The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-02
Ne w Y ork
Stock Market

New York. August 1.-THE specula-
lion in stocks developed eonstraint to-
day and there was hesitation about
pursuing operations on either side OF
the account The selling Of the. kind
which caused the reaction OF the latter
part of last week was much less az.
gressive and the bears were CORES
pondingly timid about extending them .ti
selves, Demand appeared IN snti li
cient volume on the declines TO holo
them in check. The stock market IS
consequence, was duh and llstless az.
fair, but ended at decline ms an Gn1
due partly to the closing OF the Lohooil
stock Exchange for holiday. The de-
mand from that source was SO IN
portant an element in rallylns Prtues
part of last week, that specuiators
were indisposed to pursue opel Ia, IN .
in the absence Of information on tne
Immediate attitude of London buyers
rived South African gold was not mar
keted in London. by reason OF lhe non.
day, leaving open the question OF the
division of that supply between New
Of London exchange in New York and
the weaker return of the Imperial
Bank of Germany for the Week seetileu
to turn the balance of advantages IN
loan rate also is declining in New York
and the reserves have risen TO such
large percentage figures that the oc-
casion for additional heavy gold I'M
ports does not appear urgent. slN
months money was freely offered 70
iay at 5 per cent. The easing of the
call loan rate affects the position OF
the tear party to some extent py re-
the loan crowd, the direct borrowing
of money being possible on more at
1ractive terms than by the lending OIL
stocks. The demand from the shorts t
to cover had some incentive from thal
rause, the copper stocks especially feel
Ing the effect.
The constraint on the speculation
rarne partly from the uncertainty OF
the crop outlook. There IS a desire 10
await the appearance of the govern
snent report on condition of the cotton
crop tomorrow for information on
the extent of the deterioration OF the
plant during July, me o wea,he sc, ngws
also for light on the immediate con- con
ditions surrounding the country 3
crops. Reports of showers at some OF
the points whore rain is needea attec.-
ed both the cotton and corn markets
to-day. Confidence was lacking that
the relief was effectual. A good I'M
preston Is caused at the financial cen.
tres by the heavy receipts OF whea'
for the promise 1t gives OF rapid mar mar.
keting Of the crop and the relief thus
afforded from a demand for bank cred
its to hold the grain; In the openine
weakness or the market, FeiiiisS iNaii'
was affected by the reduction IN ne
earnings reported for June, the gros
being overbalanced by the tnerease
operating cost. The stock ralhea o
the declaration Of the regular quarter
iy dividend Some of the other stand
ard railroad stocks also benefite
from Increased confidence in the MAR
tenance of the dividend rates.
The decline in Chesapeake and OH
during the days session was taken
represent an attitude of suspicion
the speculation which is the outcon
of the Pearson syndicate episode b.
analogies were, also applied to 9th
projects of railroad extension OF Il
combination. Another back current
the speculation from the Pearson syl
dicate settlement was the weakness
several bonds of some of the railroad
the control of which It was thong
might be involved in that settl
ment. The strengthened auspices tn
promised for these railroads, 1t W
thought, should operate to increase I
security of the bonds. Their dec!l
throws the situation open TO quesut
Bonds were irregular. Total sal
par value, S1,295,000.
U. S. bonds were unchanged on ca
Total sales for the day 400 shar