The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-29
New York
Stock Market

New York. July 2S.--The reacttonary
tendency which has characterized OPP
Grafton in the stock market the great
er part of the week was displayed
again to-day. though 10 lesser de-
gree than on the preceding two days
The list moved irreeuarly i'll the early
session. during which time there were
several incipient bear raids. Opening
prices were generally higher, gains in
minor cases being point or more
over Yesterdays close. This was
natural sequence to the higher range
for American securities in London.
where less excitement was felt To
the outcome of tho Moroccan nego-
tiations This better feeling was con-
nrmed by international bankers. whose
adv:ces from various continental
sources were mostly of reassuring
character.
The Improvement of the first hour
apparently was used as the basis for
heavy selling. The market receded
slowly. and by noon NEARLY all early
gains We're eliminates with a few new
low records for the present move
ment During the remainder of the
day the market was slow and drag
cing with no changes OF Importance.
The day was without any concrete
influence to which the markets action
was directly traceable Relief over
the apparent lessennS OF tension
amonE the European powers was re-
nected chiefly in relaxation of pres
sure from abroad. Londons transac-
tions here fell to much smaller
basis, with purchases and sales evenly
distributed Conditions at home were
virtually unchanged except that there
was perhaps a greater degree OF UNI
easiness over the political outlook.
which was emphasized by the congress
sional steel inquiry in this city.
In some quarters there is dispo-
siton TO attribute the markets pres
ent trend to this and other forms of
political activity, which are such as
to arrest financial projects Of import
ance.
New resolutions aiming at the in !
certainty with respect to tariff legis- |
lation are among the factors which |
are believed TO act as q deterrent to I
market activity.
On the other hand. confirma ton OF |
the report that the Vanderbilt lines !
contemplate financial unification of all !
the roads in that system is accepted |
as proof that substantial banking in
terests are not especially apprchen- /
sive regarding the general situation.
News of first steps toward reorgani-
cation OF the American Tobacco Com
pauy in conformity with the Supreme
Courts Interpretation of TIL anti
trust law reused only moderate in
terest. for the reason that no init
nation was given as 10 what plan OF
rcadiustment would he finally adopted
The preferred stock gained two points.
and the bonds improved slightly.
The tone OF the money market was
somewhat stronger to-day, bearing out
recent indications that the tendency
was toward moderated higher
range Rates for time loans are
slightly above those OF the end Of
last week The recent change in the
tone Of the market is seasonable in
the light OF an expected earlier move
ment Of the crops this year. and an
Increase in the demand for accommo-
dation from financial interests and
from the mercantile community.
Bonds were steady. Total sales. par !
value. sl.sso,ooo. United States bonds |
were unchanged on call. Total sales |
for the day. 2354O0 shares.
New York. July 2s.-Money on call |
steady 2G2l-2 per cent; ruling rate |
3S closing bid . L. offered a SIS |
Per cent. Time loans stronger; sixty !
days. ga; ninety days, per cent; |
six months, 3 "a per cent Prime mer- |
camille paper. TO Alp per cent. |
Sterling exchange steady. with actual |
business in bankers bills at si.s425 |
for siXty-day bills, and al sis6l5 for |
demand. Bar silver. 81. Mexican dol /
lars. 50.