The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-30
New York
Stock Market

New York, August cs.-Furthcr pro-
gross was made to-day in the forward
movement In stocks which began yes
terday before reaction occurred
which. for the time at least. put an
end to the advance. IN the early part
OF the day. the standard issues were
in steady demand, and yesterdays
gains were increased substantially, al
though the three speculative leaders.
Reading. Union Pacific and United
States steel. were less CONSPICUOUS
than in the preceding session, gaining
only fractions The Hill issues We're
the features OF the railroad list, while
Canadian Pacific. 81. Paul. Erie. first
preferred I.ehigh Valley and numr
Der OF industrials gained a point CT
more Before noon, however. re-
dictionary movement set in. Prices re-
ceded slowly, until the gains were
cancelled. In the last hour. selling
became active. and losses We're ex-
tended. Southern Pacific, Missouri Pa
ciAc. Rock Island, Lehigh Valley and
International Harvester sank to the
low points of the year, while a number
of other shares ended the day only
fractionally above the bottom prices
reached in the extended downward
movement on the month.
No new developments occurred 70
influence speculation and the recession
appeared to be in the nature of profit
taking by traders, the effect of which
was heightened by a renewal of short
selling late in the session. Although
the slump resulted in some sales OF
long stock, there We're no indications
of renewal II the heavy liquidation
which characterized trading earlier
in the month. 1t was said in some
quarters that stocks were being pur-
chased on a fairly large scale by in
oh NJ he
cline OF 10 TO 20 points TO have dis
counted unfavorable factors such US
crop disappointments. chances of labor
disturbances on the railroads and hest
tation in trade owing to uncertainty
regarding the political outlook. The
lower prices. however have not led
to any considerable degree of public
buying. and bear traders found little
difficulty in bringing about a reversal
late in the day.
The appearance OF Canadian Pacihcs
report for the fiscal year ended June
so was followed by a temporary gain
OF nearly two points in that stock the
report showed an increase of ss.17s,o00
In gross earnings, and s2,S59,oO0 in
net Favorable July reports were
made by several railroads
The chief OF a large steel company
was quoted saying that. while or
ders for structural ms .erial were be-
fore received In larger volume, busi-
ness in other branches was tagging
and the outlook as not altogether
promising The trade as whole was
described as ,larkirg time. orders
now being received by the United
States Steel Corporate We're reported
as more than 1000 tons daily in OK
cess of the amount OF new business
at this time last year.
Animation was lent to trading on
the curb" by a rise of 46 points in
Standard Oil TO SIS. The rise was ac-
compl'she by various reports of the
progress of dissolution OF the corpora
ton. but no further official Information
was o;t&..thle.
London trading. amounting to about
$1,000 shares, was divided between
buying OF railroad shares and selling
OF steel issues.
Bonds were STEADY. Total sales, par
value, s1.oo5.ooo.
United states bonds were unchanged
on call.
New York Angus, 2a.-Money on
call steady, 2l-i@21-9 per cent; rul
Ing rate. 21-4 closing bid Ii; Of
fered at 23-S Time loans steady;
sixty days. 2S-ida per cent. ninety
days. 3d3l-i Per cent; six months,
s1-2GS34 per cent. Prime mer-