The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-25
New York
Stock Market

New York July achievements in
the stock market to-day Indicated that
the period OF Increased activity and
rising prices, which enliFcned spccu-
letion last wsek had been terminated
for the present at least Trading was
slow throughout to-day's session. ana
stocks seemed TO drift rather than
TO move in response 10 any clearly
defined motive After an irregular
opening. with most prices slightly
lower the market hardened. Union Pa
cihc, which has outranked United
states Steel and Reading on several
occasions lately as speculative ia
vorite again took the lead rising
point. and held 1t .throug hout the
day. The advance, however, was of
short duration. Before noon prices
weakened, and gains were lost quickly.
Toward the end of the day stocks
and receded further. the close show
ing losses generally distributed, al
though few of the active issues lost
more than a point
conspicuous feature OF the mar
ket was the heaviness OF the North
western group Of railroads. In the af-
ternoon reaction the Hill and Harri-
man stocks and St. Paul fell back
more than a point Canadian Pacihc
was heavy throughout These issues
were advanced from time to time re-
Gently, and the explanation was given
that they in particular would receive
dement's from Canadian reciprocity.
The setback in these issues immedi-
ately after the passage OF the reci-
procity bill by the Senate probably
was due to profit taking by holders
who look for no immediate extension
Of the movement now that this coun-
try has done its part.
Atchison was a strong point in the
railroad list, and was the centre of
speculative interest for a time in the
afternoon. Most OF the buying was
attributed to group OF operators that
has at times been active in import
ant bull movements.
Among the industrials. General Elec-
trio and National Biscuit, both recent
bull favorites, receded. while Bethle-
hem Steel, which is usually inactive,
achieved prominence with two-point
rise. Strength OF the latter stock was
associated with the larger earnings
of the last fiscal year. which have led
to talk Of renewal OF dividends on the
pending issue.
Despite the moderate recessions as
q result of the days operations SEN
timent in the street was largely bull
ish. This was due in part to repor;
of rain through the corn belt. and to
prospects of the early adjournment
gof Congress. Some professional trad
ers were inclined to view to-day's
market as merely a temporary lull
in the bull campaign Public inter
est in the market, however, remains
at so low a point to render diff
cult any extended movement of stocks.
Western railway officials reported
better conditions during the past week.
Traffic on the Western roads is slight
~ ahead Il -tt.is period of last year.
The better crop outlook has renewed
confidence although general business
is still slow and hesitating. Official
figures of earnings OF all railroads in
May showed a decrease Of So per
cent. in operating income.
London was a seller in this market,
disposing OF $4,000 shares. chiefly
Union Pacific. United States steel and
Southern Railway.
The bond market was steady. To-
States bonds We're unchanged on call.
Total sales for the day. 2o7,2oo shares.
New York. July 24-Money on call
steady o1-462 l-2 per cent; ruling
rate, ass; closing bid. 2S-s; offered
at 21-2. Time loans dali; sixty days.
2a-4@3; ninety days. 27-sG3; six
months. 5 5-SM33i. Prime mercan-
tile paper. TO 4 Ia per cent. Sterling
exchange steady, with actual business
in bankers bills at s4.s425 for sixty
Gay bills and sis65b for demand Bar