The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-14
New. Y ork
Stock Market

New sYork. June ia determined
4 eEort was made to-day TO demonstrate
the strength OF the bear position in
the stock market, and speculative is
sues. especially United states Steel
were subjected to heavy pressure
carly part of the day, and the move
ment was accelerated by the circulation
of various disgusting reports some OF
which were believed to nave their only
foundation in Il desire TO influence the
market
a further depressing influence was
the liquidation OF a considerable amount
of stock by holders who had tecon c
tired by the markets long period Of
inactivity. prominent interests were
reported to have disposed OF lines OF
important railroad stocks. and there
Was also some evidence of selling of
speculative holdings of United states
Steel a number of leading issues lost
a point or more. but the downward
movement was checked almost before
the days trading was fairly under
way and 4 recovery set in Stocks
showed The sane reluctance to move
that they have exhibited constantly OF
late, each movement whether toward
higher or lower prices. being followed
quickly BY a change in the opposite
direction The tone became lirmer.
and stocks gradually made up the loss
es The speculative leaders overtopped
yestei days closing prices ON the re-
+ bound, rnishins the day With good
fractional gains,
The copper stocks were the most
K prominent and ibuut duplicated yester7
day; rise % point or more. The buy
ing movement i'll these stocks was
based ostensibly oil the Improvement
in the copper metal market. lnfor.
nation on this subject. while ii indi-
Gates better condition of the trade
4 than for some time past; is Of too gen
eral a character to account entirely
for the greatly Increased activity in
these issues during the last two days
1t was regarded as probable that the
movement was largely speculative and
was influenced less by the statistical
position OF the copper market than b.
the belief that the shares have been
depressed for SO long time that they
should, in the nature of things, soon
show Improvement
One of the few noteworthy events of
the day was the suspension OF dividends
on Denver and Rio Grande, preferred.
which has been on . per cent. basis
since 1901. The action of the directors
caused no surprise. the course OF
the stock during the past few days
had foreshadowed such an event II
was accepted a. an indica ton that the
Gould interests. with their new tinan
cial backing, have embarked upon
jolicy OF extreme conservatism. The
preferred stock. which sold at 40 last
Wees. broke sharply to under 81. and
closed only slightly above tina, figure
with loss for the day OF about three
points
Reports Of damage to the growing
crops were used as bear arguments.
and found some basis in the govern
nen;'s weekly weather report. which
stated that intense heat, much sun
shine and lack OF rain had been the
prevalent conditions over large sec
lions.
The report of agricultural exports fol
May showed { Observation-Disclosures over
April. The statement as whole in
d!cE,e5 Still further growth in tht
couatryis foreign trade, with 4 large
ieSpori excess for the total movement.
Bonds were easier. Total sales. per
value, sS,oia,O0o. United states twos
declined quarter on call. Total
sales Tor the day, 5ll,5oo shares.
New York, June ls.-oioney on cali
STEADY. 2i.G2iz per cent; ruling rate.
~. closing bid, 2ii offered at ~:
Time loans easier sixty days. 2i5 as.
;,$r cent. ninety days as. a27a; six
:nonins 81. Isl: Prime mercantile
5papsr 10 AZ per cent. Sterling ex-
change steady, with actual business in
BANKERS bills al sisi for s!xiy-dsyI
bills and q si.s5so for demand. Com
lnercsai bills s.Ss5s. Bar silver