The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-12
New York
Stock Market

opening on o considerably higher level.
stocks fell to the lowest point of the
year to-day, and then recovered, Net
changes were slight in most cases,
and the final rally was SO spirited that
many of the active issues closed with
small gains running up TO point in
Reading and Southern Pacific. But the
market was not freed from the ner-
vousness and unsettlement of last
week. During the mornings decline
most of the representative issues We're
included in the list of low records not
only for the year. but in several in
stances, for a longer period. The
range OF prices for the day ran to
more than 5 points in number of
issues,
Opening gains. ranging from / to 8
points, were Que to the earlier rise
of prices il the London market. Trad
ers took advantage OF the rise TO sell
stocks. The selling had the appear
ence OF being a renewal of liquidation
such as was the chief depressing fac
tor for several weeks. The market
was unable to resist the pressure, and
broke abruptly. The weakness was
pronounced during most of the morn
ing. and there seemed TO be an utter
AaSh vi sHbSts SNppO4 Manly
weak bull accounts dating from the
recent brief upward movement We're
closed out. The recovery which was
in progress most of the afternoon
seemed to be chiefly the result OF
short covering.
The influence of the European mar
kets was again a considerable factor.
London, following the advances in
Americans there. bought moderately
OF hut ~
ket broke. faced about and sold There
also was heavy direct selling by Ber-
lin. chiefly in Atchison. Union Pacific
and Canadian Pacific. Total sales for
foreign account We're estimated at
more than $4,000 shares. Reports in
regard to the difficulty between France
and Germany were conflicting, al
though more optimistic advices on the
subject were received late in the day
Local bankers with international
connections received reports intimat-
ing that both Paris and Berlin were
engaged in the further curtailment Of
German credits. London's market was
somewhat feverish by reason OF the
approaching fortnightly settlement
while Paris exhibited nervousness
Some relaxation of the tension in Ber-
lin may have been suggested by the
decline in the discounts there
Homo news included dispatches from
the West indicating brighter prospects
Tor peace on the Illinois Central The
pressure against United States Steel
was coincident with reports that oper-
atoms al the corporations mills are
now on q smaller scale than at any
time during August 1t was also said
that the company's foreign business
had suffered a decided setback, but
this was denied in authoritative quar-
ters. cut in the dividend of the
Texas OIL from 10 to per cent. oc-
casioned no surprise. even In specu-
!ative circles. The prevailing quota
tion for the stock. which is lightly
held, long ago discounted the change
in rate.
Bonds We're heavy, but rallied some
what late in the day In sympathy with
the improvement in stocks. Total
sales, par value, s2.2O5,Oo0.
United States bonds were unchanged
on call.
Total sales for the day, 752,seo
shares.
New York. September 11.-MIoney on
call steady; 21-4@2l-2 per cent: rail-
ing rate, ass per cent; closing bi9
IA; offered at 23-s per cent. Time
loans steady; sixty days. 30S1-4 per
cent. ninety days, 31-4@al-2; six
months, 3S-4Gi per cent,
Prime mercantile paper. 49, per
cent. Sterling exchange steady, with
actual business in bankers bills at
s4.ss25 for siXty-day bills and at
s4.S6lo for demand. Commercial bills
s4s2l Bar silver. 521-4. Mexican