The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-07-20
Ne w Y ork
Stock Market

New York, July 19.--Only listless
attention was paid to any news by
operators in stocks to-day and no in
ducement was found for taking steps
in the market that made perceptible
effect on prices. The amounts of the
dealings were trivial and the narrow
vibration of prices and the ineon.
3 stancy of the tendencies showed
state of hesitancy or Indifference. The
market was allowed to lie fallow for
the professional element was unable
to attract any following In tentative
transactions. The banking outlook,
the labor question and crop news were
dealings growing out OF these consid.
erations were often reversed in the
course of the days session An early
decline was followed by a recovery.
leaving fractional gains.
Canadian Pacific was rather acutely
affected by the sympathic influence
of the stock on the Grand Trunk
That occurrence seemed to dominate
the exclusion Of the MANAGEMENT on
a basis OF settlement between the
Pennsylvania and its employees. both
East and West Its influence was en-
in England over the dispute over
wages on some of it's railroad systems,
while the French railroads are IN
throes of like contention. Reports
by labor organizations in the rail
roads were taken as evidence of the
extent of the settlements still to be
effected, with incidental danger of m
higher cost OF operation involved in
wage increases.
Influences from the side OF crop ad.
vices were mixed. Movements in the
phases Of n speculative campaign
rather than accurately reflective OF
the state of supply and its promise
The effect of the high price level on
for cotton are more regarded for their
influence on financial and industrial
conditions.
Various factors are combining to
position, but the effect on sentiment
in the stock market is modified by
disposition to look askance at the re-
vived movement for the formation OF
vlded for In the law for issuance of
emergency currency. The protesta.
tons from treasury authorities and
from such bankers as favor the move
ment that the time is fitting owing to
the absence of any present emergency
do not prevent assumptions that prep
aration Is desired for possible re-
sort to the emergency issues this fall.
This assumption proved diu1cult to
combat by assertions that the pros
pect has been cleared by the strength
ening Of the general banking position
since the March reports to the con-
troller, by the diminished requirement
due to the lull in trade activity and
by the large replenishment OF the cash
reserves in process through gold i'm
ports. The United States Treasury
also is turning back into the money
market a large proportionfof the sum
collected for the corporation income
tax. Heavy government disbursements
have established gain for the New
York banks on the operations with the
subtreasurer since the last bank state
ment of s5,6S0,0oo. Currency receipts
from the interior and incoming gold
shipments are to be reckoned in ad-
dition. The time money market is
weakening under this showing. and
the removal of finance bills from the
exchange market allowed a recovery
there, although the discount rate in
London and in Berlin continued to de-
cline. Bonds We're steady. Total sales
par value s955,000. United States bonds
We're unchanged on call. Total sales
for the day, 225.1oo shares