The Washington herald., 1913-08-02
STUCK MARKETS
EXTREMELY Dull
Trading Light at Current
Prices on Local Stock
Exchange.
HEAT BAKES THE STREET
Prices Sag and Days Business Is
Small Within Marrow Range
Of Prices.
HEAT BAKES THE STREET

Trading on the washington Stock Ex-
change yesterday was Of the midsummer
variety, and was without special feature
Sales were very few and at the current
rrices, one bond and ninety shares OF
stock making up the record The pono
was a small one of the Norfolk and
WASHINGTON Steamboat Company. which
sold at los. Railway preferred sold six
ty-fiye shares at IS, and after call Eve
shares of Gas and twenty shares of CAP
ital Traction found buyers. The Capital
Traction brought 1l511 and 116.
Immediately after the noon meeting OF
the exchange William B. Hibbs left the
city for his farm at Leesburg, Va. tn
spend the weekend near his nIint bed
and melon patch.
Bank Examiner Resigns.
Samuel B. Ham, for several years
hank examiner, who has spent much
time in Washington. has resigned his pc.
sition to accept an executive office with
the Fidelity Trust Company OF Baltimore.
Richard W. Goddard has been appointed
by the Comptroller Of the Currency to
the Josition vacated by the retirement Of
Mr.. Ham.
The weekly digest of trade conditions
in Washington and vicinity by the Com
mercial National Bank says:
The usual midsummer dullness has
laid its hold upon business generally and
things have quieted down considerably.
The decline in business which has taken
place during the past three weeks Is not,
however, the same sort OF decline which
was H. evidence during the several weeks
previous. For a time, uncertainty about
tariff and currency legislation, the upset
condition of Europe and the threatening
labor situations in this country, coupled
with an abnormally tight money market,
caused a nervousness and unsettlement
in business which had a threatening as
l,ect Business continued to decline
through this period. That the more re-
cent falling off in business is the usual
midsummer quieting is evidenced by the
Improvement in sentiment, the slight
uDturn in both stock exchange ana
Board of Trade circles and the scmc-
what increasing activity in financial deal
inGs.
Money remains tight, but there is NJ
real pinch and the quieting influences
now affecting business probably will COR
tinue in measure until the early fall.
New York Market Dull.
The New York market yesterday was
steady with a small volume of business
and prices showing a tendency to sag.
There was a firm undertone, but thc
course of trading was disappointment.
as most brokers expected moderate
rise in prices Crop news on the whole
was disappointing, and the railroad earn
inss reported were not of a character TO
carry the market up.
In the first hour of trading only 5000
shares were recorded. against 10000 on
the previous day. This dullness con-
tInued during the day, and, while prices
took a narrow range, they were frac-
tions to a point lower at the close than
at the opening. Erie stocks, after
brave show of strength for several days,
sagged Off the common stock selling on
from - to - rs rallying to IS IA at the
close. Illinois Central lost more than
point. and closed at los 3-S. Reading
closed half a point down, and Steel
quarter below the opening, after rallyinS
quarter of a point.
Due to the excessive heat Wall Street
was almost deserted, only the skeleton
force being at their desks. who have to
remain in the city to carry things along
whatever happens. No doubt the dullness
of the market was as much due to the
result of the absence of brokers as it was
10 other causes.
Slack In London.
The London cable sent over higher
range of prices this morning, our market
responding by fractional advances in the
leaders. The Improvement was not long
maintained, continued drought and an
ether sharp advance in corn causing
rather free offerings of stocks, and be-
fore midday prices had reacted to yes
terdays close. with the market exceed
inglS dull. Another small selling move
ment in the afternoon caused further
fractional recessons.
Illinois Central, Southern Pacific, and
Chesapeake and Ohio displayed more
weakness than the general list, the first
named selling at l0i IA, the lowest since
1873.
The announcement by the Secretary of
the Treasury that the government would
deposit money throughout the South and
West for crop-moving purposes had no
market effect. Indications are for fu:-
ther reaction, unless weather conditions
in the corn belt improve London will
be closed tomorrow and Monday.