The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-16
New York
Stock Market

improvement manifested by the stock
market yesterday was lost in the
course OF to-daN's operations. the list
showing heavy or irregular tendency
throughout. II was hardly TO be en-
pected that the outburst which char
acterized the preceding days buying
movement would continue without
some renewal of activity for the short
account, a $ well as by further liquida-
tion on the part of shareholders. who
for one reason OF another see mt to
regard the immediate future with some
misEivings In the alternate declines
and rallies which marked the day II
was clear that some sort OF a conflict
was in process. that the market had
become what is technically known as
1.-TWO sided. II seemed TO have de-
voloped into purely professional af-
fair in which an upward or downward
movement was equally probable, ac-
cordinc TO the viewpoint OF the oper-
ator.
one OF the most disconcertinG fea-
lures OF the existing situation is that
1t has produced very little new bust
ness This is not altogether surpris-
ing, however. inasmuoh as some OF the
more conservative commission houses
nave openly discouraged Investment
buying at this time, on the ground
that conditions continue unsatisatc-
tory. where they are not ABSOLUTELY
uncertain. Even the speculative brok-
eragc firms declare that very slight
marginal trading from outside sources
has followed the decline. which is
cited as additional proof that not only
was the professional element almost
entirely concerned in the recent re-
action but III the partial recovery as
well.
The duIness which settled over to-
days market after the FIRST few hours
was strongly reminiscent of the ear
Tier summer period, when complete
stagnation ruled for days at time
and net results were utterly negligi-
BILE There was difference. however.
that each succeeding spell of mac
tion to-day was followed by moder
ate selling movement in which early
gains ere invariably lost.
Union Pacific was again the focus
around which interest largely con-
verged and Its cratic movements in
dictated that 1t was still under the
influence of liquidation as well as bear
pressure. With United States Steel,
which was relatively firm. 1t comprises
the great bulk of the days business.
Reading was heavy. partly re-
suit of the decline in the Lehigh VAL
ley, which made several ineffectual
ei1orts TO advance. The one marked
feature of the final hour was an abrupt
drop of more than three points in
Texas Company, and sudden weakness
In the copper shares. The closing
was heavy. With preponderance of net
losses, including Union Pacific. which
again sold almost at its low price OF
the day.
An incident of sentimental value
was the declaration of the usual divi
dand by Standard Oil This is worthy
of narration only because of the re-
cent furry in that stock and American
Tobacco on the curb when the d.
rectors of the latter concern deemed
1t advisable TO defer dividend action
on the common stock.
Other news of the day embraced a
meeting OF the Union Pacific direc-
tors at which no action in the matter
of electing Mr.. Tricks successor was
taken: the shading of rates on time
money, due 10 recent stock liquida-
ton. another advance in cotton and
weakn SIS IN the grain markets. Cana
dian Pacihc's annual statement showed
an increase of s+,2o0,o00 in total in
come, despite an increase of S6,So0.oo0
In operating expenses. Louisville and
Nashville for the year reported a loss
of 100000 in net revenues, which Is
fully accounted for by an increase of
almost s3.oo00o0 in operating eX-
penses.
The bond market was steady. save
for e sharp decline OF 2l-2 points in
New York, New Haven and Hartford
convertible SIS Total sales, par value. !
amounted 10 sl.6i5, 900. United States
government bonds were unchanged on
call. Total sales for the day We're
43a 100 shares.
New York, August l5.-Money on
call stady; highest. . s-s per cent;
lowest, ?; ruling rate, . SIS; last loan.
.; closing bid, PA; offered at 2f-S
per cent. Time money easier; sixty
days 2.a-s!s2 per cent; ninety days,
3@s1-4; SIX months 3S4@+. Prime
mercantile paper, 1-4a+ i2. Sterling
exchange steady. with actual business
in bankers bills 81 s4sS75 for sixty
day bills. and at s4.s590 for demand.
Commercial bills s4ss. Bar silver.
81. Mexican dollars. IS
RICHMOND STOCK MARKET.