The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-08-23
FINANCIAL AND COMMERCIAL.
SATURDAY. Aug. 2:

n SATURDAY. Aug. %.
There we're probably some persons In
Wall Street to-day who understood tho
extraordinary operations in stocks which
made the tive hour session one not coon to
be forgotten by those who witnessed 1t and
which will 20 down in the histories Of specu-
lation under scme Characterization not yet
to be guessed at, but their number was
small and 1t may well be doubted whether
in the interval between the noon closing
and the opening on Monday. freed from the
excitement under which they acted. they
will not regret a eouEse of which the prin-
! cipul result must be to impress strongly
upon the mind OF tie average trader that
the present market is no place for him,
Enormous blocks of stocks were thrown
around as lightly as II they were fractional
lots. hut the results were small out OF all
proportion to the means by which they
vera accomplished. In Great Northern.
for instance, usually q stock In which the
transactions are Of moderate volume.
blocks Of 1000 or 5000 shares and upward
were not uuunmrpon. while many Of much
larger size we're frequently handled In other
parts Of the market. There was one Of
$4,000 shares In United States Steel COM
mon, another Of an equal number OF shares
In Reading. and In the latter there was a
! 10000 share lot followed by one Of 1850
shares at the Bame price. while b second
largest transaction in United States Steel
, embraced 9,loO shares. the transactions IN
this issue around 40 amounting to not far
from 10000 shares In a few minutes. Fluo-
taations OF half a point or t~hereabouts be-
\ tween sales occurred frequently In the 40
tive stocks, and the market was about as
erratio and irregular as could be imagined,
few stocks holding the same course for any
great length OF time and a number Of issues
declining with different degrees OF weak
ness, while others were strong. There were
at all times c~ontending influences Of which
the effects were much smaller than usual.
! One house supposed to be heavily short OF
stocks was a buyer to the extent OF upward
Of 100. 900 shares in the first hour and OBJ
tanned its very large requirements easily,
but while buying openly it may have been
q seller through other brokers, 80 that at
the end Of the session its market position
may not have been essentially changed.
The volume OF transa ctions was well above
1000, 900 shares, a total rarely reached by a
Saturday session and one exceeded by only
a few full sessions stncethe beginning Of the
present year. At the close the market
had q downward tendency. to which the
principal exceptions were Reading. Ameri-
can Smelling and Refining and the Hill
stocks. Southern Pacific and Union Pacific
closed at declines on the day, while large
gains were shown in the Rock Island issues
and New York Central. and moderate adj
vances in Northern Pacific. Great Northern
and Amalgamated Copper. : AS a rule the
highest prices were reached o the end
of the first, hour. and there was probably
heavy distribution from that time to the
close. t53.ss q, -
According to the commercial agencies,
trade and industrial activity continues to
improve with the progress OF h crop
season, but conservatism in buying Is still
much in evidence and dealers prefer to
make numerous small purchases than to
lay in large stocks. Bank clearings Of all
the cities OF the United States amounted
for the week to 81, 388, O00, 900. as compared
with 81, 4s7, 769, 900 last week and 81. AGO. BAL 900
in the corresponding week last year. the
decrease as compared with a year ago being
little more than one-haf Of 1 per cent. No
important orders for rails or other lines OF
steel manufacture were announced during
the week, but there were reports that some
railroads Vere figuring on buying steel cars
II these could he obtained on attractive
terms. The copper market was irregular
and light was thrown upon the cause Of the
advance in prices earlier in the summer
by the statement that there is a large aooum-
ulation in the hands OF a speculative pool
which has borrowed $50. 900. 900 on its hold
ings OF the metal. Railroad statements
published during the week were encourag-
ing in the sense that operating expenses
have been brought down to such an extent
as in the case Of many roads to Offset the
decrease in gross earnings, but the actual
traffic receipts are still very low and show
little indication Of improvement. Grain
is now moving in considerable quantity
and the outlook for the corn crop. the most
valuable OF any raised in this country, is
encouraging. The weekly bank statement
showed for all institutions IN increase Of
nearly 50. 900. 900 in loans and Of upward Of
ST., O0O. 600 in deposits. There was a gain
OF upward of s., 1000. 900 in cash, and the sur
plus reserve was $63 ,147. 975. an increase OF
1855. $50 n compared with hot total at the
end of last week. and the highest with one
exception 30 far reported this year.
New York Stock Exchange Sales, Aug. n.
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