impaired last week, in
spite of some unfavorable reports af-
fecting the winter wheat crop. This
confidence in the progress of the crops
keeps up the hopeful spirit which is
felt in a revival of business activity
when the crops begin to move. This
hopeful spirit is discernible in the
tone of the mercantile reviews and In
the expressed views of railroad traffic
officials. In the railroad world there
is note of anxiety over the possibility
of wage adjustments to be entered up