The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-27
New York
Stock Market

Kew York. June 26.-Under ciroum-
ttances which apparently were favor
able to security values. the stock mar
kot to-day developed a reactionary
tone Crop news. which had been
awaited with degree of interest
amounting almost to anxiety. was dis.
tinctly favorable The decision in the
Hartman merger case was regarded
Rs highly encoura ginE. and reports al
Improvement in business were received
from several quarters. The market
was stimulated by large volume OF
buying orders which had acoumulat ted
over the weekend, and trading was
more active than for some time An
appearance OF strength was impaired
at the opening by rises of / as in both
Union Pacific and Southern Pacific and
q point or less elsewhere through tho
list. Before trading was we'll under
way. however. prices fell on quickly.
oancelling many gains. During the
remainder of the day the market was
erratic and Irregular The speculative
leaders, showing the effects OF heavy
pressure, ruled below, Saturdays close
during the afternoon, and ended the
day with substantial losses.
Speculative sentiment reflected no
reversal of the mark et's position, nor
were there Developments of an un
favorable character. The heaviness
was attributed chiefly to realizing
sales. Holders OF large lines OF stock.
some of II acquired last Saturday on
the rise. had the opportunity of CLOS
ing out to-day at profits which were
unusually attractive, In comparison
with the few openings afforded during
the recent weeks of narrow move-
ments.
Norfolk and Western and Southern
Pacific were strong consistently. and
were unaffected by the weakness
which overlook almost all of the other
standard stocks at the close. With
the exception OF Canads.n Pacific and
ST. Paul the leading railroad Stoke
were steadier than some of the In
dustriais. The electric, fertilizer and
copper shares were especially weak
United States Steel was under steady
pressure, and the heaviness in this
Issue seemed to have a depressing
erect upon the market.
Atchison's May report showed a de-
crease in gross earnings OF S30S. 900,
which WAS Offset by economy of oper-
alton. saving of $4,000 In en-
penses. leaving n small net increase.
The April government statistics re-
ported that operation revenues OF all
the roads of the country last month
decreased virtually . per cent, and
operating expenses by the same per
cent. The heaviest loss in revenue
was among the Western roads
Londons operations Mt this market
were larger than usual to-day and
buying from that source was in part
responsible for the strong tone at the
opening. The stream of gold which
has been flowing from South Africa
10 London for several months with
few interruptions was diverted to-day.
Germany obtaining the bulk of the
weekly shipment of sS,75O,00O. Ger.
many's purchase was ascribed TO re-
uuirements incident to the semi
annual settlements.
Bonds were irregular. Total sales.
par value, S4,32o,0OO. United States
bonds We're unchanged Total sales
for the day, 621.S00 shares
New ork, June 26.-Money on cali
steady. 214G21-2 per cent; ruling
rate, as; closing bid. PA: offered
at i per cent. Time loans irmer;
sixty days, 212G23-4 per cent: nine
~ days, 23-id3; six months, al-4@
31-2 Prime mercantile paper. to
l-2 per cent. Sterling exchange
steady, with actual business in bank
ers bills at s4.s+ for. sixty-day bills.
and AT s+-S595 for demand. CONNER
cial bills. s4.S35O Bar silver, 523.4
NIf&icnp dollarc III