The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-08-02

REPORTS OF RAILROADS


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NEW YORK. Aug. 1--Passass of the
farmers free list by the Senate caused
me stock market to close heavy to-day.
A great many net losses were re-
corded throughout the list American
shares we're heavy in London and
there was little interest displayed in
the market either IN Europe or Amer
lea Grain was strong and cotton ad.
vanced slightly In spite Of the fact that
the government crop report OF to-day
Ii expected to forecast the largest crop
of cotton ever produced In America.
Time money was firmed. indicating
an Increased demand for business pur-
noses There was a good bond mar
ket.
Some OF the speciality movement
were interfered with, notably In Beth
iehem Steel. Inquiry among the lar
gest interests connected with the COM
pany developed the fac that although
the stock Is considered extremely cheap
and although the company is making
very large profits the movement under
way Just now IL unofficial and specula-
tive. The important insiders are op-
posed to movement at this time and
should the stock advance materially
it viii get a cold bath. Besides there
Is great deal OF stock for sale for
profit taking purposes just above the
'''i Brooklyn Rapid rrsn.l .ncoun,.r.a
the expected Injunction against subway
building. This injunction was looked
for last week and bankers Identified
with the company are prepared to take
all the stock that may be thrown over
board while the legal fight is IN pro-
eress The &c. fare to Coney Island
was spoken OF day In connection
with the decline OF Brooklyn Rapid
Transit but the loss. II any, that will
be sustained as the result OF the re-
duction of the fare Is SO trifiing that
IL does not deserve consideration. There
IS no reduction OF fare during the
hours when trains are full
Railroad Re,orta.
Railroad reports for June and for the
fiscal year were made by some of the
leading systems. Atchison was the
only one To show. a material increase
of nes income. New York Central
lines showed net loss for sfx months
of Ss.163.6e2. Union Pacific showed
for the wear ending June 30. a net de-
crease Of &4.3ll.bs4, and Southern Pa
cific net decrease OF $&,{T3. 40S.
These reports can have no influence
OF Importance on the market because
the fgures have been known to re-
sponsible people for weeks. They do
show. however, that expenses have In
creased materially In the past year de
spite the strenuous efforts at retrenoh-
ment
President Tart is expected to veto.
or at least to refuse to sign the
farmers free list AS passed by the
senate yesterday.
Strength OF the grain market day
did not receive the attention IL de-
served because the speculative world
Is bewfldered by the record cotton
crop that il being harvested. The
grain harvest this year will be some
thing like 400. 600. 600 bushels short
Of last years yield. This will mean
higher prices for food. Another fact
not generally appreciated Is the pur-
chase by American farmers OF hay
shipped from Canada. Such thing
Was never known before. Potatoes
are also \ short crop this year. The
agitators. who have blamed the trusts
for the high prices. will have an OPP
portunity next winter to explain the
situation all over again Trusts may
be wicked contriyances. but the in
evitable result of a trust IL the re-
duction of prices. Now that the
Standard Oil Company has been dis
fntegrated. oil will also advance in
price. The trust busters will say that
the great increase OF gold output has
caused the advance OF prices, 6ut tl4at
will be only one OF the reasons The
important thing Is for the public to
realize 1t ~ quickly as possible that
prices will be higher for all food pro-
ducts next winter.
Although the stock market was dull
to-day the bond market was good and
leading institutions report very
large business over the counter. One
reason for the activity Of bonds IL the
practice Of adding interest every time
bonds change hands. thus making
them Garry themselveA
Total sale OF stocks to-day were
174,S0S; a year ago SsS.630.
Par value OF bonds sold to-day ,$h-
100000; q year ago. $1.300.000.
New York Money Alarket.
NEW YORK. August Mooney on
call opened at 3-s per cent, highest
Ia, lowest 21-4. closing at FLA
per cent. Most OF the days loans were
made at ass per cent.
Time money was quoted higher for
all maturities. Demand showed some
improvement, but was chiefly for over
the year maturities Rates 23-4k7;
per cent. for sixty days; S931-4 per
cent. for ninety days. 1-4Nal-e per
cent. for four months: 3-40a7-s for
Ave. six and seven months.