The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-27
New York
Stock Market

sui bear movement Of several weeks
was undertaken on the Stock Exchange
to-day. and prices gave way before
the onslaught Foreign and domestic
complications gave an opportunity
which was seized by an aggressive
hear faction, that has shown con-
siderable degree of confidence and ac-
tivity since the early part of the week.
1t is not improbable also that to-day's
setback coming atop OF yesterdays
decline, was accelerated By moderate
liquidation by investors who may have
taken alarm over the latest develop
ments in tho Moroccan situation The
gravity of this complication and the
prospect OF a long delay before the
Canadian reciprocity agreement is
adopted by ;he Dominion were the
chief factors made use of by the bear
party.
a feature OF the market during re-
cent weeks has been activity of stocks
on the upward movements and their
dizziness on declines During the re-
cession to-day. however, the market
was active. and 1t is assumed that the
short interest was increased largely
ns result of the days activities. The
force of the attack was spent in the
forepart of the day. and during the
afternoon he market improved slowly.
Toward the close the Improvement be-
came more rapid, and most of the
losses We're recovered with some net
gains.
Two groups OF stocks were oonspic-
nous throughout the day. They were
the coal shares and the issues OF the
railroads affected most directly BY
Canadian reciprocity The latter stocks.
which have been advanced on the
strength OF benefits expected from
reciprocity. broke sharply. Canadian
Pacific ana It's affiliated roads and the
Hill and Hartman stocks fall from /
TO points.
Reading. Lehigh Valley snd Pitts
burg Coal common and preferred were |
the chief beneicartes OF the continue !
tion OF yesterdays buying movement !
!n the coal stocks. The strength OF /
Reading and Lehigh Valley was ac-
sompa MED by reports that develop !
ments favorable to shareh olders OF !
those properties were under way. Pitts !
burg coal was bought on the report
that some distribution of assets may
soon be forthcoming, on account of the
recent sale of land to the United States /
Steel Corporation.
IN the industrial group United States |
Steel was relatively firm. at no time |
declining more than fraction. The |
Street was inclined to place favorable ,
construction uIson yesterdays quarter !
siren gthened by such news of the steel ,
industry as was received during the
day. slight increase in steel mill
opera tions was shown in reports from !
various trade centres, and in the Pitts
burg district orders were said TO DO
running somewhat in excess of last
week. Despite the gain, shading Of
prices on certain products was re-
ported.
the weakest of the indlstriHls. reced
ing . IA points on intimations that
the Federal government might pro
coed against the company The stock
displayed marked strength toward the
close. however. ending the day with
loss of less than point
London selling was distributing
factor in the markets weakness. The
easiness over the Moroccan dispute
where consols touched a new low rec
ORD. but at all the European financial
centres.
Sales in this market for London ac-
rount were followed by some buying.
The total of transactions was not
large probably not exceeding 10000
shares. with n balance of sales.
Colorado and Southern. one OF the
first roads to report its earnings for
100000 in gross receipts. This was
almost Offset, however, by a cut ~
operating expenses.
The bond market was steady Total
sales. par value. s3.53S,o0o.
United States bonds were unchanged
on call.
Total sales for the day $4,000
shares.
New York. July 2s.-Money on call
steady, 1-4G2 1-2 per cent. ruling
rate, . 3-s; closing bid. .; offered AZ
Ia per cent. Time loans dull ana
steady; sixty days, l-2@S: ninety
days. . 3<$d3; six months. $50
3-4 F'rlIre merca rtile paper. 10
l-2 Sterling exchange firm with
actual business III bankers bills Ell
s4.s425 for siXty-day bills and at
s4.s6l5 for demavd. Commercial bills
firm, 81 s325 Ear silver. 80 SIS. Mexi-
can dollars, 10.