The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-30
BETTER FEELING
NOW PREVAILING
Coming Adjournment of Con-
gress Will Bring Peace to
Wall Street.
LONG REST HOPED FOR
Pernicious Activities OF Politi-
clans Has Unsettled
Business.
LONG REST HOPED FOR
Especial to The Timas-D,sn,,c, =,

Ne" 1orEt July -s.-Stocks were
quiet and strong to-day. but with net
changes limited 10 fractions in most
cases. Some uneasiness was felt in
the traction shares, because il is ex.
pected that some attempts may be
made next week through the courts to
prevent the beginning of construction
work on the new subways. Cotton
broke to new low records
Canadian Pacific was strong and
London brokers were bidding a point
above the New York market at the
close Further shipments Of cash were
made to Canada for crop moving pur-
poses. The local bank statement show.
ed no important changes from the
previous week.
Having discounted everything at
home, the stock market began to pay
attention the past week to the Moroc-
can situation. On Thursday and Fri
day that situation was acute and q
break came in the stock market. Re
covery was moderate.
o. Tuesday the long and short haul
decision by the Interstate Commerce
Commission caused q sharp reaction
also. but from that there was almost q
complete recovery. The market stood
these tests with remarkable tirmness
and the bull party was much encour.
Steel stock was under pressure sll
week. but was we'll protected The
quarterly earnings that were announc.
ed on Tuesday were s2S.l0s,520. These
were several million dollars better
than had been expected. 1t was made
known that current earnings are on a
much heavier scale. SO that the not fig.
ures at the present quarter should run
well above 100000 600.
The congressional committee con-
tinued to investigate the steel trust
and transferred Its activities to New
York City. but found nothing new.
This steel investigation is proving
very pleasant jaunting trip for the
Congressman and their families
The rate decision by the Interstate
Commerce Commission, which forbids
the charging of more for short haul
than for a long haul. was disconcert-
Ing at first. But early completion of
the Panama Canal will readjust the
transcontinental situation, and the long
and short haul discussion is almost en-
tirely academic.
a committee Is forming to protect
the securities of the American Tobac-
co Comp any. Nothing definite has been
arranged in the way OF reorganization,
but It is understood that none of the
bonds Will be retired. a majority OF
the bondholders can be counted on to
accept other securities In exchange.
and under the terms OF the indenture
majority can act for all. Thus the en-.
tire reorganization of the tobacco com.
Pany will call for but little cash.
1t also develops that the American
Beet Sugar Company is planning to
begin dividends this autumn. posi-
bly, in September. The company is earn
Ing at the rate of 10 per cent. and
mas more money than needed for ordi.
nary purposes.
better feeling in general prevails
In Wall Street. This is due TO the fact
that Congress Is soon TO adjourn, thus
giving the country a rest from the
pernic!ous activities OF politicians
Money Is working harder FOR long
periods. and the outlook is for more
active business. The banks will have
to liquidate q great many bonds TO
get funds for moving the crops and
will promote a higher market in Wall
Street to furnish q foundation for
GALES.
New York, July 2e.--Money on call
nominal. Time loans very dull and
steady; stxty days. S-i03 per cent:
ninety days, 1893 per cent; six
months, 5-sQ3 ga. Prime mercantile
paper. 10 4 liz per cent. Sterling
exchange steady. with actual business
in bankers bills at sis45o for sixty
Commercial bills, s4.S4. Bar silver.