The Washington herald., 1910-07-17
NALL STREET NEWS
Stock Market Dull, Owing to
Summer Heat.
CUSTOMERS HARD TO FIND
Prices Trend Downward from Be-
ginning 10 End OF the Session
with All the Active Securities
Saeging on Slowly and Closing
at the Low Level Of the Day.

New York. July 1S-Trading in stocks
to-day was in even less volume than on
the ordinary Saturday session in mid
summer. Neither in the market as a
whole nor In any particular stock was
there a squirt OF activity at any time in
the two hours. The Offices OF brokers
were ali but bare Of customers. and even
the professionals on the floor, who did
the bulk of the business, seemed disin-
clined 20 DO much more than even up
accounts at the weekend.
OF public interest IN the market there
was no evidence whatever. The trend Of
the market was downward from the be-
ginning to the end of the session, with
all the active stock sagging or slowly
and closing with average fractional losses
at about the low level of the day. Com
ment in regard to market factors was as
dull and uninspirlng as the market
itself.
Eject of Guney Failure.
Some attempt was made to draw I'M
favorable deductions from The failure OF
Col. James NJ. Guffey, IL being argued
that his inability to realize on valuable
coal lands disclosed anew the caution OF
the banks ard the Discrimination of in
vestors TO put out their money; but the
subject was speedily dismissed as mat
ter of individual indiscretion rather than
a commentary upon general business and
financial conditions. Weekend trade re-
ports showed no particular change in any
branch OF business. Crop reports merely
confirmed previous estimates OF the dam
age to spring wheat in the Canadian
Northwest and in North Dakota. The
fortn!ghtIy bulletin of the American RAN
way Association showed an increase Of
10000 In the number of idle cars, but, Gu
riously enough, compilations of gross
earnings for the first week Of July,
period embraced in the American Rail
way Association report, showed for
twenty-six roads gross earnings II Ia per
cent in excess of the corresponding week
last year,
A favorable bank statement has been
expected, and the figures justified the most
sangiine expectation. The statement Of
actual conditions at the end of the week
showed a decrease of sl5.57S.O0o in loans,
rejecting, no doubt. much of the liquida-
ton prior to this week and the retire
ment OF time loans secured by stock ex-
change collateral The gain in cash. S14-
5g5,O00. was greater than had been ex-
pected, 100000 being gained by banks
from the interior and from gold imports.
Surplus Same as Last Year.
The surplus reserve. increased by k14
egsOOO IN the course OF the week, now
stands at SSs, s07 900. which is Just about
equal to the surplus in the corresponding
week last year.
Altogether the statement was a strik-
ing demonstration Of the fact that the
banks are making ali necessary prepare
tons TO assist the West In the move
ment OF the crops. It further strength
ened the opinion. now held in most we'll
informed circles, that money in sufficient
volume to move the crops and 10 care
for all the proper requirements Of busi-
ness win be available IN the late summer
and fall without resort TO usually high
rates of interest
Closing prices in the market were not
greatly changed from the close a week
ago. Gains on three days OF the week
were Offset by losses IN the other three.
But though the figures showed an indie
eisive result to the trading. the week
was marked by an almost complete alb
sence Of the liquidation which disturbed
the market in previous weeks. and efforts
further 10 depress prices met with no
success.