The Washington times., 1911-07-16


viewpoint of the commission broker
and the speculator, the stock market
of the past week was a very disap-
pointing affair. Prices ruled strong
throughout the interval but the
volume of business was conducted
upon a diminishing scale day after
day until things came well nigh to
a standstill. Total dealings on Fri
day amounted to but S6,459 shares.
which is the smallest aggregate for
any full day since July 8. 1908. when
71,20O shares changed hands. With
that exception one has to go back to
March 10, 1904. when total sales
amounted to 1858 shares. to find a
smaller five-hour business day than
last Friday.
OF course, worse things can happen
to a security market than dullness.
Discouraging as 1t is, however, for
brokers, whose office and personal
expenses are running on to be doing
no business, there is some little en-
couragement in the fact that there
was not the slightest sign of liquida
tion during the interval. Bitter, of
course. are the complaints over the
long g-continued absence of the public
from the market, but 1t Is quite clear
that If the outside element will not
buy they show no disposition to sell.
Despite the apathy, therefore, the
market is losing no ground, and that
is a point gained.
Professional Activity Curtailed.
On the Exchange, itself. a feature
which attracted very much attention.
was the decided change in the at
titude of professional traders. For
many months these worthless have
rolled up a big total of transactions
daily in three issues-Reading, Union
Pacific and Steel These are, Of course,
the active trading issues. and the pro-
fessionals have always found 1t pos
sible to make a turn in them when
the rest Of the list is practically dead.
But even these stocks appear to have
well nigh dried up. and it was said
on Friday that that dGy's aggregate
transactions in Steel common, $500
shares, represented the smallest days
trading in this issue since its listing
on the Exchange.
One usually active trader explained
the inactivity upon the part of the pro-
fact that the general business in the
market was so limited that II did not
provide a sufficient swing even in an
active stock, to permit trader to get
in and out again with profit and pay
his transfer tax. The traders, he in
sisted, had been living off one another
for months. winning one day and los
ing the next, until many of them had
practically exhausted themselves. In a
very dull market like the present, the
transfer tax absorbs a large amount
of a traders profits. and at the pres
ent time it is frequently compared to
the kitty" in poker game. In active
markets no trader thinks Of the tax,
but just now 1t Is very sore point
with the professionals.
Dullness but Natural.
In view OF the conflicting crop ad-
vices, which reached the financial dis
trict during the week, it is not at all
surprising that the stock market should
have lapsed into dullness. and this dull
ness was undoubtedly accentuated by
the very large absentee list of impor-
tant operators SO far as the general
public is concerned there still remains
restraining influences Of harvest uncer
lessened commercial activity
and the highly uncertain political out
look When one recalls these features
II seems plain enough that there was
nothing very remark able about the dull
ness of the week. and it certainly arose
from no new disturbances or no new
group of market factors.
So far as important news develop
ments are concerned, the market crowd
ed its principal occurrences into the
first day Of the week. Monday, for
instance, brought the Government crop
report. the report of the United States
Steel Corporation on its untitled orders,
and the report of the Copper Producers
on the June production and
sale of the red metal. Later on the
happenings were chiefly Of a routine
cha cter. but they included one highly
favorable feature, the declaration of
the regular Baltimore & Ohio dividend,
regarding the maintenance of which
there was some question a month ago
Government Crop Report.
Wall Street expressed some disap- |
continent over the Government crop
'eport as to certain of it's features, but, |
lespite that the showing was the most
important of the weeks happenings. 1t
S fully recognized that the conditions
IF the cereal crops, as returned by the
Department of Agriculture as Of July l, |
10 not take note of the ten extremely |
lot days at the outset of the present |
month which may have worked Somo |
additional deterioration; but what this
'eport makes clear is that the increased |
=, cage and the condition, as reported |
Il both corn and winter wheat, are |
Juch as to admit of a considerable re-
luction of estimate and still give an |
lbundant yield.
Compared with July l, 1910, corn at the
present time, showing a condition of
0.1, is 5.3 per cent under the bumper |
or a crop of 1855, 444.500 bushels against |
IN indicated yield of 3,114, 466, 900 in 1910 |
This certainly does not spell disaster, |
md, in fact, the present estimate is for |
he second largest corn crop in the |
history. The heavy decrease |
n the estimated condition of spring |
wheat, from 94.6 in June to 1873 in July, |
s disappointment, but still the Gov |
estimate on total wheat-sprfng |
md winter combined-at this time is |
OF y90,S0O bushels. This has been eX-
he country.
Variable Weather News.
OF course, the crop outcome is still to |
'e determined. The weather reports of |
he week have been highly contradic-
ory. Low temperature, accompanied |
" rain, has been reported in the North
western wheat district, but. on the
ther hand, there appears to be a de-
ided deficiency in moisture in the corn
'elt. 1t Is exceedingly difficult, II not
wholly impossible TO arrive at a definite
pinion on the harvests in view of the
vide divergence of unofficial reports,
thew IN ,loAR