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Show feSUMMER DULLNESS M THE STOCK EXCHANGE 8m Business of the Two Hours Only Amounted A to 65,000 Shares, Almost a Low Record. I IK, Aug. 2. A new low rec-summcr rec-summcr dullnes was scored k exchange today. .Total the two houre approximated , compared with 64.000 shares last, that day breaking all for something like sixteen :et was without Its usual mdon was observing one of holidays and continental ex-e ex-e lifeless. About the only lews was contained in dls-i dls-i western and. southern points t that the treasury dcpart-for dcpart-for helping the movement of neetlng with favor. Wheat lions were higher as a result ken drouth In the southwest, ilcome rains were reported larly dealings, leaders like s, Steel. Amalgamated, Read-adian Read-adian Pacific all fell substan-i, substan-i, but recoveries were ostab-ast ostab-ast instances, Canadian Pa-lan Pa-lan regaining its loss. Steel t Issue in which dealings ap-j ap-j normal, a block of 5500 ring hands at a price midway low and high, e of the bank statement was :ash loss of about $4,000,000 ;n was expected. The loan nominal, while reserves were S1.D49.000. ected -the apathy shown by ted States 3s and Panama 6s per cent on call during the 3d States 3s and Panama 3s ecllned i pei- cent and Pan-3s Pan-3s per cent. Total bond alue, were 5430,000. f the Week, ng tendency of stocks, which ost from the outset of the an opening at vigorous ad-last ad-last week, did not look for 'to news of a positively uri-laracter. uri-laracter. Indeed. It was in n of news altogether favor-e favor-e disposition to realize -profits early shown, ket action registers the con-rie con-rie participants that tho raise measured the Improvement ken place in conditions. That t continued very manifest in market, where rates for time loans for the shorter periods declined further, fur-ther, and where a demand for mercantile mercan-tile paper sprang up from sources that have refrained from that demand for many weeks past. The promise of tho secretary of the treasury to deposit government funds with national banks to further tho movement move-ment of the crops carried definite assurance assur-ance of a help that had been anticipated In tho financial world. In that, as in other utterances from the treasury department, de-partment, however, that world found a divergence from tho point of view upon which it has come to rely that occasioned occa-sioned some disquiet Such divergence I was felt in 'the accusation of a concerted purpose among a few New York banks to depress the price of United States 2 per cent bonds, with tho object of defeating defeat-ing tho currency bill. A diversion of congressional attention to the agitation against the money trust was dreaded as a consequence. Unfavorable View. The deposit of government funds now, it was thought, might discourage the lending of foreign money in the New York market, which had commenced as a result of the casing of the foreign money markets during July. London also bought stocks here to a substantial amount during 'the week. In the same wav, efforts to enlist funds abroad to help in our crop movement might be defeated de-feated and our own market loft without further recourse 10 treasury relief in caso of need. . . . . , The rapidity with which wheat is being marketed is another reassuring factor, although this week's movement showed a heavv decline from last week, indicating the passing of tho crest of the winter wheat movement. The world's demand for our wheat, however, is expected to continue large, and it must, of course, be paid for. The damage to the corn crop bv drouth is an offset that must bo taken into account, and this was a sustaining sus-taining influence in the week's demand for stocks. The mixed crop outlook leaves opinion undecided as to reduced demand this fall for manufactured products. It was this uncertain future demand which held United States Steel in check, in. spite of the brilliant showing of earnings for the last quarter, only once exceeded in a corresponding quarter and only four times equaled in" any quarter. |