The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-11
New York
Stock Market

New Yorr August lo.-The govern
ment crop report, issued yesterday.
and which IS admittedly poor, taking
its figures at their face value. was used
rs a weapon for another attack on the
stock market values to-day. Prices
fell TWO more points in the active
list. with materially greater losses
elsewhere. The decline. while often
precipitate and clearly betokcninS fur
ther liquidation. some of IL doubtless
enforced. was not of the demorali"-
Ing character which has attended sew
erai recent movements Quoted prices
simply fell away according to the
pressure OF offerings. each successive
rally of point or so being the signal
for another selling movement. which
left the list lower than before
AS a matter OF fact, persons who
arc held to be judges OF conditions
agree that the government report pre-
sents condition much worse than
actually exists to-day; that the dam
age. save in certain commodities, is
far less than yesterdays cstimltes in
dictate: that practically all foodsturs,
corn excepted. are better now than on
August /. on which date the govern
ment report was compiled. That be-
ing the case, some traders say, IL Is
puerile to point to agricultural con1i-
tions as the chief cause of the rNar-
kets severe reversal Prices have
yielded with more or less steadtncss
for almost a fortnight losses in some
standard stocks during that period en-
tending to . points. 1t is just as un-
reasonable to ascribe the decline To
the misfortunes OF some overeXtcnded
bulls. The causes probably lie deeper.
md the political situation, as repre-
eented in the activities of the Federal
government, coupled with financial and
political conditions abroad. may prop
erly be regarded the more potent
factors in the cases.
l, ia becoming Increasingly evident
that large quantities of securities huNo
been disposed of by the so-called sub
stantial interests out of sheer disap-
pointment with tho course of public
events. The attitude of these interests
at this time appears TO be one OF
indifference to the fate OF the stock
market On the other hand. cong
sequence of the present movement, It
IS argued. will ere long result in
level which must attract outside buy
ing of an investment character.
Aside from movements In the mar
ket. one of the Interesting items CT
the day was contained in the July &c
port of unified tonnage of the United
State Steel Corporation. The figures
show an increase of 223,0o0 tons over
June. with a much larger gain over
May, and accounted in par; for the
comparative steadness Of steel dur
ing the greater part OF the day. de-
spite the enormous offerinEs of that
stock. which amounted to 219,oo0
shares out OF grand total OF
1,050.000
Other news includes dispatches from
the Middle West, In which traffic Off
Gals were quoted as expressing alarm
~ IN M
department OF a prominent labor organ
ization and reported unrest in other
branches of labor affiliated with tho
great transportation companies.
In the last hour the list made very
general recoveries from the low point
on which appeared to be steady absorp-
ton, together with extensive short COW
ering. The buying showed more delib-
eration than any recent similar move
ment. and indicated that the market
had reached a point of equilibrium.
Rallies ran from full point net gains
with especial firmness in United States
Steel. Great Northern preferred. North
trn Pacific. Union Pacific, Southern Pa
cihc and Reading. The greater part Of
the gam was held at the close which
was steady.
London bought 10000 shares on bal
ance here. chiefly Union Pacific and
United States Steel. The statement of
the Bank OF England discloses no new
condition in that institution. The
Bank OF France reported a loss OF about
100000 in gold. and dispatches from
Paris stated that the bank will prob
ably take measures 10 prevent fur
ther decline II the Moroccan situation
IS not speedily adjusted.
The bond list was weak throughout
Total sales, par value, amounted to
s2,9+6,000 United States government
bonds were unchanged on call
Total sales for the day, 1,o23.6 500
New York, August lo.--Money on call
steady, -2i4-7 2i2 ruling rate. 2S per
cent; closing bid. eS offered al 2M
per cent. Time money steady, un-
changed; ninety days. 3A six months.
s3s q -. Prime mercantile paper, 4
10 AZ per cent Sterling exchange
easy. with actual business in bankers
bills at s4.s375 for siXty-day bills and
ct s+s5S5 for demand. Commercial
bills, s4.sS4. Bar silver. 52S Mex
lean dollars, Al
RICHMOND STOCK MARKET.