The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-16
WALL STREET NEWS
Market Dull and Heavy, with
Light Sales for Day.
CHANGES IN DIVIDEND RATES
Most of the active Stocks show
Losses, Despite Fact that Several
Lines Give Returns on Invest
ments-TIme Money Rates some
what Easier-PIans Rate Hearings.

New York Aug. 1.-THE stock market
to-day was dull and heavy. in sharp
contrast to the squirt OF activity and
strength IN the closing days last week.
In the first hour business from the com
mission houses supplied some faint re-
Spouse 10 the display OF strength In last
weeks trading. and before this opening
hour was long advanced stocks sold up
10 q slightly higher level than at any
previous time since the recovery began.
But the outside buying power was soon
exhausted, stocks quickly reacted below
last weeks closing prices. and from then
on the market either drifted or sagged
drearily and monotonously 10 the close
Tho turnover for the entire season was
but 10000 shares, Of which 10000 changed
hands in the first hour. and the after
noon session was as dun and stupid as
could be imagined.
Active stocks Show Losses.
At the close most OF the active stocks
showed losses on the day Of about a
point or a major fraction OF a point
Nowhere in the list was there any decid-
ed weakness, liquidation being as conspic-
uously absent as was the aggressive
buying displayed in the market last
week. and in the ordinarily less active
stocks. though trading in these was also
light, there were generally substantial
gains.
Canadian Pacific continued the advance
which began with the increase in its
dividend, and sold up to 195. and there
were gains Of two points in Allis-Chal-
mers preferred. 21-2 in American Beet
Sugar. PA in Brooklyn Union Gas. 3 in
Colorado Fuel and Iron preferred. rs
in Phtsburg Coal preferred. and 3 IA in
Rock Island preferred. Some OF these
gains were made on transactions Of but
100 shares. but on the whole the action
OF the shares little subject to speculative
influences emphasized other evidences OF
the absence Of liquidation.
The wheat ana corn markets were
weak. wheat being affected by more Ia
vorable reports OF the foreign yield and
corn by a continuation Of favorable
weather in the principal corn sections.
Changes in Dividend Rates.
The news Of market interest concerned
changes in dividend rates. arrangements
for early hearings Of arguments on appli-
cations for higher freight rates and move
ments in money. on the income bonds OF
the underground electric railways OF Lon
don, many of which are held in this coun-
try. an initial dividend OF one-half Of !
per cent was declared.
The seaboard company declared divi-
dend Of 21-2 per cent on the first preferred
stock, this being the first distribution
since the company's reorganization and
the Laclede Gas Company increased its
dividend rate from 70 Z per cent
At hearing in this city before an eX-
aminer of the Interstate Commerce Com
mission. definite arrangements were made
for hearing the arguments OF the rail-
roads on the question OF increasing
freight rates. the Western roads 70 be
heard In Chicago, August %. and the
Eastern roads 20 present their cases in
this city September Z.
II was brought out al to-day's session
that the commission intends to push the
cases 10 the earliest possible conclusion,
which may mean that the period Of en-
forced economy on the part OF the rail-
roads may be Of briefer duration than had
been expected. The importance Of an
an appreciation Of the impeachment which
enforced railroad economy now offers to
the progress Of general business.
Notwithstanding the changes adverse 10
this center in both foreign and domestic
exchange time money rates were some
what easier here.