The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-23
New York
Stock Market


eit2l OF to-day's operations on the stock
market would hardly thyow much lignt
on the general financial situation and
even less on the recent severe decline
in securities. The market opened with
number OF substantial recessions. III
which Union Pacific took It's now ia
iniiiar place as leader. In its early
losses the list simply followed the
course of London. where all Ameri-
cans. particularly the Harrimsns, were
under pressure. London's depression
and the resultant break here were
generally attributed to developments
abroad ana adrices from Paris and
London indicating that another rup-
ture had occurred in the Franco Mo
roccan negotiations. This found it's
reflection chiefly in France, where
preparations for war were said to be
in the making. The German side of
the situation did not project itself with
especial prominence. and local bank
ers, with influential foreign connec-
lions were not inclined to take the
news very seriously. Further details
concerning the proposed retrenchment
on the Hartman railroads were forth
coming. ali tending TO show that this
important system purposes carrying
out its avowed policy with little de-
lay The labor situation on the Illinois
Central. which owes alliance to the
Hartman lines, also was reported to
have become acute.
After the markets nrst slump. in
which many stocks sold under yester
day the list crawled slowly upward
ON very moderate volume oil bust
ness Union Pacific leading the ad-
vance as it had the decline. BY mid
day prices were substantially over the
preceding day. but again fell away.
with trading at standstil In this
way the list continued to move for
the greater part of the session. even
The professional element refraining
from making any commitments save
in the smallest way
In speculative circles sentiment has
undergone little change, although
traders inclined 10 the idea that the
present level makes for a further ad-
vance rather than continued declines.
Weakness in Canadian Pacific. which
had its origin in Berlin. and was fol-
lowed by q loss OF almost 5 points
here, precipitated an incipient selling
movement in the later session, which
threatened to make further inroads
upon the entire list. The earnest sup
port accorded Union Pacific, however.
resulted in rally, but prices were not
its accustomed languor. Baltimore and
ohio was distinctly weak. selling OFF
10 par loss OF points, notwithstand-
ing fairly good statement OF earn
ings FOR july Readings consistent
Rtoadiness was accompanied by init
stations that its earnings for July.
soon to be issued. would be quite salts
factory. and the iirmness of Pennsyl-
vania followed an announcement that
no rctrenchment is contemplated on
that system.
There was more animation in the
last hour. and the list denoted con-
Siderable degree of underlying strength
With free absorption of steel and
Union Pacific, the former mounting to
its best price of the day. Dizziness
once more ensued, however. and prices
shaded as they have invariably done
recently on any inactivity, but gains
We're general in the active groups at
the close
The day was replete with crop news,
which ranged from good to Indifferent.
a we'll known expert opined that the
Texas cotton crop would hardly yield
more than last years output. while
Texas and Pacific Railway officials
looked for record yield An esti-
mate of the North Dakota wheat crop
places the probable harvest at sO,oO0.-
600 bushels against 100000 last year
Bonds were steady. Total sales. par
value, amounted to ssl.216.000.
United States government bonds
were unchanged on call.
Total sales for the day, $50. ZOO
shares.
New York, August o2.--Money on
call steady, "a a IA per cent.
ruling rate, 214; closing bid. none
offered at -.
Time loans. steady: sixty days. . "a
-Per cent; ninety days, 2d3l-4; six
months. S-s fis77.s
Prime mercantile paper, 4l-4 to41-2
per cent.
Sterling exchange steady. with ac-
tual business in bankers bills at
s4.s3so for siXty-day bills and at
s4.s6lo for demand. Commercial bills.
s+.s3. Bar silver, 50 Ia Mexican dol
lars As
RICHMOND STOCK MARKET.