The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-15
New York
Stock Market

New York, July 1.-THE lowest level
of three years was reached to-day on
the stock exchange Transactions dur
ing the morning session fell to $4,000
shares. an amour; frequently handled
in the first few minutes OF an active
day The total OF the entire session
was $500 the smallest days business
since .Iuly 3. 1905. Trading on the floor
of the exchange at times came 10
complete standstin. a number of is
sues which often are fairly active
Were not quoted at ali. ana the move
nient was restricted 10 fractions. save
in = few specialties. The leading rail-
road and industrial stocks held firm.
tsnDpera tors regarded the state of dull
ness into which the market has fallen
as natura! t time when more definite
indications of crop prospects are being
awaited as & guide 10 future move
menis not only in the stock market
but in business. Publication of the
senate's program to-day suggested an
adjournment of Congress early next
month, BY that time the outlook for
crops viii have been indicated clearly.
Should 1t be favorable, IS is now hoped.
IT is expected that the stock market
Will become broader and more active.
with the removal OF the uncertainties
as to the harvest and as TO legislation
by Congress.
Among the special;ies. the fertilizer
stocks We're most conspicuous All of
the stocks in this group recovered
part of their recent losses on what
appeared 10 be short covering Read
.nS. which was the active feature of
yesterdays late session, when it was
bid UP presumably in the hope that It
might recover large part of its s.
per cent annual dividend. to-day failed
to fulfill expectations. although il held
hrm United States Steel moved list
lessly. During one hour of the morn
ing not share Of this stock was trad
ed in, an occurance which traders said
had not been noted before since the
admission of this great foremost of
the industrials to the exchange. Cana
dian Pacific gained point on the
strength of the favorable crop report
of the Canadian government. Z.
Time money was firm and more ac-
tive to-day. The recent heavy reduc-
ton OF reserves by the clearing house
institutions has not been followed by a
marked change owing TO the long-con-
tinued ease of money. but lenders of
time funds during the last day or two
have shown less Willingness to accept
prevailing rates Early ripening Of
crops in certain sections probably will
be followed by an unusually early de-
mand for cash tn meet harvesting re-
ready is making Itself felt in the draw
ing down OF reserves here by Western
and Southwestern banks There is
no reason. however, 10 believe that any
extended disturbance OF money rates
Will follow There We're many cross
currents in the money market during
the week, but known movements of
cash point to another loss by the
banks. which, however. probably Will
not approximate last weeks heavy out
flow. Disbursement to the subtreasury
in connection with Panama bond pay
ments have been Offset in part by re-
ceipts from interior points. The VOL
uine OF bank clearings throughout the
country during the week reflects i'm
provement in commercial operations
Cities outside OF New York, which last
week reported loss from the total of
last year. this week gained slightly.
Loss of IS per cent AT this point in
dicated no falling OFF in business. but
rather the extreme dullness of stock
exchange transactions
Total sales of stocks to-day. $500
shares
Bonds we've steady. Total sales par
United States honds were unchanged
on call.
New York. July l4.-Money on call
steady, l-iM2 IL ruling rate, 3-S;
closing bid. ? offered al IL. Time
loans firm. sixty days. l-2N2 3-4;
ninety DAYS 8 six months $50 3 ga
per cent. Prime mercantile paper TO
- per cent Sterling exchange
steady. with actual business in bankers
bills 81 81 $3.50 for siXty-day bills. and
at SiSG25 for demand Commercial
hills sisi Bar silver, 80 rs MeX!-
can dollars *