The Birmingham age-herald., 1911-08-27
GERM STILL QU|ESCENT Stock Sales Have Been Re-
 markedly Small
 ACTION OF PRICK
His Resignation From Union Pacific Causes All Sorts of Speculation As to the Probable
 Cause
By PRESTON c. ADAMS

New York, August 26.-(Special. )-If
 the approach of cool weather does not
 stir the speculation germ in the blooG
 of the outside public Wall street will
 be the leader in prolonged vail of
 hard times.
 Stock sales this year have been small
 CT than for the corresponding period in long range of years They have
 reached only e3,o00,0oo shares, against 115,o0o,o last year, decrease of 3D. 000,O0O, or 45 per cent. Even during the memorable dullness of 1904 the transactions tor the first seven months reached 63 900, ,000 shares, against less | than e0O00 900 for the same months of
 the current year In July, 1904, the sales approximated 12,50o.00O shares, where as the turnover last month was only
 5,660, ,000 Reckoning on a value of par for the shares dealt in, the turnover
 this year would be equivalent to s6,
 300, 900, 900 as entrusted with s11.5O0,-
 900, 900 last year, shrinkage of s5,20o,
 900 900.
 There have been other dull periods
 but not in many years has the stagna tion been SO prolonged as on this oc-
 casion. Wall streets expense account It Is aslo to be noted, is greater today than ever before. with perhaps the ex- ception of the brief boom period which preceded the collapse of 1907 at which time certain commission houses were spending money in the most reckless fashion.
 Million share days on change have m ie ,ot
 in sight. is.as Stock exchange commission houses have been reducing their forces and
 also drastically cutting salaries In or der to diminish the shortage between income and expenditures. The only firms which have done even moderately well are those having important cotton depa artments; the speculation in cotton | has been as anma ted as the trading in stocks has been stagnant. Busin ess | in the produce exchange, though not 1 abnormal, has been good. the extreme dullness in flour having been offset by | the speculating In wheat and corn In alarm the traders are crying, Where are we drifting?" and there are none 10 answer.
 l The public simply will not buy stocks ] except for investment and there Is neither sport ror~ profit for profession l als to trade among themselves.
 l The gross earnings of the country from 1 Janii'-rs 1 to June ,e. 1911. amounted to l S1,es4.2S2,i15, q deci ease of s26,557.7e7, or l 2.03 per cent. Speaking of the showing 1 the ''ChrontcIe' says: "In reviewing the earnings of the United States railroads l for the first six months of the present calendar year a condition Is disclosed which has not been met with since the
 business upheayal following the panic of 1 l9T--naIneiy, a retrograde movement. car l ryfng the totals down below their amount In the previous year. Our tables dealt
 entirely with statistics of gross revenues Figures as to tho net on any comprehen- sive scale will not be available for another
 period of two or three weeks. The fact
 that June is the closing month of the fiscal year makes the returns slow in com ing in. and even as to the gross we are obliged In our present tabuIations to use figures covering in some instances only the five months to May 31. instead of the full six months, ending June aO The fact can be regarded. however, as established that gross earnings have fallen behind in a sum which, while not