The Washington times., 1901-07-03
HEAT CHECKS SPECULATION
A Summer Dullness Settles Down
Over the Stock Market.
The Reports of Another Bank Fail
ure in EunnIo Exert Depressing
InHucnce-BroEers Want To Take
a Vacation Until Next Monday.

The REPORTS OF Another Bank FHi-
ure in EunnIo Exert Depressing
InfIuence-BroEers Want To Take
Vacation UntI Next Monday,
NEW YORK. July 2-Nidsummer dull
ness settled down over the stock market
today. and business was reduced to such
a small volume that the stock exchange
authorities directed the ticker companies
TO resume printing the sales Of fractional
lots of stock. Brokerage offices were de-
serted, and for long intervals the ticker
would rot print a single quotation, in
startling contrast to the very recent alb
normal activity
The extreme heat was quite as impor-
tant factor in checking speculation and
producing a quiet market as any OF the
few news developments. London sent in
a lower range Of prices, with declines eX-
tending above l per cent, but. with no
news to account therefor other than the
statement that the situation here was not
viewed altogether favorably.
There was a disposition to- minimize
the III effects of the United States Steel
Corporation strike, and il was early an
nounced that the directors. in deciding the
dividend question. would make no an
nouncement until the close Of business on
the exchang today. This latter fact con
tributed to the prevailing hesitation, and
there was considerable talk about the
probable effect Of the strike, if any, in
arriving at a decision in relation to the
common stock. The executive board was
said not to be Il unit on the question. and
whichever way il is decided. doubtless
there VIII be more or less criticism.
There were prompt denials of any
sSrious damage to the corn crop. and the
price Of that staple declined sharply in
its opening dealings. Reports concerning
the excellence OF the crop outlook We're re-
ceived throughout the day and leave little
material for the manipulators Of 'scareS'
TO work with. The failure OF another bank
at Buffalo, while not important eXerted
repreSSiNc influence on sentiment Gail
money loaned at per cent. and there
were indications OF Slightly easier rate
conditions following the heavy demands
occasionsd by the July disbursements.
The market opened heavy, St. Paul.
Louisville and Nashville, the Atchisons.
Union Pacific. and Erie common among
. the railway shares, and the Steel issues
and Colorado Fuel and Iron in the indus
trial quarter, sCld off languidly during
the morning session. The approaching
hohday was responsible for the closing
out OF number Of commitments. Follow
ins the decline there was a rally which
was lacking in snap.
A Rock Island official report of good
rains in northern Kansas and Nebraska
and encouraging reports from Union Pa
clnc sources Steadied the market and a
harder tone was exhibited by the gran
gers. Among the specialties. Illinois Cen
tral. Evansville and Terre Haute Mime
apolis and St Paul We're strong and ad-
vanced moderately on reports Of forth
coming developments favorable TO those
properties
The coalers were firm on advices of i'm
proving labor and trade conditions. Rapid
Transit was the only local transDorta-
ton stock to display any signs of life.
and on light purchases. based on the eX-
cepuonally heavy earnings Of the com
pany, made moderate gain Fluctua-
uons IN every quarter, however, We're so
narrow as not 10 possess significance.
London traded in I2,oc0 shares and on
balance sold.
Owing to the intense heat and dullness
the members Of the stock exchange pc
titioned the board of governors to close
from Wednesday 10 Monday, although a
similar petition last week was adversely
decided.