The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-11
Ne w Y o.rk
Stock Market

!
New York. N. Y, August 10.--A spirit
OF caution on the part OF those who
have been operating in the stock mar
ket for an advance in prices logan
to manifest itself in the action OF
the market to-day The feeling was
extent OF the recovery as on any
positive developments bearing on val
ues.
E The low prices of the year we're
touched two weeks ago. and no Inn
portant Interruption to the recovery
has occurred since that time. The
average prices of the stock usually
selected as most representative of the
whole markets movement, sold this
morning rather more than points
higher than two weeks ago. In the
active market leaders the advance
has been greater. reaching from about
10 to Is points in number OF cases.
AS the recovery has proceeded, the
has diminished. and to-day was repre-
scented in the loan department by the
return of blocks OF stocks which have
been borrowed for delivery. The bor-
rowing for delivery is apart OF the
carrying of a contract on the short
side OF the market, and its subsistence
accompanies reduction OF the uncov-
cred short interest and of the poten-
tial demand for stocks. Not only did
the demand from the shorts show
these signs OF dying down. but siens
appeared of an increased disposition to,
sell stocks, which We're taken to mean
that buyers at the lower .srice werc
DESTROYS 10 convert their profits into
cash
The professional traders on the floor
of the Stock Exchange w alert to
detect these shadings In the tone of
the market and We're inclined to take
IN. accordance. with the response Of
prices to testing operations Events
which We're not regarded as unfavor-
able in themselves did not check the
port by the United States Steel Corr
poration of the tonnage OF untitled or
ders on hand on August l. which was
given out to-day in accordance with
quarterly meeting Of the directors.
There was shown a decrease for the
month in that item of 2se.Ses tons. The
June 80 figures showed shrinkage
The rate of contraction for July upon
that comparison was. therefore. some
100000 tons less than in the three
preceding months. AS matter Of fact
a reduction in the rate Of production
for the month, which other reports
Indicated was going on, would modify
the effect OF the falling off OF new
end Of the period. The bare statement
of untitled tonnage was regarded for
that reason as an Enthusiastically index
OF the actual state OF trade activity
for the month.
a firmer tone was reported for the
market for copper, both in London and
New York In response to the improve
1nent in the statistical position OF that
metal.
The policy of reduced output by the
leading producers is accepted as fact
at present, but there remains the fear
that the consumptive demand. hitherto
sustained at high figures. will be at
fected now by the tendency towards
& tries.
Another item in the days metal sta
tistics was the statement Of the July
output of gold at the Rand. showing
63S,714 ounces, valued at $13,565.415.
Except for the 660.643 fine ounces of
December. 1908. which was affected by
the adjustment of the previous years
unaccounted residue. the July produce
ton constitutes a record month. The
fact is not without bearing on the
prospect for continued REIMBURSEMENT
of bank reserves through the gold sup
plies In the. London market. Time
six months money being nlaced at
i 81 per cent
Bonds We're irregular. Total sales,
par value. $1,422,00 United States
bonds were unchanged on call
Total sales of stocks for the day
We're 447,200 shares.
New York. August 1O.-Money on call
easy, l 1-2G2 per cent; ruling rate,
3-4; closing bid. lie: offered at
3-4 Time loans easier, sixty days.
3-4@3 per cent, and ninety days.
31-2@3i3-4 per cent: six months 4 ga
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