The San Francisco call., 1909-09-01
DULL TRADING
ON THE STREET

NEW YORK. lug. Silt became evi-
dent from the outset today that much
Of the excitement and feverishness had
died out Of the stock market. The dull
ness Of trading and the narrowness of
fuctrzt tions were in strong contrast with
the violence of last weeks movements
and even to the sudden recovery of yes
terday.
The statement made by Hartman him
self yesterday, and the disposition mani
tested on the part of the street and the
public to take him at his word, seemed
to remove the only factor having power
at present to move prices.
The Hartman statement was not left
without some interested comment, never
theless. While il had the effect Of
quieting apprehension of an immediate
crisis in the fnancier,s case its admis-
sions were sufficiently candid TO prove
condition of health precluding present
close attention TO business affairs, and
leaving quite undetermined the possible
duration of this enforced abstinence.
report of an intended winter sojourn by
the patient in a southern climate gave
further suggestion of the longer view of
the case. Even more interest attached to
the yeiled allusion to the interest shown
in his welfare by his friends. and per-
haps by some others This passage was
read in Wall street in the light of per-
sistent rumors that the recent upset in
the market was due to underground mach
instions against the Hartman dominance,
and that developments in this matter
,,,.-a .s ,,.,,oh -aenone;hfa for Harri,ran's
hasty return from abroad as the state of
his health. With the partial observation
of the Hartman topic the effect was TO
call attention to other possible agents in
the downward turn in prices of stocks.
The question arose whether the elimins-
tion of Harriman's poor health would
have left the market capable of sustain
ing itself at the unstable level to which
il had been pushed. The indecision Of the
buying in following the advance which
was established yesterday was marked
when the market opened and not less so
on the wider advances later.
The agricultural outlook was given
closer attention with the imminence of
the governments monthly report on the
cotton crop and the evidence that the
crop had been going back during the last
month. The bureaus weekly bulletin on
weather showed a continuance of con-
ditions unfavorable. both for cotton and
corn.
The speculative mood created by these
facts gave added influence to the warning
note uttered by James J. Hill and by some
of the northwestern milling authorities
of danger of overestimating the volume
of the present years wheat crop.
In another direction there is an expecta-
tion that copper statistics for August
will provsO less favorable than for July.
The falling of in the volume of copper
exports in that time points to such a
conclusion.
Some of the selling was supposed to be
stocks bought last week for purposes Of
supporting the market during its weak
ness, which would be resold on the hrst
advantageous opportunity. The good
earnings Of the Hartman Pacifcs during
July were ignored
The preparation for the September lst
money settlements were without effect in
the call loan market. but the tone of time
money grew still hrmer.
Bonds were irregular. Total sales, par
value, s2,e2s, 600. United States bonds
were unchanged on call.