The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-29
New York
Stock Market

New York. August 2S.-The securi-
Hes market was released to-day from
the pressure which has been lowering
prices of stocks almost without in
corruption during the past month. The
market was irregular and uncertain.
but the tendency toward a higher
level was unmistakable After several
temporary setbacks. prices grew Arm.
the end OF the day showing numerous
gains Of to . points among the
leading issues
Conditions governing the stock
market were not changed in important
particulars. and there seemed to be
no grounds for a reversal of specula-
tive sentiment. The strength of the
market was accordingly ascribed TO
the operation of traders. Much of the
strength of the market was apparently
due TO short covering, and the readi-
ness with which stocks were absorbed
on each reaction indicated the extent
OF the movement In this condition IT
was noticeable that Reading. Union
Pacific and United States Steel which
bore the brunt OF the heavy selling
during the last few weeks were IN
the lead OF the days upward move
ment
Heavy selling of Canadian Pacific,
loss
three points. was due primarily to
pressure from foreign markets espe-
cially Berlin. Bear traders took ad-
vantage of the movement to check the
advance in the general list but were
only temporarily successful. and the
stock recovered large part OF its
loss Foreign transactions in this
market We're made up chiefly of sales.
although international banking houses
were III receipt OF advices reporting
more reassurinE sentiment abroad
London disposed of 10000 shares here
The Improvement in stocks brought
gith it no indications that more
cheerful viewpoint had been adopted
Wall Streets pessimstic attitude
found further encouragement in the
announcement of tho New Haven
systems policy OF drastic economy, as
we'll ,as in news OF the closing of ad-
ditional textile mills in New England.
In furtherance of the curtailn,ent
policy. Interests affected by the re-
cent cut in the price of print cloths
predicted an expansion in trading as a
result. 1t was said that the cut was
not regarded as indicative of similar
moves elsewhere.
Advices from the West stated that
traffic over Western railroads showed
little change from the trend which
has characterized it during recent
weeks Railroad officials still report
that the aggregate movement Of freigh.
is slightly in excess OF the same period
of year ago. Stronger hopes were
entertained that peaceful settle
ment OF the labor troubles on the
Hartman lines might be effected.
sharp upturn in Erie first pre-
ferred followed publication OF the pre-
iiminary statement of the roads earn
ilngs for the fiscal year ended June 80.
Gross earnings increased sl.7S3,00
and there was a gain of S6o5,ooo in
net income.
The bond market was irregular.
Total sales, par value, sl,4So.0O0.
United States bonds were unchanged
on call.
Total sales for the day 54s.soo
shares.
New York August as.-Money on
call steady. o1-sG21+ per cent;
ruling rate, Ala; closing bid, :; Of
fered at 21-4. Time loans steady;
sixty days, 2S-4as per cent; ninety
DAYS. 36sl-i: six months, 334d IS.
Prime mercantile paper. IL per cent.
Sterling exchange steady, with actual
business in bankers bills, al S3.s37h
for sixty-day bills. and at s4.S6l5 for
demand Commercial bills. Si's" IL