The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-23
N eW York
Stock Market

New York, September 22.---The stock
market started the day with a show
of disappointment over the unrespon
siveness of the outside demand to the
developments which We're considered
favorable yesterday. The Minnesota
railroad law decision, in fact. passed
out of the field of active influences
during the day, but the later action
OF the stock market was regarded as
making encouraging resistance to the
force of realizing movement. Some
confirmation of reports regarding the
action Of London bankers towards tho
cotton bill of lading dispute was \
factor in the late irregularity OF tho
market. The closing tone was heavy.
with only narrow price changes. The
revised conditions of the masters re-
port to the Federal Circuit Court hold
ing the Minnesota railroad law an
constitutional detracted somewhat
from its Importance as bearing on the
main problem of Federal control OK
railroad rates. The relief afforded 10
the railroads under immediate juris-
dictiou of the State laws, allowing
for the affirmation of the masters de-
cision, remained. The stocks even of
those railroads suffered in the raao-
tionary movement of the market. The
professional operators who were re-
sponsible for yesterdays rise were
little inclined to maintain their re-
sponsibility without the backing of
buying demand from sources more re-
mote from brokers' offices. They COM
planned, on the contrary. that there
was supply of stocks for sale, which
seemed to indicate an opinion posi-
lively unfavorable to the advancing
tendency of prices.
Opinions of the iron and steel posi-
I'M -,
weighed on the market. The holding
OF conferences amongst steel interests
and the outgiving of hopeful inter-
views on trade conditions and pros
poets failed to reassure sentiment en-
tirely. The policy of comforting in
itself carried a suggestion of effort to
overcome difficulties. The professed
seemed to disappoint hope that de-
cfsive steps were in contemplation
which would awaken demand and re-
new the declining activity OF the
trade.
Reports that trainmen OF Western
railroads We're. formulating demands
Tor comprehensive increase in wages
greeted attention to another phase ot
the railroad problem, which is asso-
ciated intimately with the steel trade
position. The officials of railroads are
candid in admitting the embarrass-
ment OF contending with demands for
increased wages. in view OF the high
cost of living. The resulting ex-
pansion of cost Of operation, mean
time. makes inroads on the net return.
and the compliance of the Interstate
Commerce Commission with the nett
ton for increased rates Is held in
aoeyance. The conference OF Cover
nors OF Southwestern States to concert
measures of opposition to the pro-
posed rate advances received some at
tention in this connection.
The conflict of advices over the
exact steps taken by the London
bankers conference to-day left the
hope that there was better hope Of an
agreement over terms for financing
the cotton export than was Indicated
by the reports OF explicit refusal e
the American bankers proposition.
The market closed before the latter
report was confirmed. Stock market
sentiment would be favorably affected
by getting this vexed problem out OF
the way. Room would thus be left
Tor the more active play of the favor.
able conditions growing up in tho
money market. The cotton bill dis
pute is the only serious menace to
the promise of uninterrupted ease in
the money market.
Bonds are Irregular. Total sales.
par value, s2.4sS,ooo. United states
bonds were unchanged in the bid price
onscall
Stal sales of stocks for the day.
s7l,Hoo shares
New York, September 22.-Money on
call, easy, 3-4@2 per cent: ruling
rate. LIS: closing bid. rs; offered
at .. Time loans, dull, and easier;
sixty days, 8 ga per cent, and ninety
Gays, 4 per cent; six months, 4l-2
per cent.
Close: Prime mercantile paper,
1-2 to 6 per cent; sterling exchange
steady. with actual business in bank
ers' bills. at s4.s35o@s4ss6o FOR sixty
day bills, and at s4s6l5 for demand,
Commercial bills, s4.ssGs4.ssl-4.
Bar silver. SO l.s Mexican dollars. "A,