The Washington herald., 1910-07-16
WALL STREET NEWS
After Light Sales, Close Is
at Irregular Prices.
NO DEMANDS FOR SECURITIES
State Canal Bonds Go Begging,
whereas Three Months Ago They
Were in observation-disclosures I'm Price
or Wheat a Disturbing Factor.
Cali Money Is Easy.

New York. July 15.-The turnover in the
stock market to-day was but little in ex-
cess OF 100000 shares. or the hghtest to-
tai in more than three weeks, and the
trading was as indecisiye as it was In
active From the opening to the close
prices developed no definite trend ana
the close was more than ordinarily irreg-
ular, fractional advances and fractional
declines alternating generally throughout
the list
Both the inactivity and the irregularity
were probably due TO the fact that news
OF market importance was mixed. Sales
were deferred by the Improvement in
the money situation. additional compila-
lions OF interior bank returns showing
a stronger position than had been pre-
dicted, and by a favorable government
report on the country's foreign trade for
July. Intending purchasers were no
doubt alarmed by the continuing slack
ness Of the investment demand for Sc
curities, as shown In the bids for New
York State bonds; a tumultuous advance
IN the grain and cotton markets, and an
unofficial report OF priee-cutting in the
steel trade. The last report, no doubt
made Steel common one of the most
backward stocks. for it was not until
after the close Of the market that Il was
officially and emphRtically denied.
No Demand for Bonds.
The other unfavorable developments
were susceptible to no denial 1t was IN
deniable that the failure Of investors and
bankers to subscribe for more than four
ffths OF a comparatively small issue OF
per cent flfty-year State canal bonds
a security which is tax-exempt and OF
the highest class, displayed strikingly
the absence OF a healthy investment de-
nand for securities. It is only thret
months ago that the State sold similar
bonds for highway purposes at 3 - pei
cent premium, and the premium secured
on the sold portion Of this last issut
averaged less than l per cent. Neither
could 1t be denied that the advance Of
PIP 10 cents a bushel In wheat, fol
lowing advances Of more than 2 cents q
bushel yesterday. was a logical result OF
the damage done to the spring whea
crop by the long drought in the Cana
dian Northwest and in North Dakota.
In cotton the situation was different
An advance Of 81 a bale in July cotton
making a gross Of advance Of $ a bal'
this week. was everywhere attributed L
speculation of the same kind that SEN
Nav cotton soaring long before the ex
piration OF that option. Prices for tbs
new crop months were little affected By
the movement IN the July option.
Imports show Decrease.
The governments statement OF foreign
trade for June showed sS.1S6.000 excess OF
exports over imports. The imports,
though only slightly smaller than In May
were lower than for any other month
since last September. were less by 81
sss 90 than in June. 1909 and by $B.Sl7o0
than in March last, the month OF tn
fiscal year, which showed the creates
extravaganza in the matter of importa
tons
Exports for the month amounted 4
s127. SIS. 600 greater by SO $4,000 than fl
June last year. and higher than any othe
June of the past decade With the singh
exception of 1907. 4 greater decrease II
imports had been expected. since the bust
ness reaction had before June counsele'
economy and retrenchment, but the re
turn was nevertheless satisfactory an
accepted generally as a continuance 0
a tendency in the proper direction for re
adjustment Of the .cOuntry's business re
la;ions
Call money continued easy and som
concessions were made in loans OF tim
money for the shorter maturities. tn
rates were probably affected by tn
seeming assurance of a continuation 0
the gold impor. movement, and By IN
heavy gains made by the banks according
TO the known movements Of currency 70
fha week