The Washington herald., 1912-07-16
MARKET IS DULL
AFTER OPENING
Steel Common Starts Upward Move
ment, but Later Eases
with Others.
q. P. MAKES ADVANCE EARLY
U. P. MAKES ADVANCE EARLY
By BARRON SERVICE.

New York, July 15.-The bulls had an
inning on the exchange to-day at the
opening. and there was strength and ac-
tivity throughout the list for about half
an hour. Then the market turned dull,
enlirened by one or two short periods
OF activity in the afternoon. Prices
eased of little with the dull period
from their best figures of the morning.
Both sides of the market were looking
for a lead in selling or buying by the
large interests.
Steel common opened up as II to start
on another upward movement, but 1t
eased of with the rest Of the list later,
although bull tips were freely circulated.
based on the excellent condition of the
steel trade.
Norfolk and Western came close to the
highest figures on record on buying de-
mand, induced by rumors of an extra
dividend. New York Railway per cent
bonds made d new high record, showing
a gain of nearly five points in week
The advance was due to investment buy
ing resulting from the improved pros
poets of street railways in New York
Rumor Advances U. p.
The advance in the morning of Union
Pacific was due to a rumor that there
was a battle on for the control Of the
to it outside of small group Of specu-
lators. st. Paul fiuctuated from little
below to a little above par all day. Can
common was a very strong feature dur
ing the first hours, advancing full point
on a very few transactions. II then
eased of and lost all of its gain. West
inghouse was a very strong speciality on
the expectation of the declaration Of a
3 per cent dividend for the second half
year when the directors meet In Sep
tember.
Sentiment on the Copper stock was
very good following an advance of the
metal in London. The black rust ru-
mors about wheat were effectively ST.
Ienced by the weakness of the grain
markets. Brookland Rapid Transit and
the Interborough-Metrop issues
we're strong Buying said to be for Is
broadway aided Consolidated Gas In
substantial gain.
Bank Statement Better.
The return to a sound bank statement
by the clearing house banks of New
York last Saturday. as compared with a
weak one the Saturday before. stilled the
bear rumors circulated all last week that
the banks here were in a precarious
condition. 1t also settled the anxiety of
borrowers that there woulo not be an
easy money market this summer. 1t 10
probable now that rates for call money
will not go over per cent until money
is started on its annual Westward move
ment for the crops. The demand for
call money will probably continue until
this takes place, and by that time bor-
rowers will probably have found It ad-
vantageous to place their loans in the
time money market.
Persistent heaviness in Union Pacific
stock has led to rumors that the dividend
rate will be reduced to per cent this
year. Nothing said or done by the direc-
tors or officials of the road would indi-
cate that such a guess was founded on
fact.
Earnings for the first half Of the
American Woolen Company were just
about enough to pay the dividends on
the s46.OOc.0O0 preferred stock. but the
loss in net was due to the ten weeks
strike in the winter and spring. Earn
ings for the second half year are expect |
ed to be large enough to make the to-
tai years net to December 81 equal to |
that of 1911, which was S,225,9l6, or over |
s per cent on the preferred.