The Washington herald., 1909-07-25

New York, July 24-To-day's was the
typIcally dull and generally undressing
Saturday market In midsummer
IN the active stocks there were only
fractional changes. though even frac-
tonal advances sufficed 10 carry New
York Central and the Rock Island shares
10 new high prices for the year, and
Union Pacific 10 a parity within its pre-
vious record
no particular significance was attached
10 these advances, however. and the other
fluctuations seemed 10 result from no
more important motive than the custom
airy retirements Of contracts by profes.
siOnal operators at the end OF the week
In this connection It was noted that
the disposition to retire contracts was
less in evidence than usual, traders
long of stocks seeming TO have no fear OF
any development over the week end,
either in the tariff situation or otherwise,
that would be likely to have a depressing
effect upon the market
Trade Report Favorable.
In this attitude. they were strengthened
by the weekly trade reports, which. with
out exception. were as favorable as could
be expected or desired. while the inds-
position 70 make new contracts was I'M
doubtedly strengthened by the fact that
the tarin bill remained in the hands OF
the conference committee. whereas late
yesterday afternoon Wall street was fat
tered by Washington reports that the bill
would be agreed upon and reported this
morning, and there was squirt in the
market on this account. The close left
average prices Of the active railroad
stocks just about the same level as at the
close Of the market last week. and the
average OF the industrials but q small
fraction In advance.
The wheat market again showed the In
huence Of the continuing favorable re-
ports from all the wheat sections and OF
the rapidity with which the newly har-
vested crop has been rushed to market
Principally on account OF this rapid
movement Of new wheat the July option
broke to los. a decline OF 39s cents for the
day and OF 1914 cents for the week
In the September and December op-
lions the decline was not as great so
that the course OF the market brought
the various options into closer accord
than on any previous day OF the year,
with July selling at los. September at
LOS y. and December 1.049s.
Prices Mt the Close.
At the close last week the price for
July wheat was 1.2OA. for September
1.11ls. and for December 1OT% The
significance Of these changes is impOr-
tant and obvious.
The weekly review OF the iron trade.
prepared by one OF the largest New
York houses. showed that most makers
are behind In deliveries, and have little
10 sell for the balance of the year.
In regard 10 the dry goods trade, a
number OF houses agreed IN the opinion
that prospects for fall trade are excel
lent. and that Notwithstanding the un-
certainty regarding cotton schedules IN
the tarin BILL business is better than
was expected for this season OF the
year. In copper. also. there was unanim-
fly in a number or reviews-Opiuions
that the weeks advance IN prices had
been fullv justified by an unexpectedly
great increase IN demand. so that alto
gether the results on the weeks ad-
vances In the business Improvement
were in all lines IN keeping with the
most sanguine expectations.