The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-28
New York
Stock Market

New York. July 27-After peace
full morning session. with slightly
higher prices, the stock market was
badly upset to-day by a heavy selling
movement. Declines were more rapid
and extensive than had been the case
in several weeks. ranging from one
to nearly three points ainong the
standard stocks. The pressure was
severe enough for time to give the
market a feverish appearance. but be-
fore the end Of the day 1t grew calmer.
and some issues rose fractionally
above the low point. Net losses were
general, Consolidated Gas being almost
the only stock of any prominence to
score an advance
London selling and continuation of
yesterdays bear raid seemed to be
chiefly responsible for to.oay's further
setback. The pressure from abroad
was Simultaneous with reports of the
British Premiers speech on the Mo-
roccan ENHANCEMENT, and was con-
tinued late enough to Indicate that
business was not suspended in London
until well into the evening. The
movement was heavier than any pre-
vious one during the present period of
uneasiness over the Moroccan situa-
ton Estimates of the selling for
London account ran from 10000 to
as. coo shares.
The increased uneasiness abroad in
dcated BY the heavy foreign selling
afforded an opportunity which was put
to effective use By the bear party.
where activities during the present
week have been conspicuous. Its at
tack was centred on the leading rail-
road shares which gave way quickly.
Canadian Pacific which fell back near
" three points, was the heaviest loser
1 4.
the Hartman stocks declined nearly
as much While the losses We're most
general among the railroad stocks "a
number of industrials, including
United States steel. Westinghouse
Electric, American Beet Sugar. Inter
national Harvester and PETERBOROUGH
Metropolitan preferred. were distinctly
heavy. Buying OF the coal stocks was
continued on a large scale for the
Ing during the first hour of the ses
sin constituted more than one-third
OF the whole.
Gossip of the board room connected
the name OF prominent trader. who
is reported TO have lost heavily in the
cotton market. with the recent activity
in the coalers. Reading touched
100 ia, its highest point for more than
two months. but fell back with the
general market.
1t was learned to-day that steps to-
ward "recreat:ng" the American To-
bacco Company in conformity with the
decision of the United States Supreme
Court are under way. The movement
probably will take the form of one or
more protective committees for the
bonds and preferred stock. The fever
ish speculation in American Tobc eco
securities which followed the decision
hay
Declaration of the usual dividend on
ST Paul was followed by some buying
of that stock, although it's recovery
was not large While no reduction in
dividend was generally expected
enough had been said regarding the
roads recent earnings and the pos
sibility OF a change in the rate TO
lend more than usual interest to to-
days meeting OF the board. The Off
ciai crop report of the st. Paul shows
generally favorable conditions in its
territory. with an especially good gain
in South Dakota, where destruction of
the spring wheat by drought was
feared for a time.
The bond market was easy. Total
sales, par value, s3,6s5.O00. United
States bonds were unchanged on call.
Total sales for the day, 427,7oo shares
New York. July 27.-Money on call
STEADY. 2i-iG2 l-2; ruling rate, 2 -s:
closing bid, : Ia offered, . SIS. Time
loans steady and dull; sixty days.
2I-2 per cent; ninety days. 2T-sd3
per cent. six months. 3 5-sa33-i.
Prime mercantile paper, 10 il-2 per
cent. Sterling exchange weak. with
actual business in bankers Bills at
siSi25 for sixiy-dsys, and at si.s6o5
tor demand Commercial bills, si.s375.
~ fd11
RICHMOND STOCK MARKEr.