The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-01
New York
Stock Market

New York. July Si.-Conservatism
Beems to be the keynote OF the stock
market at the present time. Securi-
ties held hrm to-day OH exceedingly
light trading. the trend during the
greater part OF the session being dis
tincty upward. The movement was
most prominent in the Specialties. such
issues as Bethlehem Steel common and
preferred being most conspicuous, with
gains OF as and 5-S respectively.
The speculative leaders gained trac-
tionally for the most part, although
advances OF point or more were
recorded by Canadian PACING. Illinois
Central, Rock Island preferred, ChIca-
20 and Northwestern and Great North
ern ore certificates. United States
Steel was consistently strong. despite
the resumption TO morrow ut hearings
by the congressional investigating
committee.
News from abroad was altogether
favora bic. the various European CAPT
tails reporting a more hopeful feeling
regarding the Moroccan situat ton. This
condition found immediate reflection
in London. where British securities and
consols rebounded sharply from their
depression OF the previous week. Lon-
don's market for our securities de-
noted Improvement and special
strength in Canadian Pacific and Union
Pacific.
Developments at home included the
publication of the standard Oil cir
cular to its stockholders, announcing
the intention OF the company to COM
ply with the mandate Of the United
states Supreme Court, which ordered
the dissolution of that corporation. The
circular refers to the various sub
sidiary companies affected by the
organization, and states that ''ratahle"
distribution Will be made. 1t is
expected that the shares of the many
companies to take the place of those
OF the parent company will be ready
for issuance by December l. Standard
Oil shares sold at 655 on the curb"
to-day, compared with $50 last -Satur-
day
The protective committees organized
to suoserye the interests of American
Tobacco Company bonds and prefer
red shareholders also issued their
plans of agreement. In the case of the
6 per cent. and per cent. bonds, the
agreements stipulate that the commit
ferred or common stocks of the com
pany or subsidiaries, as may be de-
clared necessary for the protection of
bondholders. In fine. the committees
ask for power to formulate plans OF
reorganization.
Advices from the Middle West and
other important railway centres are %
the effect that trade revival is looked
for in the fall. 1t is the consensus of
opinion that stocks of merchandise are
low and soon Will have to be replen-
ished. There is growing confidence.
also. that at least average crops will
he harvested. The grain movement
continues unusually heavy. receipts at
Chicago last week being almost 2,0O0.-
0b0 bushels over the same week last
year. That industrial conditions in
New England are in the way OF beg
tterment may be judged from the fact
that several cotton and rubber mills
In Rhode Island reopened to-day, after
weeks OF idleness
Apart from some further stinenng
OF rates in the West. monetary con-
ditions are unchanged One million
dollars in gold was shipped to Can
ada to-day for commercial purposes 1t
was said. Foreign exchange WAS de-
cidedly easier
The bond market was irregular,
American Tobacco issues showing
marked heaviness. Total sales par
value were s2,o20,0oo United States
bonds were unchanged on call
Total sales of stocks for the day
were ,2l,20O shares.
New York, July 3l.-Money on call
steady. . 3-S62 12 per cent: ruling
rate, 3-s; closing bid. IS: offered
at l-e per cent. Time loans frmer
civ la,.