The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-18
New York
Stock Market

New York. July l7.-The controlling
factors in the stock market were not
changed materially to-day. and trading
remained dormant, with Few modlhca i
lions o. appea rance in price levels.
During the greater part of the day the
market maintained firm undertone.
with prices slightly higher. \ heavier
tone developed before the close. and
the list yielded on moderate pressure
TO point which showed fractional net
losses. The whole days range was
small, and trading was dull throughout.
Such activity as was shown at rare in :
tervais was centred in the more OBJ
scure issues. including the minor spe-
cialties Transactions for the day
were not far from the low point OF the
year. falling &c the meagre total Of
lilo 600 shares.
Canadian Pacific once more came TO
the fore advancing one and a half to
2i3is, the highest price at which this
stock ever sold. The advance strength
ened Minneapolis st. Paul and salt ste
Marie subsidiary, which moved up a
point. Southern hallway, ordinarily an
inactive issue, led the market through
the greater part of the session in point
Of activity. and advanced to within
small fraction of its high price of the
year. There was further. recovery
in Texas oil on advices from Paris
telling OF the improved condition OF
its chief protector National Biscuit
and Underwood Typewriter advanced
briskly on small transactions. and
American Tobacco preferred lost u
point
Rains in the corn belt and IN sections
nf the cotton growing country seemed
10 be without effect on the stock mar
Ike haa
and grain. Lower prices for the new
crop of cotton apparently were dis
counted in a drastic reduction in the
price OF cotton goods. made on account
Of the limited demand. Reports from
traffic officials at leading railway CEN
tres told OF more or less steady main
tenance of tonnage and fairly good
prospects for heavy crop movements.
STANDARD OIL. which sold at $40 little
more than week ago. for time to-
Gay was quoted at 664 on the curb"
The rise in price OF this stock is be-
lieVed TO reflect a growing belief that
the REORGANIZATION of the company de-
creed by the Supreme Court will moi
impair materially its earning power
ana that misgivings as to the effect
upon stockholders have been allayed.
Inc Unexpectedly good showing I'm
the last bank statement of a cash gain
instead oil the predicted loss had no
apparent effect upon the money mar
ket' time funds being slightly hrmnr
In spite of the tendency to frmness
which has developed recently. the opin-
ION is expressed in well informed quar-
ieFs That the supply of funds at the
important centres is sufficiently large
10 prevent pronounced changes within
the immediate future The Bank of
1 e. many reported a decrease of sss
'Vo'ooe in discounts. This unusualIv
large movement was explained as rem
resehtlng readjustment of accounts
loi!owing the recent heavy seni-ann,,.1
disbursements.
Inc bond market was steady. TotarI
sales par value, Sl,s05. 900. 1rnitaa
safes ponds were unchanged on call
iotal sales for the day. $40 500 sbara.
New York. July 17.-Alonev o. 90,
STEADY "a d2la per cent: ruling rsts
closing bid, 29s offered at 9,s nnr
sen'' Time loans fairly active. s,r,r
NAYS 2h, and ninety days, "a, a 'n nsr
cent six months. 3ss@Ss, priv r
mercantile paper, to ~ s,ar,,ne.
sAehanse steady, with actual husinass
y, IN bankers bills at s4s475 for six,ys
cay bills and at s4s62o for demard
commercial bills, s4s4 Rar LAM
o. IS Mexican dollars AZ 'e''