The Washington herald., 1909-08-02

New York. Aug 1.-The month OF July
brings proverbially a waiting market. a
market which waits for reports from all
the crop sections. for the fall trade pros
poets as they are revealed by summer or
ders for fall and winter deliveries and for
Enlightenment on the supply Of money
and the demands likely to be put upon IT,
This year. also. the market has waited
upon the completion OF dry and tire
some tariff discussion which. while it has
not greatly concerned directly the men
most heavily interested ia securities. has
undoubtedly exercised some unsettling in
fiuence on various branches OF mercan-
tile and Industrial endeavor. or at least
has to some extent retarded development
Up TO the last two days Of the month
sust passed the stock mSrket has been as
dull as the proverbial July market but X
was marked throughout by a stability
both unusual and agreeable to those who
desired higher prices. At no time through
out the month was there a reaction Of
sufficient extent 20 attract more than
passing intevest. and while up to the last
two days OF the month daily advances
throughout was upward.
The market may be characterized as a
creeping mSrket in which important hold
ers Of securities did very little, except TO
produce stability by carrying lines Of
stocks previously acquired. thus rendering
futile I'll professional short selling and
IN which the covering OF confirmed trad
ers and desultory buying by the public
produced d gradual but substantial net
advance.
In the respect that the market was dull
and that there was no speculation at all
intense the trading was healthful II
placed the market at the end OF the
month in what Wall street describes as a
strong technical position, that is there
were IN brokerage Offices few or no
thinly margined speculative accounts or
so-called pyramids, which often accum-
ulate in the course Of a rapid movement
either way and make the market top
heavy and vulnerable.
Bull Market Last Month.
II has been a bull market throughout
the month. but It has not been a plung-
ing bull market. The course Of prices
and the trading have been steady. or
derly and generally in a manner con-
ducive to stability and enduring strength.
In the three closing days Of the month
the market took on decidedly increased
strength. range. and activity. following
the quarterly report Of the United States
Steel Corporation and the report Of the
tariff bin from the conference commit
tee. The matters Of disagreement among
the conferees had not been Of direct I'm
portance as concerned security values.
but IL was realized that the agreement
in committee indicated an early passage
Of the BILL and thus relieved many un-
certainties which have somewhat retard-
I'd Improvement IN various lines OF trade.
Few. If any, criticisms Ia regard to the
bill as II stands have been heard In
Wall street offices.
In Wall street the most interesting de-
velopment last week was the quarterly
report OF the United States Steel Cor
poratiOn and the increase Of the dividend
on the common stock from an annual
rate Of 2 to 8 per cent The figures of
the statement told very clearly the story
OF recent trade improvements and amply
justified the Increase IN dividends But
two inferences deduced in many quarters
from the increased dividend disburse-
ments and from other recent develop
ments IN the companys financial affairs
raised questions Of additional interest
and Importance as affecting the affairs
u tue COMPANY
Practically al the weeks reports IN the
trend OF railroad and Industrial affairs
were 10 the effect that Improvement con
tinued steadily. In steel and iron sales
were made at an average advance in
prices and for the first time complaint
was heard of a delay IN deliveries In
some branches Of the trade business is in
excess OF the capacity OF the plants In
steel cars and other railway equipment.
however. there is still much room for I'm
provement. and In steel rails the market
Is still waiting for the orders which It is
believed viii certainly be placed as soon
as the crops are actually made In dry
goods. reports agree that trade was broad
--'ug. Notwithstanding the hesitancy OF
merchants waiting FOR the final word re-
garding the crops and the tariff.
Railroad Earnings Good.