The Washington herald., 1914-07-02
EARLY STRENGTH
FAILS TO Hold
Extreme Dullness Marks the
Close on New York Stock
Market.
GRAIN REPORTS GOOD
No Untoward Developments in the
Money Market at Opening of
New Fiscal Year.
GRAIN REPORTS GOOD
Special to The Washington Herald.

y New York, July 1.-Todays stock mar
'llet was a disappointment. With an early
promise of strength, the market dropped
into extreme dullness and quotations sag
ged.
London prices were lower and foreign
houses sold moderately. A cheerful feel
ing was noted abroad and markets there
were firm, but this sentiment did not in
clude our securities.
REPORTS from Washington that the In
terstate Commerce Commission plans to
announce a decision on Wednesday next,
acted as a restraint on trading, and with
the coming holiday at the weekend little
disposition was shown to open fresh COM
ments The public are doing nothing and
the short interest has been reduced con-
siderably.
Reports from the grain regions con-
tinue TO be highly favorable and the gov
ernment cotton estimate was considered
reassuring although the general condition
is still the lowest in years.
Time Money Firmcr.
The new fiscal year has. opened without
any untoward Developments in the money
market. Time rates were a shade tirmer
and a loss by the banks to the govern
ment of more than SS,OO0,OO0 on the day,
foreshadows an unfavorabIe bank state
ment on Friday.
While brokers were watching the tape
for an announcement that Cincinnati,
Hamilton and Dayton again had passed
into the hands of the court, former eX-
Gov. Harmon announced that he was the
receiver and still legally in office, al
though the road had technically been
managed by its officers since 1903. A re-
ceiver for a receiver. would be a novelty
for Wall Street.
Southern Pacific sold up TO 81 IA, but
declined a full point in the late dealings
Steel moved sluggishly, falling TO so 81
The market in Union Pacific was extreme
ly narrow and the price swung with the
general list. New Haven was weak,
falling from 65 II to 6S S-4.
Brooklyn Rapid Transit was strong. The
conversion privilege in bonds expired
last night and the price of the stock is
expected to improve materially. Bonds
were generally quiet and firm.
For the first time in days, stocks were
fairly active on the Washington EX-
change yesterday. Trading in bonds was
lighter, but 2Sl shares Of stock CHANGED
hands Bond sales aggregated SlO,5OO.
Railway preferred was fairly active. one
share selling for 81 and 100 going at
S1-2. More were wanted at So, but the
asked price at close was S5 IL.
The following notice has been sent by
the Washington Railway and Electric
Company TO holders of first mortgage 6
per cent bonds and extension mortgage
5 per cent bonds Of the Columbia
Railway Company:
The Washington Railway and Electric
Company offers to anticipate payment OF
the bonds of the above issues at 100 Ia
and accrued interest for the first mort
gage per cent bonds. and 100 and ac-
crued interest for the extension mort
gage per cent bonds. Accrued inter-
est will be figured to date Of delivery.
Payment will be in cash, upon surrender
OF the bonds at any of the following
named repositories of the company:
American Security and Trust Com
pany. Washington. D. c.
Commercial National Bank, Washing
ten, D. c.
National Bank of Washington, Wash
ingtOn. d. c.
Riggs National Bank. Washington, D.
:.
United States Mortgage and Trust
Company. New York City.
This offer expires August 1st' 1914"