The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-03
STOCK MARKET IS !.
DULL AND STUPID
PRICES HARDLY MOVE AND VOL
uME OF BUSINESS
Is LIGHT
ABROAD TOO
HALT IN ADVANCE OF EARLY
YRicEs-No RESPONSE
TO FOREIGN
OPTIMISM
ABROAD O

NEW YORK, Augt. 2.-The short
session in the stock market today was
dull and stupid from start to anisfi.
Prices hardly moved at all on an IN
significant volume Of dealings 1he
London stock exchange was closed
and will remain closed until IuesoaF
morning, a fact to which some degree
of the days dizziness was attributed.
The In the position OF the
local banks as by the
clearing house statement were NOT
especially notable Tor the ell
feet Of the Enc of he month nnanc-
inrr. h actual figures reported the
moderate increase in loans of s2,ssV,-
600 and a decrease in cash Of s<oal,~
o0a resulting In "A reduction IN the
surplus reserve 81, 500, 0G0, The mar
kets in Paris and Berlin were APP
parently as dull as Il own. Inc
Reichshank reported a less faVoraple
condition than a week ago, n reduc-
ton of $1,000, goo in gold holdings.
probably representing the influence or
the August LIST settlement. In the
commodity markets the feature was a
further sharp advance OF over a cent
in the corn options on enewe re-
ports of injury to the crop,
Check to High Prices
Tn some respects h stock market
last week was an extremely interest
in one even If II made little headway
in either direction and business iignt
For one thing there was witnessed the
first distinct check TO the rislnH tue
of prices which began a fortnight
previously with the breaking away
from the desperate pessimism when
has prevailed so long in the
district New high prices were
reached on Monday, but from then on
the tendency where there was any at
all was a reactionary one. mere are
some features about THU matt In inc
which might perhaps be
taken as evidence that the decline
was a partly natural one and that the
underlying %irnnness of the
situation continues undated. al
though none OF these were necessarily
conclusive. The recent recovery mas
been large and the extent OF the re-
action small by comparison. partcu-
larry so since there has been that in
the news developments of the past
few days which might have been
made the basis OF a heavy seiling
movement had sentiment been so dis
posed or had technical conditions
been favorable. 1t may have peen
significant that dealings showed a
mared tendency to contract on the
decline.
No Response 10 Optimism
Adverse criticism Of the stock mar
ket In some quarters was based on the
lack OF response made to h favor
able news from abroad. Foreign ad-
vices, Il was pointed out. spoke with
increasing confidence of "a settlement
of the Balkan troubles, British con-
soils advanced along with other stand-
ard investment issues. There We're
other evidences OF IA more cheerrn
feeling in London that gave a legiti'
mate aspect 10 quite an outburst o.
strength in the American department
-. ~ 50, ZtIwk .ax~fnnIra n ne.
velopment which might otherwise
have been open TO the criticism oil
having a local origin entirely. 1oneon
houses were also estimated 10 De
buyers Of stock on this side on a
heavier scale thar has been the case
since prices touched h low level Of
June.
Throughout the week the stock
market had TO contend with per
sIs.eut exports of damage to tho corr
CROP due TO lack OF moisture ana ex'
cessive heat. There was. indeed, .
genu.ne crop scare under way ano
weakening stock prices coiIhcidee
with a sharp rise In corn In whicf
the quotations for other cereals SCOT
came To s~ympathize. the sensa'lona
contributions to the news OF the weef
hy the secretary of the treasury wer'
the subject OF general discussion II
NH their aspects, but it did not appeal
that either the charge of CONSPIRACY
laid upon the national banks OF TN
citv or the new ruling in regard TO IN
eligibility of commercial paper as col
lateral 10 secure public deposits II
the banks were anything OF a stoci
market factor.
Steel Corporation Report
The most striking outline an
neuncement IN a long time was con
tanned in the steel corporation quar-
terly report. This statement Witn III
almost record-breaking net earning
created a distinctly favorable fmpres
sian everywhere. a feeling which wa
strengthened by evidences from othe
quarters Of the business world OF
well sustained industrial activity. IN
cnt in the Illinois Central dividen'
was an event which has long beef
considered something more tnan 4
mere possibility and although 1t~orok'
she price OF the stock rather PAD.
the altogether exceptional reason
which made the step necessary "er'
ga we'll understood that the happen
ing was without influence on TN
general list.