The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-07
DULLNBSS IN TIE MARKET
Small Volume of Trading. But a
Steady UndertOne.
Speculative Apathy Continues-In-
crease in EARNINGS of TFapsporta-
ton Lines-Trafiic Reports OF the
Southern BuIiSvay and Missouri
Pacfdc-Animation in SpeciaItics.

NEW YORK. Aug. Every little of i'm
portaEce or OF general significance develop
ed in todsy's dealings in the stock market.
The dullness, which has prevailed for some
time past, was intensified today by reason
of the suspension of business on the Lon
don Stock Exchange. although there was
very little in the days situation which
would suggest that had the market been
open it would have exercised much influ-
ence in the local dealings. AS has been
the case for some time it was not possible
TO cite the Chinese situation as factor
of positive Importance in the market, al
though it is probable that the prevailing
speculative apathy may in some part be
referred thereto. Apart from that feature
of the situation. the days news was made
up OF a large number Of statements of
railway traffic. most of which were exceed
ingly gratifying showings, a further ad-
vance in sterling exchange and an unruf-
fed money market.
OF todays statements of railway traf-
Gc. the most striking showings were those
of the Southern Railway and those of the
Missouri Pacific. the gross increases in both
instances being remarkably large, al
though the returns were contrasted with
a period of heavy traffic last year. 1t
was hardly possible however, to trace any
connection between the traffic returns and
the dealings in the stocks particularly con-
cerned.
The sterling exchange market continued
very strong, and 81, GOO, 900 gold was engag-
e., ~. axnort and further shipments are
unquestionably involved in the financing
Of the British loan here. AS yet this war
loan transaction seems not TO have attain
ed the position in attention which it de-
serves. Beyond any question it marks the
opening of new cara in American finance
wherein there is apparently in progress
form of expansion corresponding some
what TO that which is now being so active
ly discussed from a political viewpoint.
Broadly considered, however the offering
in this market Of the loans of foreign
Governments is virtually involved in the
commanding and even dominating position
this country has assumed in the foreign
exchanges. II may safely be assumed that
the present step is only the forerunner of
others in the same direction.
Notwithstanding the exceedingly small
volume of todays dealings, the markets
undertone was a very steady one. The
movements In the railway list were for
the most part exceedingly limited, as were
the transactions therein. The only con-
siderable animation was In a few of the
industrials and the specialties, noteworthy
instances being National Tube common
and Colorado Fuel and Iron The advance
in the first named was a logical enough
reflection of the extraordinary strong
showing made by the company in its an
nual report published last week. The sub
stantial evidence of the prosperity Of this
particular industrial property was not,
tent in the dealings in the shares CT the
other companies of ;he same general class.
Colorado Fuel and Iron was unusually
active and also strong, the advance in that
instance being based upon reports that
the company would soon pay OF the &C
cumulated dividends upon the preferred
stock, and thus make the way clear for
the subsequent distribution of profits upon
the common. An exceedingly sharp adj
vance in the preferred stock gave some
color to the truth of these reports. Su-
gar Refining received a fair amount OF
attention and the stock underwent irregu
lar fluctuations following upon the an
nouncement OF a further reduction in the
selling prices for soft sugars. With the
exception of Brooklyn Rapid Transit.
which was moderately active. the local
traction group was virtually neglected.