The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-06
New York
Stock Market

New York July achievements of
stocks seemed to be governed largely
to-day by the tenor Of reports in re-
gard TO crop prospects. The selling
movement on Monday was resumed on
larger scale and pronounced weak
ness developed. the action of the mar
ket suESe ting that IL was suffering
from the effects of a crop scare. News
from various agricultural districts was
not altogether unfavorable. and il IS
probable that selling was based not
only upon reports of damage. but
upon expectations Of the harm to
come from the intense heat Prophc-
cieS Of this sort were empha sized by
the sitting heat here. and hear trad
ers assaulted the list vigorously At
the opening. Prices fell from one to
two points in a majority Of the active
issues. with a break of 5 ga in Cana
dian Pacific. The movement failed to
lead 10 selling from any other than
professional sources. and trading grew
dull with a slow recovery. Late in
the day, however the pressure was
renewed. and prices fell off again 10
the low point Of the morning. AnN-
iety a. to crops was not relieved by
the governments weekly weather re-
port. which told Of the marked def
cheney in precipitation over the agri-
cultural districts and intense heat
in grains especially in corn. also aid
Cd bearish operations in stocks.
All tho European exchanges were
weak. owing to tho tense situation
which mas grown ont OF the Moroccan
imbroelio. American stocks did not
decline IN London as sharply before
the opening here was the case on
M"nday, bat the weakness of the for
eisn markets exercised a depressing
effect upon the local exchange
Oihcial denial that the Erie road
was to he affiliated with Canadian Pa
ciAc caused sharp setback in the
Er!es. as we'll as in the stock of the
issues. presumably of speculative
character, was among the days most
prominent features Both the Hill ana
Hartman stocks We're unusually weak.
The Fries. the HarrImans and United
states Steel were sold rather heavily
from abroad, United States Steel dis
played the same power of stubborn
resistance TO pressure which has char
acterized its movements recently. and
lost only a fraction. The stock NAV
have been influenced bv advices in
regard TO the steel and iron trade.
which were somewhat more cheerful
New orders Of The United States steel
Corporation last month were placed al
5000 TO 5000 tons above the nreoed
ment OF unified orders at the end Of
lasc month is expected to show a small
decrease owing TO the fact that shin
ments have been larger Indication
FOR the coming half year are much
brighter than was the case six months
ago. Although there was a decrease
In the production Of pig iron. the vol
hme OF finished products Is increasing.
and reports from various markets arc
more optimistic than has been the
case for some time
Lack of action in the rubber stocks
indicated disregard of trade condl-
lions. which are now at low ebb,
Judging from rhe fact that one of the
iarFes' plants in the New England
dlstTict has announced suspension
Of operations for month Attention
was again called to the discouracing
conditions in the textile industry. bv
dispatches from South Carolina stat
ing that all the cotton mills Of tho
State had entered upon drastic nolicv
cf retr> Hchment
mere Were numerous railroad re-
ports FOR May that of the Great North
ern being most conspicuous. with lis
loss in net of over $4,000.
Bonds We're easier Total sales mar
value. s2Scoooo United States As
declined IL on call
Total sales of stocks for the day.
wi