The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-09
New York
Stock Market

New York. August Stalking the
course OF to-day's stock market as d
criterion. II is manifest that the IL
quotation in securities. which began
over u week ago. has yet 10 exhaust
itself. The market opened most aus
piciously. London. after its triple hoil
day. sending over list OF prices Tor
our stocks that ranged from half a
point to / l-2 above parity. The i'm
proved tone was short lived. however,
selling of a number OF minor grade
railroads at marked decline precipi
tating further selling, which at nrst
extended to the Canadian group, but
finally overlook the. entire list, and
recorded the lowest level attained in
some months.
There were no known Development
TO account tor the further liquidation.
hui the street" has a well defined idea
that relief has had 10 be gwen TO d
number OF over-eNtended operators on
the LONG side OF the market. The
theory finds credence in banking cir
cles and already has had the effect
OF trensthenins the technical situa.
lion, at the expense OF course, or
a number of formidable bull! accounts.
While monetary conditions continue
comparatively easy. financial institu-
lions realize that the annual drain
incidental to crop moving Will soon sci
in from various interior points. and
this contingency doubtless has been
utilized by local institutions TO con-
tract credits. Calling Of loans mas
BY no means been confined 10 homv
banks. however, If reports are to be
credited Much of the oullish specu-
lation Of the past six months was
made possible BY the use OF foreign
accommodations, and it is fair as
sumption that a large part of these
credits is no longer available.
The selling became most urgent in
the early afternoon. following an
other period Of stagnation. on the
decline prices fell so sharply as TO
ind SIOn-lOSS orders
were uncovered and all surface condi-
lions implied that exhausted margins
were among the collateral causes or
the movement In the last hour prices
or more in Union Pacific. United States
Steel. Reading, and some less active
issues. while Canadian Pacific regained
points of It's extreme decline. The
heavy and heSitating.
News of the day included the monthly
statement of the copper producers for
July, which was favorabl in the sense
that production was much under that
OF the previous month, even though
demand was smaller. Declaration OF
the usual semi dividend of Chi
cago and Alton prior lien stock after
some delay was another incident, and
conjecture was rife with regard to
the showing which the United States
Steel figures OF untitled tonnage" to
be issued on Thursday. will make. A
OF 3.sel,o00 tons is expected That
the weakness of the hard coal shares
is not due to business conditions may
be gathered from the fact that ship
ments for July were 100000 tons over
the same month last year, while for
the fiscal year they exceeded l909l0 by
over 100000 tons.
Merchandise exports from this mort
for the current week fell over $4,000
900 compared with the Same last year,
but the movement for the calendar year
is almost S70.000.o00 over 1910. The
Bank OF England took over practically
ell the $1,000, 600 South African gold
received here to-day.
The bond market was naturally sus-
ceptible to conditions in the stock
market. and prices were generally
easy. Total sales. par value, were ST.
066,000. United States government
bonds were unchanged on call.
Total sales OF stocks for the day
were 710,S00 shares
New York. August s.-Money on call
easy l-+42 l-2; ruling rate, 3-S:
closing bid, . 3s offered at l-2 per
cent Time loans very strong and ac-
tive; sixty days, 363 Ia per cent /;
ninety days. 3 1903 Ia; six months.
1904 per cent Prime mercantile
paper, 1904 per cent. Sterling ex-
change quiet. with actual business in
bankers bills at s4SS90 for sixty-dny
bills and at si.S6O5 for demand Com
mercial bills, SASHA Bar silver
30 lis. Mexican dollars 49,