The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-17
STRIKE TALK
HAS.L|77'LE EFFECT
II -------
Wall Street Refuses to Believe
Trouble Will Become
Acute.
LOOKS FOR SETTLEMENT
Trading in Stock Market Is Con-
fined to Professional
til Element.
LOOKS FOR SETTLEMENT
Especial to The Times Dispatch. ]

Especial to The Times Dispatch
New York, July 16.--Trading In tho
stock market to-day was confined al
most entirely to the professional ele-
Inent. a disposition to sell for both
long and short accounts following tho
sharp advances during the week re-
suited In fractional declines in all the
leading Issues. At one time there
were declines OF more than l point,
but after the first hour covering by
shorts brought the market back to its
normal tone, and prices showed small
change over Fridays close
Pennsylvania. despite the strike
talk, maintains an adaInantine attitude.
Pennsylvania opened at 1913, 1t adj
and closed with fractional loss OF
only 1-S OF a point. Wall Street re-
fuses to believe that the strike will
really occur, and has faith that rea-
son will surely settle existing difficult
ties to the satisfaction of all parties
concerned.
Better Than Expected.
Tho bank statement was little bet
ter than expected. showing a gain in
cash OF sl4.5s4,3oo. This Is 100000
more than the most roseate prediction
of Friday night. Indications favor
continuation Of the better tone. which
has prevailed in tho market during the
past week.
While the stock market last week
was unduly and perhaps unnecc ssarily
weak. nevertheless because OF the dis
gemination OF the false rumors OF Ger
many concerning Nicaragua. and va
rious reports as to crop conditions. the,
general tone improved materially. The
bullish tendency became more and
more pronounced as the week adj
yanced
Crop prospects improved as the week
advanced. and In the improvement OF
this weapon, the bears sought to use
the suspension OF freight rate in
creases The market succumbed to
bear raid. following tho receipt OF
this information, but professional In
terests came to the rescue. forcing
prices up again. Extensive covering
tby the shorts aided tho upturn.
Even with so good weapon as this
threatened strike on the Pennsylvania
Railroad system, the bears failed to
make any impression.
Wall Street practically ignored the
news. and refused to believe that tho
labor troubles would become acute.
The greater buoyancy Of the market
covering by the so-called Standard OIL
crowd" which is now In harmony with
powerful banking interests.
Reports Encouraging.
Reports on general business condi-
tons received by prominent bankers
are moro encouraging than they have
been of late. There is a strong prob
ability OF notwithstanding corn crop.
the estimated yield being 3.20o,ooo.0o0
bushels against a harvest OF 2,772,o00.-
900 bushels In 1903. which will go far
to onset any deficiency In the wheat
harvest.
Additional engagements OF gold for
importation, bringing the total OF the
present movement up to 33,75o.ooo.
with prospects Of additional engage
ments in London tomorrow. have also
had a favorable effect.
Steel and Reading. Union Pacific and
Amalgamated Copper were most free
ny dealt In during the week. Copper
has been the slowest security to re-
spond to the improved demand. 1t be-
ing the target for bear raids. 1t sold
! off to practically the lowest level OF
/ the year. but on covering by short In
terests made substantial recoveries.
1t is learned upon the authority Of
the president of one of the largest
copper producing companies in the
country that conditions here and in
Europe are shaping themselves for the
tlooked-for and much-talked-about cur,
ltailment for copper.
Reading and Union Pacific lead tho
Improvement in railroad shares, al
though Atchison. st. Paul. Northern
Pacific and the railroad list generally
/, showed advances.
The decision Of the Interstate Com
~, Cd 10 4
communications rates on railroads run
ming out of New York had a favorable
effect on lines converging in this city.
{ An official announcement was made
by the American Steel and Wire Com
I pany to-day that 1t had reduced its
/ prices on wire prodocts SO a ton. which
Is 81 ton under the quotations made
by the independent manufacturers res
Gently.
Even with the reduction. the prices
i quoted are SO a ton on those Of May.
1909. when there was considerable
slashing going on and plain wire was
reduced IS ton. wire nails 81 ton
land barb wire $40 ton.
New York, July 16.-Money on call
nominal. Time loans somewhat east
er: sixty days, 8 1908 S-4 and ninety
days, 4@4 Ia; six months. SOS IA.
\ Prime mercantile paper. 5 1-2@6 per
cent.
Sterling exchange firm, with actual
4; business in bankers bills at s4.S350@
s4s36o for sixty-dy bills, and at s4.s545
for demand Commercial bills s4.S23-4
ii@$4.S3 ia. Bar silver. 81 1-2: Next
can dollars. A.
~
Il RICHMOND STOCK MARKET.
4 Richmond, Va. July Is. 1910.
STATE SECURITIES. BID. Asked,
Virginia as, old, G. and r.. 1852 IS 50
) Centuries. a-3 @. and r.. 1sol...,. SO ssh
RAILROAD BONDS.
"A. G. u r. r. Con. TT. 4 p. c.. % -.
&C. and o. r. and A. Gen'l NJ ths 90
Georgia Pac LIST Is, c., 1922........ Ill -.