The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-03

New York, Sept. 2-In the first hour
to-day the market was depressed by
scattering liquidation from the commits
sion houses, probably inspired. as II was
yesterday, by reflection over the new
nationalism." Stocks declined below yes
terday's low prices. But the liquidation
was not at all heavy, and the covering
OF short contracts soon brought about a
recovery OF the early losses.
In the remainder OF the session the
market dragged monotonously along,
with sales at the rate OF no more than
1900 shares an hour in the afternoon
and with price movements Of little inter-
est and consequence. The market viii be
closed tomorrow and Monday, and there
was the customary indisposition on the
part Of spectators to hazard fresh COM
mitments on the eve Of the recess.
The principal development OF the day
was the government report on cotton.
The estimated eondition-721-is below
the estimate contained in the August re-
port. but a trine higher than the aver
age Of the private crop reports Of the
past week The report had no effect
whatever upon the stock market. and
was followed by only slight decline in
the cotton options
Cotton Crop Lnte.
Il appears to Justify the previous ex-
pectauon OF a crop Of approximately,
100000. but the cotton crop. like the
corn crop. Is more than seasonably late
in approaching maturity. and. the wealth
er this year having been extraordinarily
variable. there was little disposition to
accept the report as final
Reports from the corn crop were gem
orally satisfactory. as they had been on
previous days OF the week, and though
the corn crop stin stands chance OF
damage satisfaction was general that
another week had passed without damage
70 it.
The other news Of market Importance
was contained in a batch OF July railroad
reports. These were without important
exception OF the same unfavorabIe tenor
as other statements for the same month.
Louisville and Nashville. for instance,
reported an increase Of $336.OOO in gross
and a decrease Of $4,000 in net earnings
and St Paul an increase Of $lsl, 600 in
gross and decrease OF $4,000 in net
Bradstreet's compilation Of August fail
ures showed liabilities OF 81. 9S4 900 as COM
pared with $4,000 In August last year.
However. failures in July involved la
bilities Of more than S17000.000 so that II
does not appear from these figures that
the tendency OF general business is reac-
uonary to the same extent as is the tend
ency OF the railroad business.
DuIIest Week of SeosOn.
In the security market the week has
been the dullest OF the summer. The only
day on which the market displayed any
tendency whatever followed the publica-
ton OF Col. Roosevelts Kansas speech.
and the losses Of little more than 81
share on the average which were then
sustained were reduced somewhat by
slight average gains on some other days.
Undoubtedly political developments were
altogether the most important OF the
weeks happenings. and these were de-
cidedly not OF a nature 10 inspire buIlish
activity.
The market however. displayed rather
sturdy resistance TO the disagreeable news
from the West and the political develop
ments may have been largely discounted
by the declines in previous months OF the
year
The weekly trade reviews report no de-
cided change in business conditions. al
though a slight Improvement IN the iron
and steel trades and Improvement in re-
tail trade in sections where crops are
good lifted few portions Of the country
well above the others. Generally trade
reports are irregular and the business
situation extremely complicated The fea-
ture Of the week in money has been the
rapid movement OF funds TO the interior.