The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-12
New Y o.r TX
Stock Market

U2VO0g9a09 0oOO
5ss New York August 1.-THE stock
1 market to-day gave additional effect
.of the dying forces of tho recovery
which had been at work almost con-
tinuously for the two weeks previous.
until the day before The investment
demand which developed at the att
tractive prices offered on the decline
seems to be satisfied and the more
speculative operations for the advance
SHOW growing caution as prices get
further away from the point at which
4 the recovery started. There were no
new factors developed which are con-
sidered OF positive weakening force,
but the news tails to offer Incentive
to continue the advance Return of
stocks borrowed for delivery reflects
a reduction OF the uncovered short
interest, and when prices start upward
the amount of selling causes a sus-
picion of8the realizing OF some of the
holding that were taken over for pro-
tective purpc ses at the time conditions
& Threatened serious damage two weeks
ago
The marke. having lost the adj
vantage of the urgent demand from
uncovered shorts. speculative attention
turns back to some OF the pre-eNist!ng
conditions which were held responsible
"A for the fall in prices. The statement
a issued by the Bureau of Statistics of
the value of agricultural imports for
the month of July disappointed the
hopes of a decided favorable turn III
foreign trade conditions, which seemed
to be foreshadowed, by the June re-
turn.
Nearly every important item OF the
statement shows a contraction from
the figures of a year ago, the total
contraction reaching s6,253O00.. cons
pared with July of last year. The com.
plete foreign trade statement in July
{ of last year showed an excess value of
imports over exports already estab-
lished, so that the prospect OF assist
nnce in building up foreign credits by
the workings of commerce In July Of
this year Is poor.
Statistics OF permits for new build
ings for New York and twenty six
other leading centres for July. aggre-a
gate s45,432,776. compared with $780,
@827,714 In July OF last year. This
showing bear out the assertions of ex-
tensive curtailment of credits in New
York for new building purposes. which
lending institutions have been prac-
ticing for some time An important
department of the steel trade is thus
affected, and tho response OF the United
Stats Steel to the showing was evil
dence of the Significance attached to
s 1t. That stock was sympathettcally
affected by the special weakness Of
American Smelling, which reflected
some influence on the whole of the
metal group. The movement in Smelt-
ing was in face Of public expression.
of confidence in the copper trade Sit
uation and the hopeful promise for
trade and industry in general on the
part of dominant power in Amer
lean Smelling. The price of copper
warrants receded in the London mar
ket
There was some recurrence of un-.
easness over the crop outlook, al
though the actual news bearing Oh
the subject was almost neutral. As
sertions that corn was In need Of rain
made an impression on the price Of
that grain. and the dry weather in
Texas was of more influence on the
value Of cotton than the favorable
conditions reported from the eastern
portion Of the belt. The dividend dec
larations on Union Pacific. Southern
Pacific and General Electric had some
temporary sustaining effect, but it
passed.
The time money market was easi-
er with increased offerings for periods
maturing before next January for
which there was little demand.
Bonds were irregular Total sales,
par value, S1,4s6.000.
United States IS. coupon, advanced
S-s per cent on call.
Total sales for the day. a37,7oo
shares.
New York. August 11-Money on
call easy, 1901 IA per cent: ruiz
Ing rate, ga; closing bids. 1 1-a;
asked, l 1-2 per cent. Time loans easy;
sixty days, 8 per cent, and ninety days.
q 3 81; six months, 4 3-405 per cent.
Prime mercantile. S 1-2@68per cent.
Sterling exchange steady, with actual
business in bankers bills at s4.s35O@
$4S36O for sixty day bills. and at
s4,s565 for'sdemaYd. Commercial bills.
& &4S3 @s4:s3 T-2. Bar silver, SIS. Next
4 can dollars. ~: