The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-08-28
STNANCIaL ,>D rOuuERCI,L.

SATt RpAT. AuEust u.
Teal transactions on the stock Ex-
change today were 49, than IOo n0n
shares Not ulnc. the -tagnant period
following the panic 81 isI5 has - little
business been don. m any market session
Moreover. to-day m only eight stocks
were the transactions above go shares.
and thre- stocks Heading. Union Pacific
and Steel common. supplied more than
eWo-thirds ofthe entire turnover. Haitian
hour before the close there had been No
sale ~ whole groups 81 stocks m which
ordinarily there ~ considerable activity,
such as the Hin stocks Northern Pacific.
Great Northern and Great Northern ore
the southern group. Louisville and Mash
vile. Atlantic Coast Line and southern
Railway, Rock Island and Wabash
recently closely associated m specula-
don. and such important trunk lines
e. Erie and Baltimore and Ohio. IL u
doubtful II even in the stagnation follow
ing the ranic theP~ was az any time a
market with such a narrow range. What
httle trading there was was entirely pro-
fessinnal with Trice movements IN mar
row range and net change only frac-
tional az the end Only IN the Denver
and Rio Grande shares VAS there
price movement attracting any attention
whatever theae shares advancing 10
the accompaniment ~ the publication
~ the companys annual report show
ing surplus earnings equal to a..
per cent on the common stock. As
compared with - per cent IN the
previous year The grain markets were
only lea interesting than the security
markets and price change were incon-
siderable In cotton the August option
sold w to IA o.. new high record for
the year and for the period since the Sully
speculation IN 1918 This spectacular
movement was Of course due to no deteri-
ovation in the cotton crop. hut entirely
n the excessive speculation in the August
option. n speculation which has become
an the more extravagant ON the approach
NJ the time for the retirement of August
contracts
The course OF the stock market was re-
dictionary throughout the week with the
railroad shAres rather weaker than the
tndustTials. Trading became less and
lees active a. the week advanced One
% the most discouraging features was the
suhsidence Of the investment demand.
which last week showed some signs ~ a
return TO animation. In bonds. IN which
the transactions last week held out the
hope Of permanent imp rovement. the
elackness Of the investment demand Was
quito a. striking a. IN stocks. For this
deterioration in the markets the reason
generally assigned was renewed political
activity displayed in the seeming turn
81 political events IN favor Of col. Roose-
welt in this State. IN the hearty reception
accorded him on his Western trip and IN
President Tsft's reported recommends
ton Of further revision Of the tariff
Reasons for waiting for a read just msnt
~ complicated business and financial
Cor ditions had been abundant enough
before. these political developments sup
Piled another deterrent against purchases
II securities investors naturally deter
mining to remain away from the markets
until q reasonably correct idea can he
formed az ~ governmental policies IN
the future Weekly trade reports showed
a similar disposition among business men
all over the country. The satisfactory
progress Of IN" crops encouraged buying.
but the political developments inspired
caution in purchases Very little business
u beng done for remote delivery and the
tendency OF bank clearinss this week has
BEEN again toward contraction Clear
tngs for the week showed decrease 81
IS per cent from the corresponding week
Last year In the railroad business an
Improvement is indicated by a decrease
90 70 Ono in the numbar of idle cars but the I
decrease was principally due n the rapid
movement Of the gram crop 20 interior
centres. and tho car surplus - still $3.50. .
- compared with $500 IN January and
oOo IN February In money the trend ~
events Was generally favorable through
out the week The banks shipped 81 900 .
noo IN Canada and much larger sums 10
the interior, and the tendency of time
money rates vas toward increased frr- P
ness. but the hans statement to-day
showed a loss ~ but 81 soI IN IN surplus
reserve and lo@S 81 hut s.. 1880 IN cash /
Ths surplus reserve remains AZ $40 go on.
which seems to b- a sum more than ample
IN cover all known requirements NJ crop .
moving and other business
Ne~ York stock Exchange sales, AuE n.