The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-22
New York
Stock Market


the stock market opened with a re-
newal in mild form of the downward
movement, which has played such
havoc with prices OF securities for
almost month. There was moder-
ately heavy selling, which again con-
centrated upon the leaders. Union Pa
cifc, Reading and United States Steel.
In fact, dealings in the issues during
the INST three hours of the session
constituted over 20 per cent. of the
whole. The decline to-day was moro
suggested OF profit taking by specula-
tive interests whien bought on last
weeks low price thar of liquidation.
Week end developments offered lit
tle incentive for activity on the bull
aide. Some hitch in the British labor
arbitration proceedings was reported,
even though undoubted Improvement
had set in. Another deterrent was the
existing deadlock In the Moroccan sit
uation, which. however, found but lit
tie rejection on the continental
bourses.
Perhaps the most discouragins event
was the announcement OF the Harrt-
man system OF its intention to en-
bark a comprehensive policy OF re-
trenchment, because OF unsatisfactory
earnings and other adverse conditions
While no Official statement was vouch-
eafed by local officials, II is UNDER
stood that the proposed curtailment
will AFFECT se-eral thousand employees
In the clerical departments Of the
Union Pacific and Southern Pacific
Hines. and may later embrace the ope-
rating divisions Incidentally this ac-
ton on the part OF the Hartman
roads was accepted as an indirect re-
eponse to the recent demsnds of va
rous employees for Increased pay and
shorter hours.
Pressure against the United States
Steel was again pronounced, in fact
more SO than at any recent period.
and the heavy offerings of this stock.
according to gossip, resulted from fear
that the report soon TO be submitted
to President Taft by the Department
OF Labor and Commerce would hardly
be favorable Another incident which
initiated against the stock was tho
persistence with which reports OF price
cutting Were circulated. No conhrma-
ton was obtsinable in official quarters
where * was asserted that many OF
the corporations mills are now work.
ing at about their highest capacity
OF the year. The coalers were heavy
with sales for out-oftown interests,
presumably Philadelphia and Pitts
burg. Speciaities were comparative
ly neglected in to-day's operations
which hinged almost entirely upon
the whms or caprices of the profess
SIGNALS.
Trading lenHuished for the greater
part OF the session after the first hour.
with no material changes other thnn
the international recovery of the spec
ulative leaders from their low prices
In the very late business there was a
moderate increase of activity. again,
however, at the expense of values.
with Union Pacific falling to its pre-
vious low level OF the day. Final
prices We're only a fraction above the
poorest. and markets tone at the close
was distinctly heavy.
According to statements of Western
railway officials, traffic in that section
IS holding steady. with the general
merchandise movement the most sus-
tanning factor. Foodstufs tonnage
fell off last week. compared with the
corresponding period of last year, with
smaller shipments. of packing house
products. Railway rates In the West
ern showing increased nrmness, but
bankers manifest no uneasiness over
crop requirements.
London's dealings in this market
were in no sense an influence, even
though small balance was reported
on the buying side. The Bank OF Eng
land again secured the bulk OF the
South African gold laid down in Lon
don, where money was to-day plen-
tiful with no change in discounts.
Bonds were heavy here, with furth-
er weakness in American Tobacco 1
per cent Total sales par value, were
$780, 300.
United States Government bonds
were unchanged on call
Total sales for the day. $4,000
shares
New Yops,' August 2l.-Moncy on
call stead.,. !"3-i ~ Ii per cent; run
:ns rate, 2l+; closing bid. >: offered
ut ? IL Time loans. steady: sixty
days, o3+ per cent; ninety DAYS. ETD
3i-+ per cent; six months, 1910
SIS
PINE mercantile paper 4i-tto4l-c
per cent; sterling exchange. steadr.
with actual business in bankers b.!s
ut 1880 for siNty-day bills and at
s4S5e5 for demand Commercial hns.
sl.ss. Rar silver, 30 il. Mexican
dc'lars, -.