The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-17
New York
Stock Market

New York. August ia selling
movement OF greater scope and pro-
portions than any that has over
whelmed the stock market in the three
weeks OF its almost uninterrupted de-
cline was witnessed to-day. Prices
fell from 10 points in shares which
have long been accepted as gilt edged.
while losses in more obscure and loss
negotiable shares extended to 10
points. Tho day opened with little
promise of betterment, London's mar
ket for our securities being to
points under last nights closing. The
weakest issue in that market was
Canadian Pacific. Its loss OF points
heing soon doubled here. Other stocks.
including Union Pacific. which has
been the barometer OF the market soon
fell a point or more, and by nooa all
the active and speculative issues were
at the lowest level of the year. The
continued weakness of Union Pacific
constituted the greatest element Of
alarm. that stock its low price to-
day showing loss of over 20 points
IN less than q fortnight. In fact, tie
selling OF the Earr!mans has bean the
most conspicuous feature throughout,
New interests was lent to the move
rnent to-day. when IL became rumorcd
about that the Hartman entate had
in the transcontiuentals. Those re-
ports were later denied in authorita-
tive quarters. and were accepted with
some reserve in banking circles. 1t
Is. nevertheless. fact however, that
the heavy outpouiings of Hartman
stocks, together with the retirement
OF Mr.. Frick from the Hartman dt-
rectorates have produced profound
impression in the financial community.
an
added to the un9ettlement of the stu
alton Foreign banking and general
financial conditions seem to be
under some tension at the moment,
as was shown In private cables which
limited at embarrassment of some Il
nanciel interests at the German capt.
tai. While nothing apparently came
OF this, the mixed conditions In Lon
don, and further evidence that the
Bank Of France Is making strenuous
efforts TO curtail its credits in other
countries could hardly be regarded
with serenity.
Canadian Pacific. which at ono time
was points under yesterday. was
affected by reports of unavoida bic
crop conditions and heavy selling. both
By London and Berlin. Three unim-
portant failures were announced in
London. where the fortnightly settle |
strain, particularly in the American
department
The market rallied in the last hour
under the lead of Reading, Union Pa
cihc and Canadian Pacific, those is
sues recovering from | 2 TO points |
from their maximum declines, but the |
markets undertone remained uncertain !
TO the close. which was heavy and |
hesitating
4 IN lie 20 So ha
the weakness of many minor railway
shares. few of which had suffered |
earlier in the reaction by movement
In this list were included Wabash pre- !
ferred. Toledo. ST. Louis and Western !
preferred, Kansas City Southern, ST !
Louis and San Francesca second pro-
ferred and Texas and Pacific.
Following the close of this market
cables from London reported a panicky !
condition in Americans in the open
market there. The more important
net losses for the day here were Lack
Hwanna, 10 points: Texas Company. S:
United States Pipe preferred, 41-2:
Union Pacific. SIS: Canadian Pacific
s ga; Rock Island preferred. 43-s, and
General Electric. 8 IA. while over
score OF stocks fell over points
Total transactions approximated l,oo0.- ;
GOO shares, which is close to last
weeks most active day.
The bond market was heavy, with !
share declines in various speculative
issues. Total sales, par value were
s2i4o.oo0 United States government
bonds We're unchanged. Total sales for
the day. s64 500 shares
New York, August le.-Money on
call steady; highest. 23S lowest .:
ruling rate. 3-s; last loan. ISIS; clos
Ing bid, ?; offered at 2l.2 per cent
Time loans easier, sixty days. "a as:
ninety days. 363l-i six months. : 3-4
per cent Prime nl['cantile paper. to
a -2 per cent Sterling exchange firm,
with actual business in bankers bills
at s4.s375 Tor. s!&tyfay bills and at
si.s6 for demand. Commercial bills.
si.s3 IA. Bar silver, 81 as, Mexican
dollars, IS.