The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-09
New York 4
Stock Market

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stocks were governed largely to-day
< by influences apart from the usual stock
market routine chief among which
We're tho governments crop report and
the monthly statement of the copper
producers. High expectations We're
held of bullish exhibitions in both
cases. and in neither instances We're
these expectations entirely fulfilled.
The market which had been decidedly
strong early in the day, became heavy
upon publication of the reports. and
closed With material losses among the
active stocks.
Tile deterioration of the condition OF
winter wheat, from SCI q month ago
Ito SOL. placed the figures below the
ten-year average, which In Wall Street
was regarded as unfavorabie news,
although it Was recognized that de-
cline during the month OF May was
normal, and that weather conditions
last month plainly forshadowcd a
setback. This report served to blight
x the hopes of optimistic traders. who
had bought stocks in the belief that
the showing would be a more bullish
one. It was pointed out however.
that the report reflected the condition
on June /. and that conditions since
that time had been in many ways
moro favorable for the growing crops.
The unusually good report on spring
wheat counteracted TO some degree
the effect OF the winter wheat exhibit.
and the statement as n whole did not
materially alter conservative cSpec-
tations Of q prosperous year. Bear
traders. however. seized upon IL ms au
opportunity for Il raid and in their
efforts were assisted by disappointed
bulls The selling during the last
half hour of trading. following publ
cation of the report, was the heaviest
nf ba do 90 rrfNa all off ha
lowest point OF the session.
Many reports of pronounced i'm
provement in the copper trade had led
10 such confident expectations of a
favorab bic showing in the producers
monthly statement that some disap
pointment was shown when an in
crease OF 10000 pounds in stocks on
hand was reported. Amalgamated
Copper rallied for a brief interval, but
later fell away in common with other
metal stocks The encouraging fea-
ture of the report was an increase OF
more than 100000 pounds in do
mestic consumption. Despite reports
of a lively demand from abroad, how
ever, foreign consumption was slightly
below April, and production increased
S.SIi,0o0 pounds.
Trading on the Stock Exchange was
active, with considerable confusion of
as a result of the various INIT cnces
10 which the market was subjected In
the first hour prices were carried up
rapidly. gains of from | to points
being made by many Of the important
issues. Inf uncertainty as 10 the |
character of tile copper and crop re-
ports. however. halted the buying, and
The market became dull. Prices ebbed
away slowly until the heavy selling OF
the late session wa bppup i.l E
United States Steel showed evidence
of The pressure. which has been OBJ
served almost continuously during the
week. Reports OF an Investigation of |
us acquisition OF coal lands from the
Monongaheia River Coal Company, as
reported yesterday in the progress of
congressional investigation Of the cor.
porauon may have been OF some in
iluence, although it was generally be
llered that the movement against this
stock was OF less obvious origin Per
sistent buying OF the Hill stocks was
continued Denver and Rio Grande
preferred dropped points 1t was an.
nounced that The directors had ad-
Journed without declaring dividend.
ana that there Was a possibility that
at the proposed meeting next week |
the payment would be reduced or
passed, Earnings OF the road during
he past ten months were at the rate
OF less than per cent. on the prc-
ierred STOCK. whereas per cent. is
required 10 meet the dividend pay
ments. lhl-
Bonds were generally firm !, few
active issues were lower on proht-
taking Total sales, par value, Si,-
$4,000. tiIited States bonds were i'm
changed on call. Total sales for tho
day, $4,000 shares.