The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-26
New York
Stock Market

stocks crumblcd away again to-day
1no the many low records registered
for the movement practically COM
posed the entire active list. not 10
mention many issues of lesser import
apee. The selling was very heavy in
the first hour and. AS has been the
case recently. converged around um-ed
States Steel. which broke below 20
after repeated efforts to dislodge 81
from that figure. In fact. the short
interest, which was unusually agrees
sive and active. made this the spa
cial object OF its attentions, sales Of
the stock in the early session COM
prisnS almost 3S per cent. OF the
whole.
There Is every reason to believe.
however, that a considerable part Of
the days offerings represented long
stocks, some of il probably from in
vestment sources. Much of the selling
was OF the same silent, battling char
acter which has been the most menac-
ms feature OF the market all through
the month Rumor attributed some of
the DAYS liquidation TO the pressing
necessities OF the large speculative in
terests, but gossip of that kind mas
been prevalent. and not without cause.
all through the declining period 1t
Is matter Of general belief that
=
ter class have been taken over re-
Gently by the bankers in private set
Element of bull accounts. This is
quite in keeping with similar salvage
proceedings last year. the difference
being. II reports are to he credited.
that this years opera lions were on
much more extensive scale.
In the financial district to-day con-
lecture and discussion ran the gamut
~
cal railroad situation, the dropping
tendency of the European markets.
Particularly London poor or indiffer-
eat railroad earnings. which give
especial point 10 the retrenchment
program OF the transportation COM
panies, and the state OF trade In the
steel and iron Industry Advices from
Pittsburg. and other steel centres
tended to confirm the discouraging
statements issued by trade journals
yesterday. AZ the local Offices Of the
Hartman lines It was stated that no
new turn had taken place in the la
Dor situation, but dispatches from the
Middle West were mostly OF an un-
favorable tenor. indicating that the
railroads probably would refuse to
meet the demands OF the unions. From
present Indications no definite develop
ments are liRely until next week
The market was at its weakest in
The last hour when another drive
against the Hartman and Hill is
sues. Reading, United States Steel and
the metal stocks sent the list lower.
Selling increased prices declined,
but the recession was at no time dis
organized Its sources. except for a
renewal OF bearish operations. were
no less mysterious and urgent than
before, and interest shifted from the
WI
dalton. TO the buying. the origin OF
which was no less battling. In the
final dealings the Harrimans recov-
cred part of their declines. but the
movement elsewhere was uncertain.
The closing was dull and heavy.
with vast preponderance of net
losses, including a per cent decline
in St Paul preferred. London sold
from 10000 to $4,000 shares in this
market, chiefly Union Pacific, steel anil
Amals mated Copper. Some direct
sales for Paris and Amsterdam were
reported. a better tone was manifest
on the Paris bourse, but Berlin was
heavy on unfavorab BILE advices from,
London. The statement OF the German
Bank shows A decrease OF $1,000, 900
in loans and discounts. and a gain of
100000 in gold. indicating that in
Etitution is fortifying its position
much after the manner Of the British
and French banks.
The most interesting railroad report
submitted was that of Atchison, which
Showed loss OF $500 900 in net for
July. A number of gross returns from
Southwestern roads for the third week
OF July showed declines.
Bonds were irregular, with total
sales. par value, amounting to ST.
100000. United states government
bonds were unchanged on call
Total sales for the day, ss5.4oo
New YORK;. August o5.-Afoney on
call steady. highest; Ii per cent.
lowest, ?; ruling rate. > Ii; last loan.
.; closing bid. .: offered AT oI-4 per
cent Time loans steady; sixty days
$4@3 per cent: ninety days. 3Gsl-4
per cent; six months. 35-SmS3-4
Price mercantile paper 4l-2 per
cent
Sterling exchange steady with ac-
tual business in bankers bills at
sis375 for sixty-day bills and at
81 sos for demand Commercial bills.
IN ei1ve- Mev;con