The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-12
MARKET DULLNESS
RECORD-bREAK|NG
Less Trading Done Than at Any
Five-Hour Session in
Many Years.
by BROADAN wALL.

New York, July 11.-Stocks distin-
guished themselves to-day by their in
activity. only slightly more than 1000
shares changing hands. the lowest vol
Juno for any five hour session since
1897
Tho attendance of brokers on the
floor of the exchange was very slim,
most of them taking advantage of the
dullncss in trading to add another day
to their weekend holiday
Southern Pacific was tho weak fea-
turc Of what little business was trans
acted Offerings were based on the ex-
pectation that the Southern Pacific
shares held by Union Pacific would be
offered at Il price near SO. and that
considerable OF tho shares that will be
taken Will bc sold by the purchasers
of the stock
Union Pacific never got above the
CLOSING figures Of the previous day. and
closed with Il fractional net loss. Con
siderable pcssinism is still felt in con
nection with this issue. The price
fluctuations in Union were confined to
e-half of a point. in Reading To half
point. and Steel onc-quartcr.
III became known to-day that the
report for the fiscal year ended June
30 the two quarterly dividends OF the
southern Pacific. which were paid on
April l and July |. hut which. under
the decree Of the court, are to go to
the purchasers of the trust certificates
for southern Pacific shares
Veteran Wall street men stated to-
day that they could not see how the
Union Pacific could include in it's in
come for the year just ended dividends
which had not been received during the
year OF course. the Union Pacific will
get this money when the Southern Pa
&c stock is sold in the shape Of an up
set price for the shares
The southern Pacific dividends paid
April / and July amount to s3.79g, 500
on the Sl26,65o,oo0 owned by the Union
Pacific by including these dividends.
the Union Pacific Will show about li5
per cent earned on the common stock
for the fiscal year just ended. against
;2.S7 in the previous year.
When the bid price of United States
government bonds was ?S IL to-day
on call. somebody sold 4 couple and the
Price promptly dropped TO ?S bid The
government is distinguished themselves
hy touching the new low price of lie
I a sale over the counter There were
also sales at ll2 l2. Even II the pres
ent currency bill has To go over until
the next session. bankers are convinced
mat thcy VIII never again sell much
above par.
Spectators who pay close attention
to the condition OF crops. prefer to
wait until after tho next government
crop report before taking any position
OF the market
Grain is now in the critical stage and
there is lack Of moisture The pro
J oscd intervention in the Balkan stu
alton by Russia and a belief on the
part or Europeans that the United
states Will encounter serious labor
troubles impaired rrcgularity to prices
for American shares in London to-day.
Speculation in the speciality group
was dormant. One sale OF 100 shares
Of American Tobacco broke the price
nearly five points.
Good Judges Of the market are adj
visinG conservative purchases Of stocks
on violent breaks provided they have
been sold first and borrowed from re-
sponsiblc people.