The evening times., 1911-08-09
IS
NOT COMPLETED
London Asked For Stocks at
Half to One and a Half
Points High

S~~s@S
criterion, it Is manifest that tho
liquidation in securities which began
over a week ago has yet to exhaust
itself. The market opened most
auspiciously, London, after its triple
holiday, sending over list of prices
for our stocks that ranged from half
a point to 1-2 above parity. The
improved tone was shortlived, how
ever, selling Of number Of the minor
grade railers at marked declines pre-
cipitating further selling, which at
first extended to the Canadian group,
but finally overlook the entire list,
and recorded the lowest level attain
ed in some months.
There We're no known developments
to account for the further liquidation,
but the street.. has a we'll defined
idea that relief has had to be given to
number Of over-extended operators
on the long si,e of the market. The
theory finds credence in banking con-
ditions and already it has had the
effect Of strengthening the technical
situation at the expense of course, of
number of formidable bull accounts.
While monetary conditions continue
comparatively easy, financial institu-
tions realize that the annual decline
incidental to crop moving will soon
set in. from various interior points,
and this contingency doubtless has
been utilized by local institutions to
contract credits. Calling of loans has
by no means confined to home banks,
however, II reports are to be credited.
Much of the bullish speculation of the
past six months was made possible
by the use Of foreign accommodations,
and 1t Is fair assumption that large
part of these credits is no longer
available.
The selling became most urgent in
the early afternoon, following another
period of stagnation On the decline
prices fell SO sharply as to indicate
that many stop loss orders were un-
covered, and all surface conditions
implied. exhausted margins were
among the cooler collateral causes of
the movement. In,the last hour pric-
es recovered from. fractions to q
point or more in Union Pacific, Unit
ed States Steel, Reading and some
less active issues, while Canadian Pa
cific, regained two points of it's ex-
treme decline. The tone of the mark
ct at the close Of the market was
heavy and hesitating. .
News of the day included the
monthly statement of the copper pro-
ducers for July, which was favorable
in the sense that production was
much under that of the previous
month, even though demand was
smaller. Declaration of the usual
semi-annual dividend of Chicago and
Alton prior lien stock after some de-
lay, was another incident, and conjec-
ture was rife with regard to the
showing which the United States
Steel figures Of untitled tonnage" to
be issued on Thursday. will make a
small increase over June's statement
Of 3,6S1,000 tons is expected. That
the weakness OF the hard coal shares
is not due to business conditions may
be gathered from the fact that last
yea rwhile for the fiscal year they ex-
ceed 1909-1O.by over two million tons.
Merchandise exports from this port,
for the current week fell over s..
100000 compared with the same last
year, but the movement for the cal
endar year is almost $70;000.000 over
1910. The Bank of England took over
practically all the 100000 the
Southern African gold received here
today.
The bond market was naturally
susceptible to conditions in the stock
market and prices were generals
easy Total sales par value were g..
066,000.
U. S. government bonds unchanged
on call.