The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-21
New York
Stock Market

New York. July 20.-CneXpectcd de-
velopments in the New York traction
situation threw the stock market into
confusion to-day. Securities of tie
PETERBOROUGH metropolitan Company
declined abruptly al the opening and
pulled down the remainder of the list
with them. Later in the session the
disturbing influence OF the traction
tangle grew less pronounced and the
general market recovered. in many
instances making small net gains. An
other setback occurred shortly before
the close. virtually the entire list OF
standard issues receding. The net re-
suit OF these asttated movements was
slight. except IN the case of a few
stocks. Aside from the traction Sc
curities. Canadian Pacific. with loss
Of points. was prominent.
Before the openinS OF the local
market London reported selling there
FOR New York account. presumably
owing to the sudden change in the
traction situation. The upward move
ment in Interborough Metropolitan Sc
our!ties during the previous two days
was based upon the assumption that
the company was 10 receive a share OF
the subway awards. which apparently
was confirmed by the official state
nent yesterday that such settlement
had been reported. Events leading mp
10 the rejection OF the company's Of
Ter came as complete surprise, ard
II the early part OF the day deal
irGs IN traction stocks and bonds over
Swallowed all else The preferred stock
opening with a loss of 5 Ia nonts,
later declined more than points
while the common lost more than two.
sales OF the company's l-2 per cent.
bonds were on an enormous scale.
II the ftrst hour they aggregated about
sl.30O000 of a total of bond sales Oh
the stock Exchange of S22Oo,OUO. TIE
bonds declined more than points and
closed with a loss OF SIS.
BROOKLYN Rapid Transit. which, it
was supposed. would profit by Inter-
horouEh's setback. was alternately
strong and weak during the day, ac-
cording to the tenor OF the various re-
ports, with which the street was fair
~ alive. and closed the day with only
& slight change.
The Hill shares showed exceptional
strength Buying of these stocks was
that the Canadian reciprocity legisla-
tion would be completed within 4 few
DAYS. Canadian Pacitic's weakness was
nsoribed to overeXtension of the bull
stock having been pushed forward
rapidly in the las; few days. London
ala virtually no business in this MIR
Bank of England was a favorable one.
although in the face of political news
which depressed the market it failed
10 stimulate business in London.
The DAYS news concerning crops WAS
an in the way Of bettermenr. The
recognized authority stated that con- |
oitions OF the past week in the central |
ittIou idNc lor pronounced Der
cit. some further concern was ch osrn /
iesarding the outlook in parts Of the /
Northwest where prospects are dis
eouraEinS. Western advices state that
the effect of CROP uncertainties was
being felt keeniv in business CIRCLES.
one result being cancellation OF orders
with obbers. Banks in the Vast have
begun 10 husband their resources TO
meet the requirements of crop moving.
one effect of which has already been
shown in the diminishing flow Of
money to this CITY from the interior
aside from the dealings in INTERIOR
ugh Me tropolitan l-2's. the bond
market was quiet and prices we're
steady. Total sales (par valued. ST.
$4,000 United States bonds were UNI
hanged on call.
Total sales of stocks for the day
we're 2is,500 shares.
New York, July oo.-Money on call
steady. l+U2 l-2 per cent ruling
rate. SIS: closing bid. per cont:
offered. IA. Money on time duh; six
months and ninety days, 3-463 rcr
cent: six months. 5-S@3 "a per cent
l'rime mercantile paper. iT4 1-2 per
cent Sterling exchange weak with
actual business in bankers bills s+.SiI5
for sixty day bills, and at s4s620 for
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