The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-24
New York
Stock Market

New York August 23-The stock
market to-day lapsed into its extreme
dizziness of the early summcy. Trans
actions were almost the smallest OF
any day FOR some weeks. and business
was OF the most perfunctory character
Such tendency as the lis, manifested
at odd intervals was mostly In the di-
rection OF lower prices Indeed. a
number of new low records were es-
;uh!ished for the movement. Southern
Pacific and American tobacco prefer
red coming in for that bclatcd distinc-
ton. From the first hour. In which
prices fell abruptly. except in Cana
dian Pacific which tried to recover
some of its recent severe decline, the
market rose and fell sometimes with
IN a onc-point range, but oftencr than
not changes were more circumscribed
in fact, from II o'clock untn an hour
before the close. only ill.ooo shares
changed hands. ma the total output
was less than "7S.uo0.
such discussion as tho day evoked
dealt largely with the policy of econ
ony and general retronchmtut to which
many Of the large railroads ana other
Vested interests are clearly commit
ted y rather pcssimistic interview.
attributed to the head OF the Atchison
road, was in line with :hs program
and confirmed the belle! now generally
prevalent that conservatism and ex
treme caution in money spending are
TO guide all corporate understands
for the balance of the year. if not for
Longer period.
The adjournment Of Congress passed
b. utterly ignored, and interest now
hinges on the ut;crances OF the chief
executive Of the nation in ms forth
comine tou" 4 n"w turn was given
TO the Moroccan situation on cables
from Paris announcing that discussion
of that matter is 10 come UP on Fri
day. and Berlin adviccs reported a
subsistence of anxiety over that ques-
ton on its Bourse. The labor stua
ton at home continues rather criti-
cal in some railway quarters, parti
cularly on the Southern Pacific and H.
iinois Central lines. The dag was de
void OF crop news. but all signs point
TO general betterment
News respecting the steel and iron
Industry was somewhat conflicting. AL
few OF the railroads have placed ord
ers for very moderate Quantities OIL
rails. but other products ere being Of
fered at lower prices. as Il result OF
which the valun!c ~ business for the
Sear may attain to las. years proper
tions. From the plants of the United
States Steel Corporation. in the Pitts
burg district. came word to-day tina
than last weeks, and that no ma rk cd ,
increase is looked for until September !
conditions In the copper metal trade
are regarded with no small degree of |
satisfaction There has been very |
large demand recently. largely from
domestic consumers. and one of the |
largest producing companies is said TO |
have marketed all its output since |
April !. Relatively moro hrmness has /,
been shown by copper securities in the
recent decline than in any other class
Of stocks.
Further unsettlemcnt was shown by
the market in the last hour, with an
other drive against tn" active group |
chiefly Union Pacific, Southern Pacific |
and Atcheson. The movement was sug-
Eestive OF short selling, but was halt
ed before 1t had gone very far and
was followed by further stagnation
The closing was dull, with a heavy un
dertone. in which a majority OF stock
recorded net losses.
The bond market was easier. Total
sales, par value amounted TO sil56.-
coo
United States government per
cents. advanced is on call
Total sales for the day. 1850
shares.
New York. August cs.--AIoney on |
call steady; highest Is per cent.
lowest, ,. ruling rate. IA: last loan.
Ia closing bid. . Is offered at
IL Time loans steady; sixty DAYS.
S-iu3 per cent: ninety days 5: six |
months. 1-2G3 IA. Prime mercan-
tile paper, IA 10 l2. Sterling ex
change hrm with actual business In
bankers bills at s4.SSs0 for sixr -day
bills. and at s4.s6lOGs4s615 Il de- |
mand. Commercial bills. s4.S3. Bar
Silver - l-4 Mexican dollars. Is