The San Francisco call., 1910-08-02
STOCK MARKET
TRADING DULL

-. NEW YORK. Aug 1.-THE: spec
!. ulation in, stocks developed COM
straint today, and there was hest
tatioa about pursuing operations
on either Side of the account The
stock market was a dull and hist
less affair, but ended at declines.
This was due partly to the clos
!: ing of:the.London stock exchange.
for a holiday. The. demand from
FIAT source was SO important an
!; element in: rallying prices from the
!. acute depression of, the latter part
!, of. last. week that spectators were
!. indisposed TO pursue operations in
the absence :of information on@tfle
Immediate. attitude of London buy
s eS's. toward. american stocks. The
!; call loan rate also is DECLINING IN:
!: New York and reserves have. risen
TO such. large percentage hglires
that the ocea sion: for::heavy gold
imp or5ssd oes not ppear Important
: six naanths, money was freely Of.
J. ferea: today at 5 pei. cent: .:.:
The easing of the call loan. rate
!. affects. The position eff the bear
: party.:to+ some extent by reducing
the supply of. stock offered in:
|*the. loan crowd. the direct ber-
/ rowing. :.of.- money being possible
on more attractive terms than by
s the lending of stocks:
: The constraint on the specula-
8 ton came partly from the .un-
certainty <of the crop outlook.
!. There is a :. desire to await the
. appearance of the government re-.
: port on condition of the cotton
2 crop tomorrow for, information of
!: the extent: of deterioration of the
!: plant during July. Reports of
+. showers at SOME: of the, points
:. where rain rs needed affected both
the cotton and corn markets to-
day Confidence was lac king that
!. the relief was effectual.: A good
:: impression. is caused at the ffnan-
!. cisl- center by the heavy receipts
!. OF wheat. for the. promise It gives.
!. of.a rapid marketing of the crop
: and the relief thus afforded from:
demand for: bank credits to: hold
T, the grain. =. ~. "
:. In the opening. weakness of the
market Pen1asy lxania was affected
by. the reduction in net earnings
reported for. June, the gross In
: crease being: oYerbalanced by the
!. 'fncrea sed operating cost. The
: stock rallied on. the: declaration of
!. the regular Quarterly dividend.
Some. of the other standard rail-
road stocks also. benefited from.
: lncreased confidence over the: main
;. tenance"of. dividend>:rates - ::
The decline. m Chesapeake and.
!. Ohio. during. the: days session. was
:: AIKEN to represent, an att.tude Of:
!: suspicion In the ispecula tion WHICH
is::the outcome ':.of the Pearson
Syndicate; episode and the analo-
!. gfes which are. applied TO other.
+ projects of: railroad extension and
! combination. Another: back cur
rent in the Speculation FROM the
!, Pearson syndicate. settlement was.
THE weakness of several bonds of,
some OF the railroads. the control
+ OF. which It. was thought. might be
involved in that settlement.
strengthened auspices thus. prom
ised for these railroads. it was
+ thought, should operate. to-. In
crease. the. security of the bonds
Their decline throws: the situa-
i: .tfon open. To. question. =.
,,~<. Bonds. were Irregular. Total
!, sales. (paryalue). sl.9s5,0oo
United: States bonds were un-.
{ changed: on. CALI. =: