The Washington herald., 1908-07-06
MARKET IN TORPOR
Conditions Closely Resemble
Those Of 1904.
MORE WEALTH IN COUNTRY
Crop Outlook Good, NOtwithatand-
ing Attempts of Bears in the Grain
Market to Make Capital Out of
Reports oS Wet Weather in the
West-CottOn Goods AZ Low Level.

Market to Make Capital Out of
Reports os Wet Weather in the
West-Cotton Goods at Low Level.
New York. July 5.-The extreme dullness
cf the stock market last week. coming
after the prevalence Of generally lethargic
conditions for pretty nearly a month. nat
urally caused the memories of people in
the financial district to recur TO the last
time when such d state Of affairs was
witnessed, namely, IN the early part Of
March, 1904. and conditions in the former
year we're such as to suggest a close
parallel with those now existing.
Then. as now. there had been a finan-
cial panic in the previous year, and the
stock market had already recovered con-
siderably from the effects Of the depres-
sion. Then, as now, It was the Presi-
Dental year. when business was affected
70 a greater or less extent by political
influences. Then. as now. the clear read
ing Of past troubles made Il obvious that
they had their root in financial conges-
rather than in any causes OF a deep
seated evil nature; and. indeed. It has
been the consensus 81 along among
financial observers. even before the pres
ent further parallel OF intense market
duuness made it's appearance, that the
nearest approach in the historical crisis
Of the past TO the phenomena Of the
Farr -s4rQN
with these important general exceptions.
that the falling off in railroad earnings
and in other business revenues this year
was heavier and came more suddenly
than on previous occasions. and that. on
the other hand the diffusion OF general
wealth in the country is so much greater
TODAY than It was formerly that the
per!pa Of business slackening produces
much less distress.
Not Lasting TOrpor.
The real point OF interest in such a
state Of profound market torpor as was
witnessed last week is not the torpor
itself but the deduction that should be
made as 10 the character Of the market
that is likely TO follow it. Precedents
absolute shutting down Of speculative
trading as was seen on the stock ex-
change last week is only the prelude TO
time OF decided market activity along
the line either OF rising or falling prices
il must be said. therefore. that the in
dications, so far as precedent Is con-
cerned. certainly favor the probability
that when the stock market again be-
comes Itself its movement will be upward
even II this tendency may not assert itself
for a considerable time 10 come. The
steadiness and hrmness so long exhibited
by the market, and tnee qu.ckness with
which prices rally after a little fall in
dicate that no great amount OF stocks is
held Speculatively for the rise In Wall
street, the suggestion being corroborated.
moreover. by direct statements by the
leading commission houses as TO actual
commitments outstanding.
Bond Market Displays Life.
The bond market last week began TO
display greater life. Probably il would
have done this anyway after the July /
disbursements of interest money, but
nevertheless, the scattered buying Of high
grade securities that vert on and has
embraced nearly every one Of the leading
investment issues. particularly the United
States sinking fund 5s, is a most en-
couraging feature.
There Is a continuance Of slight indica-
tions Of an improvement in business. In
questionably the most important develop
ment Of the week was the circular sent
out to its clients by the great house of
Marshall Field & Co, OF Chicago, the
largest establishment Of its kind in our
country. declaring that there was every
reason to believe that the depression in
cotton goods staples had reached its low
est point, and that a rise in these prices
might be expected in the near future
The positions taken by the house of Field
in these matters have been almost in
varlably chosen with the greatest sa-
gacity and. as events have proved, have
generally marked radical turn in mer-
camille conditions.
II deserves to be remembered in this re-
lation that the present Is the season Of
the year when buying movements in man
ufactured articles rarely make their pres
ence felt 1t is the dull season, the time
Of shutting down for repairs, and so
forth
-,or does IL seem TO be the case that our
railroad companies or the managers of
other large business enterprises are look
ing for any decided improvement In busi-
ness before the summer months have
passed.
Bears in Grain Market
Spectators in grain went on making
more or less capital last week OF the wet
weather in the Southwest, which, they
declared, was materially injuring the
wheat harvest there; and they were also
anxious to make out that there was TOO
much rain IN the spring wheat district.
But the milds Of all common sense and
well-informed people in the grain trade
are cgl eed as to what has taken place in
this regard, and their opinion was well
sta-ed last week by the Cincinnati Price
Current, whose voice Is always sane and
conservative when it speaks on these
matters. There are few reports of seri-
Gus curtailment Of large areas and no
complaints OF total loss
Matters Of actual news affecting the
market were so uninportant last week
that little attention would have been paid
70 them even had not the market for
internal reasons been content 70 rest on
dead level