The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-26
New York
Stock Market

New York, July 25.-Events at home
and abroad commenced TO unsette the
Stock market to-day. The order of
the Interstate Commerce Commission:
Tor read1ustment of transcon tincntal
freight rates and reports of the pres
ent gravity OF the situation In Europe
as regards Morocco were of sufficient
Influence to bring on a heavy selling
movement. The market lost its in6if-
ferent tone and trading increased
largely,
Wall Street was more concerned
with the broad principle OF railroad
rate regulation, enunciated by the In
terstate Commerce Commission. than in
the reductions in rates ordered. Vary
Ing views We're expressed as to the
effect upon security values. but the
situa ton IS so complicated that no
clearly outlined opinion was evolved.
y first impression. the action Of the
commission was termed by some IN
terests as Unexpectedly severe. IL was
recognized, however, that ultimate CT
feet upon railroad earnings will not
be eSta olished for an indefinite period.
that in any event the case probably
Will be contested further The chief
effect of the decision a it concerned
the stock market seemed TO he a bear
attack for which 1t furnished a rea
The influence of the Moroccan situa-
ton was felt in tins market chiefly
on account of selling here TOR foreign
account Prices were lowered i'm Lon
sure from abroad was one Of the chief
Influences in bringing about the abrup;
break which occurred q I our opening
London III turn attributed the weak
ness of Americans partly TO selling
Tor New York account, which proba bly,
was due to the execution of orders
placed on news OF the freight rate
decision in eNpectstion of break
IN prices here
The quarterly report of the United
States steel Corporation showed the
total was quite in accord with previous
estimates, and was accepted as con
hrn.ing the reports OF slowly improv
ing conditions In the steel trade. The
was favorable. but anxiety in regard
10 the crop situation has been eased
so greatly during the last fortnight
that less Importance is now attached
Price movements in the stock mar
Eet reflected the plan of these in
auenees in a sharp break at the outset.
Opening prices We're from ! to points
below yesterdays close. London was
reported rs having sold about $4,000
shares in the first few minutes, and
this was supplemented by supply of
from the continent. Heavy selling by.
bear traders heightened the effect OF
pressure from abroad The market
rapidity, and was soon ruling q, slight |
ly above the previous days final ng-
ures, the upturn perhaps representing
q drive at the short interest This
display of strength was not long main
tanned The market grew steadily !
weaker. and in the last hour sank TO a /
point well below the high prices Of
the day. although not to the low level .
of the morning, net losses in most
cases being limited to small amounts.
The Hill shares were weak through !
out, presumably on account of their |
losses through the freight I
rate decision Reading and Lehieh |
Valley Were strong features.
The - 80 market was steady Total !
t.aies, par value, s2,l35.OOO. United !
States bonds were unchanged on call. /
Total sales of stocks for the day |
were 416,S00 shares
New York, July 25-Money on call
steady, 2@2 as per cent, ruling rate.
2 SIS; closing bid, 2; offered at Ia.
Time loans soft and dull, sixty days.
2 1902 3-4 per cent. ninety days,
. 3-4Q3 per cent; six months, 3 5-S6
81. Prime mercantile paper 40
4 IL per cent. Sterling exchange
steady, With actual business in bank
ers' bills at si.S425 for siXty-day bills
and at S4s64oQ s4.s6+5 for demand.
Commercial bills. S4SS75 Bar silver
b2 as Mexican dollars