The Washington times., 1913-08-02
STOCK PRICES SAG
IN DULL TRADING
Early Hour Transactions Were
of listless Class, With
Sharp Declines.

NEW YORK, Aug. 2-There was but
little Improvement in speculative con-
ditions during the early trading In the
stock market today. These early be-
came of listless character. and re-
mained such for some time. There wa,
a further sagging on Of prices. Read
ing. Union Pacific. and Amalgamatec
Copper yielded about half. with smaller
losses in Steel. Southern Pacific. and
St. Paul.
ing of shorts, and when this was com
pieted a heavier tone generally pre-
vailed.
Owing 10 this being bank holiday
In Great Britain, the London market
was closed.
The curb market here was very
STEADY
At noon, while no real weakness was
apparent, the market continued dull.
Traders were of the opinion that very
little bullish interest avs necessary to
start substantial advance.
During the second hour the market
was dull and listless. The undertone
seemed to be good, but belief prevailed
in many places that before prices start
ed on another upturn there would be a
sharp decline, inducing traders to sell
short and promoting the formation Of
a useful short interest.
Business was active during the morn
ing, and the tone weaker in the cot
ton market, with prices on from to
IL points. There was an impression
that general showers had fallen over
the entire east and central portions Of
hal IA ms q zt
after yesterdays upturn. and there was
much early pressure from some sources.
Later the market sold of or points
further, IN response to a constant flow
of long cotton.
The Chicago reports showed the ad-
vancing tendency Of corn prices was
unchecked at the opening Of the board
OF trade, there being nothing in the
news to warrant higher prices for this
cereal Continued dry weather prevails
in the corn belt. although temperatures
are more seasonable than for several
days past. Shorts in the pit at the
opening, and prices were from y to 1kc
higher than ruled at yesterdays close.
Bearish construction was placed on
the semi-monthly repor;s received In
Chicago on hog products. and this.
coupled with a weak hog market
caused provisions to sell lower.
Pennsylvania utility stocks took on
a stronger tone, following the announce
ment that the new public service COM
mission, which supersedes the State
railroad commission and to have au-
thority over the service. rates, and
operation. of more than a score, of
classes OF public utilities, has been up
pointed by the governor. The new
commissioners will hold regular meet
ings twice a month.
The American Petroleum Society, an
organization with its object the SCI
ence OF petroleum technology, has been
formed In Pittsburgh.
The June statement of the Pennsyl-
vania, showing that the lines east and
west of Pittsburgh had an increase In
gross Of S1.9l0.05S was made public to-
day. The decrease in the net was a.,
253082 due to the large addition TO the
expenses on the lines west, which are
still paying out the cost Of the Macrh
gloots.
The weekly actual bank statement
issued today showed the following
changes:
Surplus, decrease. Sl,s4s. GOO; loans. in
crease. s2,S9C.0co; specie. decrease. Sl4S.
600: legals, decrease. g. So. .o0o; deposits.
decrease. s7.0Js.oo0; circulation, increase.
slf6.o00; surplus reserve, s26. 20S. 100.