The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-12
New York
Stock Market

New York, August 1l.--Following a
,pirted opening, in which prices OF a
number OF issues advanced & full point
with a sain of 81 tor Canadian Pa
cifc, to-day's stock market fell back
In large part and halted for the great
or part of the session while its devo-
tees discussed various matters bear
Ing more or less remotely in the tnan-
cial gain. The street chose for its ia
vorlte topic the retirement OF Mr.
Frick from the Hartman boards and
saw ft 10 draw many differences from
that event. none OF which v as espe-
cially hull!sh. IN fact it clearly in
clined towards the belle: that the gap
left by Mr. Frick is not only larger.
but that il was probably impelled by
a combination of circumstances which
has cropped UP in the past decade ana
has recently been renewed with in
creased vigor. In the minds OF the
speculative community Mr. Tricks
withdrawal from Union Pacific and
allied properties also helped in no small
degree to explain TIA recent heavy Of
ferings at marked recessions Of Har-
riman issues and other stocks OF the
same class. Mr.. Fricks intention to
retire was known to many OF his as
soc!ates for several weeks. and this
side sources which saw in the act 4
logical reason for selling the mar
ket. The efforts OF this faction were
successful chiefly because the so-callcd
bull account reared in the early
months OF the year had become stale.
after abortive attempts had been made
to lift the list from a level already too
high
Other matters which had a depress-
- ia
West that Illinois Central officials. fol-
lowing the lead of the Union Pacific
Southern Pacific lines. have declined
to engage in further conferences with
their employees over til. wage cues
ton, and cables from liverpool stating
that the strike situation there had as
sumed alarming proportions.
After period OF arrested develop
ment. the stock market once more
sold off In the last hour under the
lead OF Union Pacific which was al
most the weakest issue throughout.
That stock made a new low record, as
did also Reading. Great Northern pre-
ferred. Great Northern Ore. st. Paul.
Bltimore and Ohio. Louisville and
Nashville Atlantic Coast Line. Atchi-
son, American Smelling and Western
Union
Out of the other active shares prac-
tically all touched Yesterdays low
prices The closing was active and ex-
tremely weak.
Figures bearing Significantly on
our foreign trade We're disclosed in the
official statement OF the countrv's eN-
ports Of manufactured steel and iron
In the fiscal year. They show a gain
OF almost s4T.000.oo0 over the best IRE
Nions year, the total valauation Of
shipments TO foreign countries ap-
proxinating s231.oo0000 with con-
current decline OF $4,000. 900 in imports
az this class of mercha ndise.
Earnings of thirty-hve additional
roads for June show a decrease Of
almost sl,7oo,o0o n e. uss. which vas
cut to net decrease OF $500. 600 by
reducing operating expenses.
Little interest was shown in the
forecasts Of the weeks money move
raents. which poll to gain by local
banks OF between sS.5oo.o0o and SIS
600. 600
London was a large purchaser here.
but It's operations had no effect in
holding prices
Bonds were heavy Total sales mar
value. were Sl.se5.0 600
United States Government bonds
were unchanged on call
Tota! sales for the day. 724.2oO.
New York, August ll.-Aloney on
call steady 2a2 SIS, ruling rate, cas-:
closing bid 1T; offered at 23-s. Time
loans easier. SO days 25-i13 nar
cent. 30 days, 3aSl-l: six months.
37-sNi
Prime mercantile paper 10 41-2.
Sterling exchange easy, with actual
business in bankers bills, at sisS75