The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-16
N e w Y ork
Stock Market

New York. July 15.--The stock mar
ket to-day displayed its narrow limi-
tations in every way. Dealings were
small and fluctuations. narrow The
oppressive weather and the apathetic
interest in the dealings played their
part in the showing. The rtgiditS OF
: the market was due also to the obsta-
cles which were encountered in the
course of any price movement. Buy
Ing orders uncovered on declines IN
Inundated the bears. and their efforts
TO secure stocks showed how scarce
were the offerings. These efforts were
not pursued urgently on the advances
In prices and with the subsistence OF
this demand the buying orders disap-
peared and left prices TO drift in an al
most idle market. Selling pressure
was not conspicuous at any level, and
4 was this fact which gave the mar
kct its negative strength and power
OF resistance. Last prices were not
much changed on the day.
a depressing effect was eXerted py
wheat markets. especially those in
z the Northwest. Renewed reports OF
bad spring wheat conditions poured
into the market. increased attention
This was RESPONSIBLE for the special
weakness of Canadian Pacific. The
weather map was unfavorable FOR
spring wheat. and the predictions
were for continued drought and heat
Z The squirt in cotton added to the In
fuence of the wheat news. although
the exemption of new crop futures IN
cotton from the movement pointed to
more purely market conditions for the
raise in that commodity.
The demand for Amalgamated Cop.
Short interest. built UP in the course
of the recent heavy declines in that
stock. The rally in its price was ac-
companied by runors of betterment in
the copper trade situation. and by a
recovery in the price of copper in
London
The Pennsylvania labor situation
weighed on the market. although. the
ERECT on Pennsylvania stock Itself was
slight Shareholders are confronted
with the plant of rising expense ac-
counts from railroad officials and the
necessity of higher freight charges, to
meet them and prospects of expanded
payrolls do not recommend them
selves to holders of stocks. Demands
Ito others. and the alternative. OF
tstrikes is not more grateful to those
seeking to enjoy profits from the ope-
rations.
bank statement to- morrow. The inflow
of currency from the interior have
been heavy The first shipment of i'm
ported gold arrived today, amounting;
The corporation income tax has been
ipractically completed, thus relieving
the New York banks from the drain
weeks Subtreasury absorption merely
nominal The general result prom.
Uses to be an addition OF eight or ten
million dollars to bank cash by to-
morrow's bank statement. The in
ward movement of gold gives every
indication of continuing.
Private discount rates receded agar
i'm London today. and sterling eS
change first declined and then recov
cred Early next week the Bank o
England will pay out S2,oOO,O0o 10
+ maturing Treasury bills of which
series falls due in uninterrupten sue
cession throughout the summer an
fall The tone of the time money mar
ket here was Slightly easier, espe
cially for the shorter periods.
Bonds We're irregular. Total sale!
par value, Sl.416. 900.
United States bonds were unchange
on total etai sales for the day. sos,so
shares.
New York. July 15.-Money on ca
steady 21-2@2 "a per cent: ruin
rate, . SIS per cent; closing bid. 2 i
offered at Q SIS per cent. Time loar
slightly easier: sixty days. 31-2 an
ninetydays. 4n4 la: six months, %
b1-4 Prime mercantile paper. 51-2
6 per cent Sterling exchange firm g
the recovery, with actual business !
bankers bills, at S4sa50 S4.S360 70
sixty-day bills. and at 81 $3.50 for az