The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-28
New ork
Stock Market

New York, June 27.-Aside from n few
( Issues which were selected for special
attention to-day. stocks moved list
( lessly within marrow limits. The mar
ket was less reactionary than that OF
the previous day. although the under.
tone was at times uncertain aud trad
inG was light. There was fair de.
5 gree of activity at the opening and
throughout the first hour, with pro.
nounced strength In Union Pacific and
< United States steel, but the movement
was shortlived. and during the remain
der of the session prices fell away
slowly. Reading, Union Pacific, the
Erie issues and the local fractions all
gained a point or more in the early
part OF he day, but most of the gains
were Cancelled. Erie, however, dis.
played exceptional strength.
The early movement in Union Pacific
and United States Steel was attended
by circumstantial reports of uncom-
mon interest. Much of the buying OF
Union Pacific seemed TO originate from
brokers whose names are frequently
associated with the operations of lin
sders" in the Hartman properties.
There We're further reports of specuia-
tive contests in United States Steel.
The bulk of the buying in this Issue
came from London, and was said 10 be
3 Il
speculator, who was credited with an
extensive short interest in the stock.
Shares of roads affiliated with Cana
dian Pacific were fairly active at high
cr prices, but the movement in these
stocks was without effect elsewhere
III the list, An iniportan; feature OF
the trading was the weakness in the
COPPER stocks, particularly American
Smelling. which declined two points,
The pessimistlc statement OF rep
resentative of the Guggenheim inter.
ests in regard to business conditions
and the cancellation OF the Cunningham
claims in Alaska, were apparently used
by bear traders to good advantage.
The street has expressed some disap.
pointment because the recent decision
OF the Federal court in the Hartman
merger case has failed to stimulate
more speculative interest. Except in
the case of n few prominent commis
sion or wire houses, business is no less
dull than 1t was Immediately before the
decisions in the Standard Oil and Amer
( lean Tobacco cases were made public.
" Uncertainty as to the outcome of the
crops continues to be deterrent fac
tor. but the situation in this respect
is undoubtedly better than was the case
fortnight hack. The weekly weather,
reports told OF beneficial rains in many
districts where conditions had become
, critical. H1i
4 a number OF the important railway
systems submitted their returns for
May. among which those OF the Harri-
man lines attracted most attention be-
cause OF the large decreases In gross
and net earnings. Union Pacific's.
shrinkage III gross of $4,000. and
Southern Pacihcs decrease of $4,000
were larger than had been expected,
a marked contrast was presented in the
Rock Island report, showing n gain in
net revenue of more than 100000.
First returns of national banks TO
the latest call of the Comptroller of
the Currency show loan expansions
over last year in this State. Pennsyl-
vania and Illinois. while some Western
institutions report scaling down
Alabama, the only Southern State which
has set made returns, shows fairly
large loan increase. I4
4 Bonds were Irregular. Total sales.
par value, saoo5,0O0. United States
bonds were unchanged on call
Total seies for the day, 42J,lo0 shares
New York, June e7-Money on call
steady. 2SsGols per cent: ruling rate.
ass; closing bid, rs offered at ela per
cent. Time loans steady sixty days
sM per cent; ninety days. aA@2%;
Six months. SA @SM per cent. Prime
mercantile paper. TO !: per cent
Sterling exchange steady. with actual
business in bankers bills at s4.S4 for
sixty-day bills, and at s4.S6l0 for de-
mand Commercial bills, si.S3h. Bar
silver, 527s Mexican dollars, As. Gov
eminent bonds steady. Railroad bonds
irregular.