The Washington herald., 1910-08-28

New York. Aug. 27.-Total transactions
on the stock exchange to-day were less
than 10000 shares. Not since the stag
nant period following the panic Of 1907
has so lit:le business been done IN any
market session. Moreover. to-day in only
eight stocks were transactions above ]. 900
shares. and three stocks-Reading. Union
Pacific, and Steel cOmmOn-supplied
more than two-thirds OF the entire turn
over. Half an hour before the close
there had been no sale OF whole groups
of stocks. in which ordinarily there IS
considerable activity. such as the Hill
stocks, Northern Pacific, Great Northern.
and Great Northern Ore the Southern
group, Louisville ard Nashville. Atlantic
Coast Line and Southern Railway, Rock
Island, and Wabash, recently closely as
ISOLATED in speculation and important
trunk lines. as Erie and Baltimore and
Ohio.
It is doubtful II even In the stagnatiOn
following the panic there was at any
time a market with such a narrow range.
What little trading there was was en-
tlrely professional, with price movements
in narrow range and net changes only
fractional at the end. Only in the Den
yer and Rio Grande shares was there a
price movement attracting any attention
whateverg> these shares advancing 10 the
accompaniment Of the publication Of the
company's annual report showing sur
plus earnings eqnal to ia per cent on
the common stock. as compared with IL
per cent m the previous year.
Railroad shares Weak.
The course OF the stock market was
reactionary throughoutthe week. With the
railroad shares rather weaker than the
Industrial. trading became less and less
active as the week advanced. one OF the
most discouraging features was the sub
sidlence OF the investment which last
week showed some signs OF return to
animation. In bonds. In which the trans
actions last week held out the hope Of
permanent Improvement, the slackness of
the investment demand was quite as strik-
ing as In stocks For this deterioration in
the markets the reason generally assign
ed was renewed political activity display
ed IN the seeming turn OF political events
in favor Of Col. Roosevelt in this State,
in the hearty reception accorded him on
his Western trip, and IN President Taft's
reported recommendation OF further re-
vision OF the tariff. Reasons for waiting
for a readjustment OF complicated bust
ness and financial conditions had been
abundant enough before: these political
developments supplied another deterrent
against purchases Of securities, investors
naturally determining 10 remain away
from the markets until a reasonably cor
rect idea can be formed as TO govern
mental policies IN the future.
The tendency Of bank clearings this
week has been again toward contraction.
Clearings for the week showed a decrease
OF Is per cent from the corresponding
week last year. In the railroad business
an Improvement is indicated by a decrease
OF 1900 IN the number OF idle cars, but
the decrease was principally due TO the
rapid movement of the grain crop 10 in
terror centers and there the surplus Is
still good as compared with 5000 in
January. and 1A0OO IN February. In money
the trend Of events was generally favor
able throughout the week. The banks
shipped 100000 70 Canada and large
sums TO the interior. and the tendency Of
time money rates was toward increased
firmness, but the bank statement to-day
showed loss Of about S1.eOl 900 IN surplus
reserve and n loss Of but 81 $4,000 in cash.
The surplus reserve remains at $40 464, 600
which seems to be n sum more than ample
10 cover all known requirements Of crop
moving and other business.