The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-15
Ne w z ork
Stock Market

New York September ii.---Thc stock
market to-day had to bea. the burden
Of profit-takins on the rise of yes
terday and was affected accordingly.
So considerable movement as that of
Yesterday after the prolonged period
OF apathy and listlessress was not to
be neglected by the long suffering pro-.
fessional operators. The advantage OF
considerable inflow of orders from out
side sources. attracted by the stirring
of YESTERDAYS market. The action OF
the market gave evidence of, efforts TO
extend these advantages In the bidding
up of opening price and in the coinci-
dent offering OF stocks as fast IS the
market would take them without hurt
Ing price. These operations kept up
a show 8. animation in the dealings
for the first hour. after which there
was lapse into dullness, the day
terminating in a sharp reaction.
Politics continued to occupy large
share OF attention, bot there was q
disposition among some of the larger
financial powers to depreciate the eff
ploitation of the stock market as a
field for expression of opinions on poll
teal prospects The sentiment of the
speculation was unaltered that the po-
litical outlook has declined in in
fuenco on the financial situation.
division of power in the coming Con-
factory in the estimation of some OF
the financial interests whose conten-
ton 1t is that legislative quiescence
would prove an advantage to business
and would relieve enterprise from re-
straint and hesitation. At the same
time there was heard the opinion that
open reflection of such views in stock
market activity was calculated to stir
UP renewed agitation against corpo
ration interests
The subsistence of anxiety over the
banking position of the country pro-
vided q substantial substratum for the
confidence that is growing up. This
was manifest in the reception accorded
the news of the rejection by the Lon
don conference of foreign bankers of
the valuation plan for American cot
ton shipment.
The resources of the domestic money
market seem now so assured that the
extra requirement thus implied causes |
no anxiety This is partly due to the |
conviction that American cotton own. |
ers have the advantage of position in |
the necessity Of the foreign spinners
for the supply cotton. 1t is reported
that q recent remonstrance from a !
French bank over the lack of a bank !
guarantee On a cotton bill Of lading |
accompanying draft was met by the |
intima ton that the cotton was waiting |
for payment, which might be arranged |
as the foreign bank might choose.
There are broad intimations that
general attitude along similar lines
will be adopted. with no fears that
compromise Will not be forthcoming
Money continues to work easier both I
in New York and inland, Chicago re-
ports renewal of the demand for farm
mortgage on the part of insurance com
panies, with interest rates marked
down from to 1-2 per cent An i'm
portant relief is thus afforded from
the burdens on the country banks in
connection with the extensive ard pur-
chases of the past year. Returns from
national banks to the Comptroller show
somewhat mixed results in the COM
parison of the loan item on September
/. with June so, but considering the
crop moving requirements of the sea-
son, the showing is held to be satisfac-
tory.
The days crop advices We're favor
able and made a helpful factor towards
sustaining prices.
Bonds We're firm Total sales. par
value, S2,264,0o0. United States IS de-
clined is per cent. on call Total
sales of stocks for the day were $780,
100 shares.
New York. September 1+.-Close:
Prime mercantile papers. 51-2 to 6
per cent; sterling exchange, firm, with
actual business in bankers bills at
S4S365 a S4S3S0 for siXty-day bills, and
al S4.S635 for demand. Commercial
bills. s4.S3@s4.S2 l-2. Bar silver. SO is
Mexican dollars. "A. Money on call easy,
i 3-4G2 per cent; ruling rate. closing
bid and offered. at rs Time loans,
easy, sixty days, 8 3-4@4 per cent, and
ninety days, 4@e4 Ia; six months, 4 l-2.