The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-13
New York
Stock Market

New York, July l2.-Operations on
the Stock Exchange to-day were OF
the holiday character OF midsummer.
AT the opening and at midday the
market advanced. but in both cases
recessions followed. and net changes
OF the standard stocks were unimport-
ant. Speculation was TOO nearly at
standstill TO impsrt any degree of mo-
montum to the market, and the whole
movement was within narrow range.
The Southern railroads and American
Tobacco preferred were the only prom
inent issues to show gains OF point
or more. and on the downward move
ments losses were Kept within cor
respondingiy small amounts, except
that Canadian Pacific and . few In
active industr'als declined a point or
more. Southern Railway was an
tive feature OF the market. OF the
execution of a number of large buy
ing orders Il rose to 3S is. its highest
price of the year. and within irac-
tion of the top figure of last year At
lantic Coast Line and Louisville and
Nashville which is controlled by the
former, Illinois Central and Kansas
City Southern all made good gains,
buying of these stocks being stimu-
lated by expectations OF record
breaking cotton crop.
Speculative interest centred largely
In United States Steel That stock was
sold heavily in the early part of the
session, but they were we'll absorbed.
Particular attention was directed to
United states steel because of circuso-
.stantial rumors that the corporation
is Interested largely in the outcome of
the present local subway problem. Ii
was intimated that besides figuring
prominently in the contracts TO be
awarded for construction that the
financial hackers of the steel concern
might have a hand in fnancing the
operations OF both PETERBOROUGH Met
ropolitan and brooklyn Rapid Transit,
SO that eventually both corporations
would be found within the sphere of
influence of the same bankers. These
reports, however, were entirely with
out confirmation from authoritative
quarters. Speculation in Brooklyn
Rapid Transit continued in lively
manner, and it was said that a pool
was operating in the stock to exploit
the market possibilities Of the COM
pany's entrance into the Manhattan.
subway field.
In view OF the uncertainty as to
earnings OF steel companies follow
ing the reduction in prices of
finished prodScts. unusual interest
attached to the quarterly statement
~
which showed falling off in income
of more than one-hali. The total In
come OF the company for the last
quarter was $4,000, a decrease OF
SI.is4,0OG For the first half of the
year the figure was $i,6o6,000.
shrinkage OF sl.SO0.000 Unf,led orders
showed little change. being 2lS.oo6
tons on June 80. compared with
200 tons three months earlier. Es-
ct l,n hi. ..tt
States Steel Corporate on for the quar-.
ter just ended vary largely. since they
are compiled ted not only BY the redLo
ton in prices. but by the movement
from the Great Lakes and the heavy
import business Conservative csti-
mates. however. call for an increase OF
about S5,7o0.O0O over the last quarters
total of s23,5l9,00O. The reviews OF
the iron trade forecast better condt.
tons for the remainder of the year
than those of the FIRST half, and re-
ported excellent bookings in finished
products during the last week.
The bond market was firm. with
marked strength in American Tobacco
SIS Total sales, par value, S2,23T00o
United States bonds We're unchanged
on call.
Total sales for tho day. $4,000
shares.
New York July 12-Money on call
steady, Lac 10 per cent: ruling
rate, as: closing bid. ?; offered at
? ia Time loans stronger; sixty
DAYS, > l-2@9 81 and ninety days
3-4Gs per cent: six months. SIS
Prime mercantile paper. 4 10 l2
per cent sterling exchange steady
with actual business in bankers bills
at Sis475 for sixty day bills, and at
s4.s6io for demand. Commercial bills
s4s4. Bar silver, 80 rs. Mexican dol
lars. i5.