The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-01
c. & 0. DROPPED:
MARKET IS DULL
Illinois Central Made New Low
Level, Going to
1O434.
BY RROADAN WALL.

New York. July Si.-S,ocks closed dull and
irregular after an early display OF strene IN
that induced further realizing. but failed to
encourage operations for an advance.
Steel common maintained it's position "a
leader. For brief period It sold above 60.
hUt the supply at this figure appeared al
most unlimited, and traders quickly aban-
Goned attempts 10 carry the price higher
Erie shares we're active and strong on for
eign buying. London has bought freely Of
these stocks during the past fortnight. but
who tho brokers are acting for is much of
i mystery in London as It is in New York
At different times during the day there
was considerable irreeularity in prices.
Chesapeake sold from 56ia to So and Cana :
dropped from a3h to 90 rumors which
may prove wrong. that the syndicate price
FOR the underwriting OF Union Pacific hold =
inEs would be made public Monday next.
some estimates place the underwriting price
as low as s.. Whatever II may be- tho pro-
teSsional operator figures that there will be
a plentiful supply Of the stock for trading
purposes and that II will come on the mar
ke, at lower level than now prevails
Illinois Central made new low level by
touching 1852. SO long a. the per cent
dividend rate was maintained Investors held
their stock. hugging the deluslon that per-
haps after all, the road was not doing ms
badly as published reports Indicated
IL would probably bc wise for the stock
holders OF New York Central to realize be-
iore II is too late that the investment posi-
ton OF this Vanderbilt leader has been ma
teria!ly changed. Interests that are closely
u :
lily liQuidating their holdings FOR some ,ime
ana a reduction in the dividend rate would
not be unexpected.
Efforts were made 70 danrAes D,..,,o -
the circulation OF :, story that the D.par,
ment Of Justice was about to begin proceed =
imss aEainst me company Little credence
was given 10 the ruiuor, but IL was not Win
out effect in uns~ttling the market
ne copper stocks were. in the main nrr,
. n;imalsamated' after display of strength,
c!oseo with fractional decline. Tennessee
copper was strong. and Utah gained a noint
london bought stocks moderately. taking
some 5000 shares. fnhsmuch as the I.ondon
exchange will be closed on Sa;t,rd.., ,'ti
Monday. there is little disposition 10 trade
over the holidays ~
Brokers who have applieo 10, .
tion in the New HavSn dehenture synt,ni 70
nave been Informed by the bankers ~
T :, ing 70 an unusual demand from Investors
the bonds to brokers "''0' any OF
Nv haVen stock dropped from loo To zoos.
on the statement that the Wesfcrn ~ 80
chuaetts troleys had been sold To- an nn,siS.
syndicate. w az OUTSIDE
ro mere was a better tone in the marke, for
cents has been relieved. II Is surpes,nH a., per
sn"hsib!e quarters that IL wouI1 he ,nni -
~ t''I I'm from selling until the future stains
understood " more thoroughly
=, me ~, Bank Of ENGLAND made no chang.
reserves 10 i1s Imte but the present ratio of
D. 80 ,1o' vim one exception. since 1870 Ths
, ,,nnk OF France made strong shouinn
'rho - - vi - io"pD in gold.
sho,~od ia, slatement OF the Southern Paciac
SMoWcu net receipts of si3s 900 abov. ia,9 IN,
"a mihont market effect, Illinois CAM, MS
1.i@ 49,, ' het Tor the fsca year So 400 600 ahn1
l9il. CONSIDERABLY below
es, Nv metal shares are enjoying the rre.,
madn h., .avor. The excellent SHOWING
public atter,ion and the -frm MAJ attracted d
nyinns S;rI,"cks suggests higher ranre ~
dn,aiI mere Is Il disposition to wni, ~ ".
"DETAILS Of the Southern Pacifi" upds Val, the
pan BEFORE renewing c,rculation in III! nins
tho e,rna n Pacihc In fact the tempcr Of
Tor me moment is not optimis,ic
on Union OF 'oouthcrn Pacific.