The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-23
DAY ON EXCHANGE
IS O|SAP PO|NT|NG
Prices at Outset Higher, but
Soon Flattened
Out.
TRACTION ISSUES NEGLECTED
Increased Uneasiness in London
Market Over Moroccan
Situation.
TRACTION ISSUES NEGLECTED

New York, July 22.-The net result
Of operations on the Stock Exchange
to-day must have proved disappoint-
ing to those VINO expected continu-
ance of yesterdays late upward move
ment. Prices at the outset were gen
orally higher, with especial strength
in Union Pacific and few other spec
ulative leaders, but the market soon
nattened out on medium of trading,
and the bull party doubtless thought
II Improbable to press its advantage
further. At all events. before the end
of the brief session. initial gains had
given way to fractional recessions.
save in the case of a few obscure
stocks, whose advance failed to excite
interest.
on the recession Union Pacific fell
point after having advanced to
1872 3-S. it's high price OF the year.
American Smeiting was one of the
strongest stocks among the industrials
in the first hour. demand for this issue
apparently having been stimulated by
the report that the Federal invest!ga-
ton of the company had failed 10 dis
close damaging Information. Canadian
Pacific, which has been conspicuous
BY reason of the rapidity of Its ad-
vance recently, fell with the general
market. losing point. The local
traction issues. SO prominent earlier
In the week. were neSleCteo
Europe sold about 5000 shares In
this market. and houses with London
connections said that there was some
increased uneasiness over the Moroc
can situation. It is probable, however,
that the London selling was due chiefly
to the fact that prices in this market
were established al higher levels than
in London in the early part of the
day. The London selling was fac
ma .
although the determining influence in
the movement seemed to be liquidation
of speculative lines by traders who
for some days have been aggressively
bullish.
Recent conditions In the copper
trade found reflection in the annual
report of the American Smelling and
Refining Company. Net earnings were
virtually unchanged from last year,
but charges for profit and lost adjust
ment and for depreciation reduced the
surplus for the year 10 almost half
OF the preceding years amount. The
gain in cash shown in the bank state
ment was somewhat larger than had
been predicted, and. combined with the
shrinkage OF si3.73i. 900 in loans, made
the report unexpectedly favorable.
The bond market was steady. Total
sales. par value. st.lli,o00. United
curing the week. Total sales for the
day, l53,i00 shares.
With the improved agricultural sit
ration, stocks enjoyed rally this last
week that carried some OF the stand
srd Issues to new high records. par
ticularly Canadian Pacific and Union
Pacific At the same time grain, was
sold freely and cotton broke badly
under the recent high price. and esti-
mates of the new crop are getting
larger every day.
Corn has improved distinctly, and It
is now certain that while the gross of
all grains will be several hundred mil
lion bushels less than last year there
will be plenty to furnish railroads with
business enough to provide all divi-
dends and ordinary improvements
While the stock market was strong.
II was not very active except in some
specialties. The local traction shares
were the leaders in point of activity.
PETERBOROUGH Metropolitan preferred
stock and bonds being excited. These
two. Issues were heavily purchased
iieved they had finally arranged a
deal whereby the Interborough Rapid
Transit Company would get the con-
tract for subway extensions in New
York City. After sharp advance in
the market. Mayor Gaynor repudiated
the deal and contracts were awarded
upon marlborough metropolitan stocks
and bonds lost all their gain. while
Brooklyn Rapid Transit began an ad-
vance that vas slow. but apparently
well founded.
Some large new contracts were an
nounced by the Steel Trust and one
of its subsidiaries has taken more than
100000 tons OF new contracts since the
first OF the month. The show of unfll-
ed orders at the end of this month
will be much better than for last
month. Railroads are beginning to
order equipment in larger volume. and
the stocks of the railroad equipment
companies. such as American Car and
Foundry, are showing the influence Of
this reviving business. Charles NJ
Schwab returned from Europe with a
contract for armorplate with the Ital-
Ian government so large that II was