The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-24
DEPRESSION OF A POINT
IN STANDARD SHARES
Operations of Professional Traders
in Market Aided by BcariSll
News.
CALL MONEY CONTINUES EASY
Institution of Governments Suit
against New Haven Railroad Dis.
counted, and Therefore Has But
Little Influence on Securities.
nY HnOAnAN WALL.


New York. July 23-ProfsSsionnl bear trad
ors succeeded to-day IA offering sufficient,
shares TO deprcss the standard railroad and
Industrial shares an average OF point.
rher operations were aided by bearish
uows consisting % damage 10y rust 10 spring
wheat and corn. injury to rasturage by the
neat resumption of gold exports and the
institution of the governments suit aGaims,
the New Haven Railroad.
london sent over It's usual range o; lower
prices. which We're mirrorcd At our opening
iu sm.It fractional losses. A. tho session
wore On tho floor traders put out new lines
uutiI midday when there Was u slight rally
ON snort coverings. but this was followed
tuc lowest OF the session
london was Il steady seller OF Amcricans
Throughout the session, its offerings of
Canadian Pacific being particularly conspic-
uous. Amsterdam was also Il seller OF
rear tina, tho baltimore and Ohio may
have 70 cut its dividend on the common
stock is causing owners OF Union Pacific
warrants to 9ispose OF them M, raiher than
vhich, they entitled
Brokers' reportsd mat many Of their
sailing them anc Investing the proceeds i'll
Union Pacific, which looked much better
from an investment point Of view than Bal
tiuiorc and Ohio. In addition TO this. Union
raens locks cheap I at present ,,s prices;
is attributed to this re!nvestment OF pro-
cecds from The warrants.
Rock Island securities showed faint evil
dcnce OF strength early Ia tho session. due
to short covering, but the apparent hope
iessDeSs OF pushnS through any reorSani
aation IN The Immediate future caused
further offerings. The deoen;ure IS con
tinucd weak. declining more than four
poiuts. While the refunding Is dropped
aui a MAJ; points the collateral trust Is
were about point higher. and tho stock Il
Tho renewal OF gold exports to the amount
ui SHoNl.yei y not expected. according to
iorc 81 exchange experts TO be short lived.
one of tho foremost, IL NOT the greatest. eN
pert on foreign exchange declared to-day
tbat lac aid not believe the outward How
would continue for more than three weeks:
cause drop in exchange and thus ter
inmate tho movement.
Cold shipments at mis- ttme of tho year
are unus ual' and. according To experts were
90 foreign discount rates. together with the
he3yy foreign selling Of Amerieans These
advance from Si.S'o5 last week to NLle to-
Experts say tho gold is going to stay. ami
they do not look FOR any imports They say
that the disposition of the American farmer
90 hold his crops for higher prices works
80 The disadvantage Of this country. far
,he movement OF gold IS concerned
While large investors are holding aloof
ANA letting thu, professionals hamnur the
advantage o! the low prices add To their
investment Odd-loi houses rcpor, that or
ders have been heaviest on the long side.
call money continued easy around = per
,en, offerings OF money ON Gail i: J. p
M1TESn On 6o G'f cen g,oc Ht'IsStSa at.
~ This IS the iirsi time IN the memory Of
money brokers when this firm has loaned
at such figures. Heretofore they have
scemer To adopt = policy, OF never TO lend
Under p, per cent, Brokers took this TO
continued ease in money. Morgan * Co.
loaned $2:o1o.oo9 to-day
Institution of the governments suit against
The New Haven had been discounted, and
therefore had Ituo Influence on securities.
New Haven stock rose half point
\ small Increase in the number Of idle
freight cars reported 10y the American Rail-
way Association OF July Is was cncour-
aging, Il being the first increase since
Sew York, July g. Resumption OF gold
menrs suit 10 dissolve the New Haven we're
The outstanding features 81 to-days heavy
and dull stocl market. The gold move
ment was regarded as Of more than ordl-
nary Importance because 81 the increasing
financial tension shown at all Inc leading
werS reported a. .howlns .irns Of dcm ,',r
al.5atiom. condition. which found partial
New Haven suit had the enec, OF causing
The stock 10 move in fevcr!sh fashion Many
oyer Two ro,uts' wan weakness IN l-ehiGh
Nnuey nnd Re"Ging Baltimore and Ohio
aieH 4rmo'neF f5nG''Gn to ~ "W cord and
Rock Island preferred and a tcw more in
cpnspi- uons stocks a"d bonds sold Il; prices
rh" Improvement was broader than re-
'cnt.S. cnor2vinr more issues Of potential
yhiu" l'ra'tioual rallies in the..li''a hours
tended Dos much activity -
The genera bond list continued to- show
United state coupon : advanced -. rcr
Sew York. Iuy -a.-C,,i money steady;
-n'' ruling rate. - closing a.. Time
siN mouth- Mercantile paper 'i.u5. Stcr-
ling eNshauec strong sixty days siS55o; dc
mauI S,'|' ,ComnorgiM bills sisF.. Rar
meat bonds strong. Railroad bonds easy.