The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-25
New York
Stock Market

New York, August 24-Another out
burst OF the liquidation which began
in the stock market almost a month
aSo occurred to-day. Nav low prices
were made by many stocks. includins
the Harrimans, St Paul and United
States steel. The selling again CON
verged largely around Union Pacific,
Southern Pacific and Steel, and for
reasons which were perhaps more
clearly defined than before Rumors
OF crisis in the labor situation on
the Southern P2cihc were received
with ill-concealed anxiety, although
that situation. as affecting tina, prop
erty, has long been tense. The heavy
offerings Of steel were regarded as a
logical outcome OF the unfavorable
diagnoses published yesterday by au-
thoritat!ve trade journals, and received
further impetus in the shutting down
overnight of an Important independent
sieel plant in New Jersey.
Other contributing factors to the
days budget OF bearish news included
deve!opments IN Europe, with Paris
exhibiting highly nervous situation.
pronounced depression In London.
where further selling of securities vas
induced by the state Of continental
politics and home labor troubles
weakness on the Berlin exchange. and
an abundance OF evidence in other
ways that in this country the corpo-
rate Interests are proceeding in strict
conformity with the existing trend OF
events. 4 sharp decline in cotton,
while hardly a market factor. served
20 call renewed attention 10 the Ill
advised speculation in that commodity.
The partial recovery which ensued
after the sharp slump at midday was
followed by the usual period OF dull
ness and uncertainty which has been
an invaria Die concomitant of eac1 sue
cesslve decline in prices. Another set
back came in the final hour with an
other feeble recovery, the lyt COINS
from weakness to strength onlisht
dealings, in which short covering was
observed. After that the list reelected
q degree OF earnest support, especially
in Union Pacific and Steel and for the
frst time OF the session grew moder-
stely active on the advance which
wss not participated In, however, by
the less specula tive Issues, nota bly,
PeHnsy!ven.a. which also sold under
the years low on extensive offerings.
effect on the balance OF the list. and
IN the final operations much OF the
Improvement, was lost. closing prices
being point or more under yesterday.
Local bankers declined to express
any opinion regarding the proposed
plan OF Western fnanc!ers to insti-
tute an independent monetary reform
movement in opposition to that OF the
A!dr!ch commission. Il was their be-
lief. however that such campaign
might result in sectional feeling. The
condltloH OF the Canadian banks at
the end OF July compared with the
preceding month, shows few note.
worthy changes. Liabilities are in
creased oy little less thar $1,000 900.
reserves are up about si.5oo,o oo. ana
call loans increased $4,000. 600. with
total assets greater by $4,000. coo.
The statement Of the Bank or Eng.
lana shows further increase in that
!hst.tut!on's proportion OF reserves to
/! !ao:ates' with gain OF over 81
geo 600 in sold. The French banks en-
hioit reports decrease OF So 600. 900 in |
discounts and gain OF si,5oo,OOo in
The bond ma-ke, was heavy with
tpsal sales, par value. OF s3,25s.ooo
En!ted States government bonds wtre
unchanged on call
Total sales for the day. s7o.5Oo
New York August 2.-A,onev AZ
call highest, ? Ii, lowest. . is: ruI.
ing rate, It, last loan. Ia clos
ing, Is; offered at ii Time loans
STEADY sixty days. 3-403 per cent
ninety days, 3G3 III: sin months.
$40 4 Prime mercantile paper
l'44 + l-2 per cent Sterling ey-
onange steady. with actual business in
bankers bills al S.s3TO for sfx,v d.