The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-26
New Y 0rk
Stock Market

New York. July a5.--The reports OF
damage to the corn crop injected the
principal now element into the specu-
lation over the financial outlook to-
day. Great reliance has been placed
on the success of the corn crop to
make up the deficiency in spring wheat
and to redeem the agricultural return
for the year The violent advance IN
the price OF corn to-day was cal
culated, therefore, to create special un-
easiness.
The Importance of profitable harvests
is considered greater since the publica-
ton last week OF the Controllers re-
port of the years profits of agricul-
ture will be required to repay the ex-
tensive banking credits throughout the
country. away from the banking re-
day regarding the effects TO the corn
crop of the weather OF the past two
days and the uprising weather fore
casts for tomorrow in that region
caused anxiety. This was heightenr
by the recollection of the quick dete-
rioration of the spring wheat crop dur
ing June from the high promise of
the first of that month. prospect
that the hopedfor bumper yield of
corn might be in jeopardy would put
new face on the financial prospect.
even from the point of extensive an
ticipation of bad results to which the
stock market has come. Weakness at
the closing was the reassertion Of this
influence of depression.
1t was evident that speculative hold
ers OF United States Steel We're adopt
ing precautionary measures against
possible unfavorable effect on specula-
tive sentiment from the quarterly re-
port of earnings to be published after
the meeting of the directors Tomorrow.
Estimates from Pittsburg sources were
in circulation of a material decline to
be shown in the earnings themselves.
The trade reports from day to day
and from week to week of declining
prices decreasing orders and dimin-
fishing confidence in an immediate re-
viTal of demand have prepared senti-
ment to accept such forecasts. United
States Steel was under active selling
pressure and was one of several prom
inent stocks to sell at new low levels
for the present year. The weakness
was not confined to the common stock,
the preferred stock also being sharply
repressed. The common stock furnish
ed a large proportion of the total deal
ings. and when to them were added
the transactions in Union Pacific and
Reading, the rest of the market proved
dull by, comparison.
The copper securities showed effec.
tive resistance to the prevailing de-
preston and We're attentively regard
ed for evidence Of the course of the
stock market campaign in general. The
belief that developments in the con-
troll of the principal copper producers
and in the direction of the output
might be masked under the general
movement of stocks had part of the
attention paid to the group. A bear
drive against the coppers proved un-
successful, and the. perception of the
fact had much to do in relieving the
pressure on the general list
The money market in New York
showed growing ease not only for
call, but for time loans. Opinion over
the bank outlook was distinctly i'm
proved. Discounts declined In London.
in spite of the division between New
York and Berlin of the weeks arrivals
of anxiety over the stock market set
Element there tomorrow Redemption
of British Treasury bonds will release
S55,0O0,Oo0 to the London money mar
ket in a months time. The London
Statist affirms: I'VE have made care
full inquiries and we are informed that
Americas Indebtedness to Europe has
been fully satisfied by the sale OF
permanent securities, and that it is in
position to draw the proceeds of
VIII soon be made"
me London money market is I'M
perturbed by the prospect of this re-
QUESTION from New York.
Bonds were easy. Total sales mar
value. sI6ss,oOo. United States bonds
were unchanged on call
Total sales of stocks for the day
We're S75.60o shares
New York, July 25.-Money on call
easy; ! 1-4@2 IA; ruling rate, 2: clos
ing bid. l IA: offered at / sc Time
loans very dull and steady: sixty days,
sos Ia per cent. and ninety DAYS.
s-4@4 La six months. SOS Ia
Prime mercantile paper. l-266 ner
cent Sterling exchange steady, with
actua! business in bankers bills at
S48s55 s4S360 for sixty-day bills, and
at S4.S560 for demand. Commercial
bills. s4SS@s4.S3 3-s. Bar silver, 81 is.
Mexican dollars AZ