The Birmingham age-herald., 1910-09-04
NO SESSION OF THE
 STOCK EXCHANGE
Market Has Been Dull During
 the Whole Week
NO INCENTIVE SHOWN
There Is Little in the News to Indicate What Stocks Will Do on Tues day But the Outlook Is
 Generally Good
BY RALPH EMERSON

New York September 3.-(Special.)- There was no session of the stock ex- change today, and there will be none on Monday, and from the operations during the present week ending Friday it is difficult to predict what the market will show when 1t opens on Tuesday after the holidays.
 The market this week was one of con- tinual dullness, with occasional rallies or declines, which were not sufficiently large to be of indicative importance.
 The trend of developments this week likewise was of little importance. It was predicted before Col. Theodore Roose- welt started his western tour that some of his utterances might be utilized by the bear crowd, but whether Colonel Roosevelt's speeches have not annoyed Wall street or whether they were not of the sensational caliber expected it is ev- tdent that they have played no part in the weeks market.
 New York banks lost nearly $11,OOo, 600 to all quarters during the present week. New York banks shipped s2s3OOO more currency than was received from the in- terior, while the banks lost $S,66S 0o0 to the United States sub-treasury. To this loss must be added s2,00O,OOO gold shipped to Canada.
 This has been dull week as to develop ments In and out of the market. Little has transpired in the industrial field or the railroad world worthy of mention.
 An interesting statement was issued by Judge Lovett to the effect that the Har- riman lines have not decided upon a policy of retrenchment. The Improvements and extensions will be carried out as planned last year. However, plans for new work are being made on less bountiful scale, unless there is a brighter prospect that the investing public will stand back of the demands 1t makes for expensive con- struction work, but this has nothing to do with the present dividend rates on Union and Southern Pacific stocks The regular declarations will be made in November.
 The Chicago, St. Paul, Minneapolis and Omaha railway, in its report to the inter- state commerce commission, shows that operating revenue increased s1,575, ,733 or Il. 61 per cent. The net and gross earn ings or the Omaha are now the best in the annals of the company. The preferred stock is safeguarded to the extent of "A 4 . per cent, while the common has earned 1o5 per cent
 Interest on Western Pacific's first mort gage bonds due September 1, amounting to H,25O,000 and representing a half years interest on $50, 0,Oo0,0OO was provided for out of the Western Pacifc's own treasury or or Its own credit. The Denver and Rio Grande, 1t was expected, would have Ia l...4 the funds already advanced to the West ern Pacific prior to June 30, last, the Den yer road has not been called upon to furnish dollar of its own cash, which aggregated over s4,0Oo,000.
 As in the railroad field, there is but oullness in the industrial and copper fields. It was announced today that the foreign visible copper supply has de- creased S,915,200 pounds in August. Curi- ously enough, the American stocks dur ing the last six months have shown in- creases and now that 1t appears that the stocks here are on the point of declining there are indications that the tide has changed abroad and that the next month will likely show gains in both the for eign stocks and the visible supply
 The report of the Republic Iron and Steel company for the year ending June 30, 1910, Is the strongest and most com- plete document the company has issued
 
 per cent on the preferred stock, and is 5 per cent better than the preceding year. The Pittsburg and Alabama industrial fields show good prospects for the year. |. The greatest interest in the bond mar ket Is directed toward speculation over the s15,0O0.0 GOO first mortgage per cent bonds of the Chicago Great Western rail- road. The bonds are in the way of dis tribution to members of the underwriting syndicate formed by J. P. Morgan & Co. There has been as yet no intima- tion of the amount of this issue whic', has actually been sold to the public, bu. . 1t Is generally understood to be small Moreover, investors who purchased the bonds at the time of the original of fering have had the unpleasant expert ence of witnessing nearly a 10-point de- cline from the offering price, So far as the Great Western bonds themselves are concerned their present weak market po- Bition appears to be due entirely to tech R1cal conditions.
 1t was said today that Wall street men were watching keenly the weather condi- tions in the middle west The weather today, tomorrow and Monday is supposed to play an important part in the regula- ton of quotations on Tuesday.
 So far reports from the corn belt have been of the best kind. With continua- ton of this satisfactory con 1ition and with as few developments in the general field of finance as we have had, there should be nU concern over next weeks market opening.
 Treasury Statement
 WashingtOn Sentember Y-Tha cop-