The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-08-20
VIGOROUS RALLY
IN STOCK MARKET
Union Pacific and Canadian Pa.
cihc Head the Advancing
Column.
EFFECT OF LIQUIDATION
Bank Statement Shows Decrease
OF S25,ooo,ooo in
Loans.
Especial to The Times.pispat

Especial to The Times Dispatch.1
New York, August l9.-Stocks were
strong throughout the session to-day
continuing the rally begun the pre-
vious day. Union Pac!nc and Cana
dian Pacific We're at the head of the
is attracting much attention because
OF the strength il displayed through
the recent smash in the market A
leading opponent of reciprocity in
Canada admits that reciprocity will
win, and this insures a considerable
increase OF business between the two
countries and justifles more hope
fui feeling in connection with Great
Northern. Northern Pacific and Cana
dian Pacific
The bank statement showed n de-
crease of about s25.ooO,0Oo in loans.
indicating that the liquidation of the
last two weeks has had considerable
effect Commission houses admit that
their clients have liquidated freely
both large and small 1t is now be-
coming plain also that the liquidation
started with what is known as the
First National Bank crowd, which is
really p, Morgan & Company in
another form. This causes some mis-
giv!ngs regarding the rally now in
progress. 1t is now practically as
sured that Congress will adjourn on
Wednesday and the rally in the mar
ket should extend somewhat beyoni
THAT date. But Il Will meet liquida-
t!on on any material advance. for con-
ditions are not such a to Justify an
extended movement toward higher
levels
Aside from crops most attention was
paid during the week to the lsbor sit
uation Attention was directed to It
y,., tl,. IL
II is feared that excitement abroad
combined with the persistence Of
American politics to create a bust
ness panic. may inoite labor men to
make demands of the railroads that
ran not be granted The railroads
have decided TO allow no Increases OF
wages, nor make any other concessions
this wear, because the operating cx-
penses are already running so high
mat any increase of them without n
corresponding increase Of gross reve-
nue. would force a reduction Of divi.
dends. The possibility OF dividend re.
auctions is no doubt the true reason
Tor most OF the selling of stocks
Union Pacific has not declined pro
portionately and moro than any 9th
er stocks. 1t sells for twice as much
ms steel. and has only declined twice |
as much. The question OF dividend |
a
De considered by most OF the rail.
roads II there is not some improve
ment OF business soon
Even the seasonal increase that al.
ways comes with the harvests has
been disappointing this year. and the
railroads ind themselves abundantlv
able to handle 1t with the rolling
STOCK already on hand. The steel
companies are disappointed in not re-
retNlnC
II this quarter Of the United States
Steel Corporation will b. no hetter
than the last one. but its earnings are
suhcient even IN these depressed times
70 insure the regular dividend on the
common stock
President Taft has made II plain no
tariff legislation can he put through
Win ms Signature and owing to the
severe decline in prices. there should
he substantial rally. The depression
In business would have come anyhow
because OF the severe loss of crons
hui the special sess!on of Congress
has emphaized the bad features or thn
situation and checked expansion ~
trade earlier shan H.. would have heen
checked The stand taken by the Pres
ident on the tariff, however. has re-
assured business men and given ,bo,,
nope that one good crop and one ma.
tionel election will put the country
back on the road to real PROSPERITY
That will certainly come in greater
Noinne than ever before.
On the Curb.
Irading was very light on the curb
market to-day American Tobacco
and Standard OIL advanced 81 sbars
each In the mining group Inspiration
was the favorite advancing as of a
point
In the Street.
Number of shares sold to-day POS
$50; year ago. l2l.S25.
Par value OF bonds sold to-day ST.
100000; year ago, s69i.oOO
New York, August 1s.--Money on
call nominal; no loans.
Time loans. soft; sixty days. per
cent; ninety days. IL; six months,
SI-.T33-4
Prime mercantile paper, +l-4to4l-2
per cent
Sterling exchange stendy with ac-
tual business in bankers hills. at
$4,000 for siXty-dav bills. and at
81 ss05 for demand Commercial bills.
.4.s3l4 Bar silver b2l-s. Mexican
dollars. IS.