The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-15
New York
Stock Market

New York, August 14-Taking the
session as whole. to-day's stock mar
any day OF the past week. London
was again its guido. sending over a
list OF gains which ran from one to
over two points in United States Steel.
Union Pacific and Canadian Pacific, and
later continuing It's operations in this
market. The buying from that quarter
caused some cynical comment. how.
ever, there being ground FOR the belief
that II had It's inception on this side
OF the water. At all events, It had the
effect OF Installing degree OF conf
dence and buying. both of which es-
sentials had been sadly. lacking for
almost a fortnight Likewise, II is
believed 10 have caused extensive short
covering, although in this particular
opinions differ radically. Some OF the
sh-ewdest students OF the movement,
are firmly convinced that the short IN
terest had not been very laige at any
Sine since the decline began.
In fact. every passing day strength
ems the belief that the recent selling
was OF a pronounced liqu!dating char.
sCter, not necessary on the part OF
weakened holders. but rather from
terests, but weary ana d!sSrunted
with general conditions. Disc ..ssion OF
fundamentals to-day ranged from the
purely academical 10 the possibility OF
reduced dlvldends in the course of the
next few months by some of the prom
inent roads as well as industrial COM
panies. Respecting the former 1t was
noted that St Paul's earnings the past
two years nave been such as to leave
room for doubt that the company Will
be able to maintain the per cent rate
other roads of less Importance are dis
nursing larger dividends than are
deemed compatible with safety OF can
servatisin. and individually this applies
TO industrials rs we'll
United States Steel led the list in
point OF activity to-day, sales aggre-
ga t!nS 100000 shares out OF grand
total OF 1S2ooo The buying of this
scale. and gave color to tSe theory
that the demands came from inside
sources
The fact that the Stanley congress
sional committee had adjourned for
two months was accounted an encouF-
aging feature. and other adv!ces bear
:ng upon the steel and iron industry
were even more favorable. including
the news OF increased activity in the
Pittsburg district This was partly
nullihed. however by renorts tina, the
shading OF prices in finished products.
A significant item touching upon the
Hartman properties was the an
nouncemept that decreased traffic had
Pacific OF four ships from its coastwise
trade.
The market was at its best "a the
last hour. when Union Pacific advanced
a simultaneous move elsewhere in the
active group. Considerable stock came
out on this rise, but the advantage
was we'll maintained. subject TO slight
recessions The closing was strong
and had all the marks OF a belated
rally, 4 logical outcome OF events of
the past fortnight. Gains in stocks
other than Union Pacific ran from one
to two points. On the curb" sale
of 200 shares of Standard Oil at 500,
its recent price, was the only feature.
Bond market was steady, with a
sharp advance in some Issues shortly
before the close. Total sales, par
value. aggregated s2,sS6,o 900. United
States government bonds were un-
changed
Total sales for the day, 7s2.4oo
shares.
New York. August i4.-Money on call
steady: highest. 2 3-s; lowest, IA;
ruling rate, 3-s last loan. SIS; clos
ing bid, IA; offered at as per cent
~a.... II. - n