The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-09-01
WALL STREET NEWS
Dizziness of Week Accentu-
ated by Days Trading,
FLUCTUATIONS ARE MISSING
Change of Only a Fraction of n
Per Cent Seen I'm Both Rails and
IndustriaIs-Gain I'm Bond Trans
actions One OF the Favorable
symPtoms-Large Buying of Iron.

New York, Aug. SIN FIVE hours OF
business on the stock exchange to-day
but little more trading was done than
in the extraordinary dull two-hour ses-
sion last Saturday. For a long session,
the turnover was the lowest since the
day preceding the Fourth of July re-
cess two years ago. and except for the
first hour there was practically no bust
ness whatever. The total transactions
amounted to $4,000 shares. and in the
last three hours the average per hour
was only about 1900. Reading, Union
Pacific, and Steel common supplied more
than 100000 shares OF the days business,
transactions In none of the others
amounting 10 5000 shares, and these
three stocks closed practically unchanged
on the day. Closing prices for Steel COM
mon and Union Pacific were identical
with yesterdays close. and Reading. a
stock ordinary subject to extreme huctu-
ations. moved within a range Of less
than a point and closed with a net
change Of the smallest fraction.
Close To Equilibrium.
These stocks showed no greater changes
yesterday. and Il IS doubtful # the mar
ket has ever reached so close an ap-
proach 10 equilibrium as in the three
days Of trading this week. In those
three days the change of average price
of the railroad stocks has declined but
sixteen-hundredths Of / per cent. and in
the industrials there has been the almost
Insignificant change OF one-hundreth Of
! per cent.
But while the dullness Of the stock
market has become increasingly so pro-
nounced as TO make futile any comment
upon fluctuations, there was to-day a
slight Improvement in the bond depart
ment Of the stock exchange. an improve
mcnt that started on Monday, and may
indicate a revival from the relapse in
the bond market last week.
The transactions IN bonds to-day
amounted 10 but 81 .3lS.OOO. a small total as
compared with normal times. but n gain
over the corresponding day last week,
and 1t was noteworthy that most OF the
transactions were in high-grade invest
ment bonds as distinguished from the
convertibles and other bonds Of a highly
speculative nature. This Improvement in
the bond market, while by no means
considerable. was conspicuous because OF
the deterioration Of the trading in stocks.
Watch Rate Hearing.
Whatever little attention was directed
10 factors OF market Importance was CEN
tered upon politics and the railroad rate
hearings in Chicago. Political develop
ments were striking enough 10 produce
keen speculation during an ordinarily ac-
tive trading market. In one respect It
was possible to draw q favorable deduc-
ton from them. for the Republican STATE
convention in Kansas. a State absolutely
dominated by the insurgents, enUciated
a tariff platform m very close accord
with the views expressed by President
Taft IN his letter 10 the Republican Con-
gressional committee this week.
The banks continued to ship heavily to
the interior and continued TO hold time
money rather firmly. Hopeful news op-
erations on the iron and steel trade was
expressed by the weekly trade journals.
The feature OF the week was rather
large buying Of pig iron, from which the
trade papers predict a substantial recov-
cry from the stagnation in the iron trade.
In fabricated iron and steel there IS also
a moderate Improvement.