The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-18
New York
Stock Market

New York. August l7.-Some slight
disposition towards Improvement was
shown by the stock market to-day.
There was little real liquidation. en-
cept at the opening, when drive of
the shorts. who were more or less
active throughout tho session. served
to depress prices of many issues to n
new low level From this. the list
soon reversed itself. becoming rela.
lively steady shortly before the close.
when another selling movement oblit-
Grated a majority OF the gains. tile
general level being lower than the
preceding day.
The most encouraging feature was
the buying and resultant strength of
Union Pacific. which after selling down
10 yesterdays level. suddenly rebound
ed and by midday had gained over
points. If surface conditions may ha
accepted as a guide, buying OF Union
Pacific to-day emanated from substan-
tial sources which. by the by. have
vehemently denied much OF the gossip
and conjecture recently current and
with equal emphasis denounced the
selling OF Union Pacific as having
originated in obscure or irresponsible
quarters.
United states steel was another
stock that reflected good support at
advancing prices. although turning
heavy when offerings became too
heavy. Nevertheless, the stock was
taken in large amounts. as attested
In the days output of $4,000 shares.
and the absorption was ascribed TO in
terests entirely conversant with exist
Ing conditions in the steel industry.
ia RI u-ln
ever. many stocks displayed distinct
backward tendency. particularly ST.
Paul, Readins. Lehigh Valley and the
Hill issues. This was partly due TO
the prevalence OF "A variety of ru
mors. which embraced fear of further
foreign selling, probability of reduced
dividends and the political situation.
The Street was plainly discouraged
over the prospects of an indefinite pro-
longation of tho congressional session
and the apparent failure of efforts to
adjust the labor situation in England.
To these were added intimations that
suggestol further financial difficulties
In London and perhaps at continental
points.
Certainly the statement of the Bank
OF England conveyed no idea of any
undue strain. Its proportion Of re-
serves to liabilities increased almost
. per cent. and was we'll above the
average for the past ten years. The
exhibit OF the Bank OF trance was
notable chiefly for its reduction OF
100000 III discounts and advances.
and the Germans banks statement
showed gain OF almost s7,O00.O0o in
gold. Berlins market was weak over
our situation, and the Paris bourse
closed lower at lack OF encourage
ment fro mthis quarter and delay in
the Franco German Moroccan negotia-
lions. London was fairly active here,
selling about $1,000 shares in bal
ances. mostly Union Pacific, southern
Pacific and United States Steel.
Imports for July were slightly larg-
err than in the corresponding month
last year. while exports were $4,000
900 greater In the way OF indus
trial news the only item Of interest
related to further curtailment by cot
ton print mills In New England.
The bond market was easy. Total
sales, par value, amounted 10 81
eO5. 900
United states Government bonds are
Total sales for the day. 100000
shares
New York. August l7.-Money on
call steady. highest. 23-S per cent;