The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-04
New York
Stock Market

New York July S--rhe Ions expect
I'D ruling OF the Interstate Commerce
j: Commisston on anthracite freight rates
.swas chief of the depressing influence
(which brought about an abrupt decline
\ To- day in prices on the stock eX-
8change. The outcome was especial,y
ifdisappointing 10 the railroads most
r afected since they had expressed
gthemselves as quite certain OF deci.
Sion in their favor. 1t WAS said mat
! the order for a reduction OF LehIgh
3SYalley might be followed by CORES
sfponding reductions by other anthracite
Carrying lines. Stocks of ali the coal
ssroads were depressed, although Erie
4 showed the effect OF the support which
mas been given consistently tor several
sgweeks. and yielded only small
sgamount. TIL weakness OF the CoalerS
spread TO the REMAINDER or the list
Hnd most OF the leading stocks lost
from one TO two points.
a Traders showed some genuine con-
4cern as to crop reports to-day on ac-
count of reports from many asricul-
35tural districts which told OF damage
to grain from the intense neat. The
greatest damage was reported from
the West. ana the character OF the re-
! ports was factor of Importance i'll
shaping speculative opinion. Although
weather udviceS crom Washington suS
Z gested more hopeful conditions in the
near future, bear traders declined 10
yield their ground. and. instead of
making the customary reduction III
commitments on the eve of the holiday,
in some cases increased their obl!ea-
tons. believing that further crop newa
would result in another decline in
prices on Wednesday,
The stock market did not heed tho
government report on cotton in spite
of It's highly favorable character, and
- s,,,r, ln
did not move on its appearance.
Another indirect influence that could
hardly be accounted as encourag ins Is
the latest phase i'll the so-called Mo
Ioccan affair. All the European en-
changes We're depressed by this situa-
lion, London's prices for our shares
rejecting absolute weakness. For the
first time III many weeks practically
all American shares were lower there.
with declines of q point or more in
Canadian Pacino Northern Pacific
Union Pacific and Erie first preferred
Paris reported decided break in
rentes and the Berlin bourse was quite
unsettled. London's sales in this mar
ket We're estimated at 10000 shares
and pressure from tins source to
some extend responsible for the heavy
opening in the New York market GER
many again purchased the bulk of the
South African gold, delivered at Lon
dor, taking SS,5Oc,oou OF the total of
the s4,00oo00
The decline in stocks was largely
the result; OF professional operations
There We're no indica tions of enforced
liquidation. and after the first sharp
break the market was narrow and dull
Weakness OF the Hartman stocks was
nscribed to the decrease in the earn
ings OF the roads fer the year just
closed. However. both roads have
earned their dividends with consider
able TO spare. In the Industrial group
there was pressue against United
States Steel. but that stock suffered
less than other speculative favorites.
There were no signs of Improvement
IN the bond market as a result of July
disbursements of about S235. 1000, 900
Prices were easier Total sales par
value. sl,9l5,o00. United states bonds
We're unchanged on call. Total sales
for the day. 2l3,200 shares.
New York. July S.-Money on call
2G2 as per cent. ruling rate, SIS;
closing bid, Ia offered at IA.
Time loans dull; sixty days 212fi2 3-4
per cent and ninety days > 34H 5; six
months. l-2@3 3-4. Prime mercantile
paper. 10 4 l2 per cent; sterling OK
change dull, with actual business in
bankers bins at SiS425 for sixty day
bills, and at sis3 "a for demand Bar
c{tynr M.NiC.n ioIlarE