The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-04
STATEMENT BAD.
BUT MARKET HOLDS.
At Times II Has Heavy Appear
ance and Prices Take
Tumble.
-----------
MONDAY RALLY EXPECTED
Financiers Review Presidents,
Message and Find 1t Safe
and Sane.
MONDAY RALLY EXPECTED
Especial to The Times Dispstch.l

Especial to The Times Dispstch1
New York, December Gin spite Of
very bad bank statement. the stock
market held It's osn to-day. At dmes
1t had a very heavy appearance, but
only in two or three instances did
the prices sink lower than on Friday.
Union Pacific was the one conspicuous
exception. The list looked as If 1t was
being supported. and professional
traders left the street expecting to
see rally on Monday.
The bank statement showed an
actual loss of surplus reserves count
ing banks in the clearing house and
outside. OF sl3,o0oooO. The actual
loans OF all the banks and trus, com
panies show an Increase Tor the week
OF more than s20,000,0G0 Actual de-
posts increased only S16.000,o00, so
that the loan item Ia still running
ahead Of the deposits.
Near the close of the week belief
became general that the government
would put out largo amount OF Pana,
ma Canal bonds on an investment
basis. emitting the bank circulation
feature, and bringing these new bonds
issues. This caused further decline
In the general stock market. II Is al
ready difficult to sell bonds of rail-
roads, and competition with gov
eminent issue would affect the situa.
tion still more. especially as such an
issue would be over-subscribed many
times. and would tend to lock up CAPT
tai far exceeding the amount actually
invested.
,f,,rr fa,. st,a
bad, particularly in the reduction OF
gross. The Southern Pacific and the
Pennsylvania both showed material
declines in gross compared with record
earning OF the previous year. Union
pacifc. Louisville and Nashville. St
Paul. Erie and Reading contributed
their story of vastly Increased operat.
ing expenses with heavy reductions OF
yet earnings.
In connection with the earnings 1t is
important to remember that even with
the reductions shown by some roads
the total gross earnings OF all rail-
roads of the country are the largest
On record.
This proves that general business is
larger than last year. because then
the railroads We're reporting a percent
dent TO improving their own systems,
This year the gross IS practically all
genuine business with the public. The
reduction of net however, impa!rs inc
Eaiue of the securities of the railroads
xnd naturally influences prices.
The Presidents message has been
reviewed by leaders of high finance.
they say. and they consider 1t sane
no terrors for the leaders in Wall
street. One reason Is that just now II
seems TO be good business and good
politics 10 quiet public apprehension in
ON the Curb.
Ray Consolidated on the curb to-
day showed great strength early <. but but
later declined on protit-takins. Other
copper Issues were quiet
Kerr Lake was most active of the
silver shares at rs, and Interconti-
mental Rubber lead the industrials.
In the Street.
Number of shares of stock sold to-
day, 2S4.440: q year ago. 5e5.463. Par
value of bonds sold to-day, s9s9.000: a
year ago. s3.S22,000.
The underwriting syndicate headed
by Kuhn. Loeb & Co, which last March
underwrote s3l 100000 or twenty-year
4 ~ per cent. bonds of the Chesapeake
and Ohio Railway. announces all the
bonds have been sold and that the
syndicate has also been dissolved. The
syndicate headed by Blair & Co, which
underworld s1S,000,0 600 of forty-year
adjustment bonds OF the Seaboard Air
Line Railway, will also be dissolved
In the near future, notices having been
sent out to it's members to deliver their
bonds to the head of the syndicate on
December Is.
New York. December s.--Money on
call to-day nominal. Time loans easy
but dull: four to six months, ia 1-2.
Prime mercantile paper. 5@5 IL per
cent Sterling exchange firm; with
actual business in bankers bills at
s4.sasK6s4s27O for sixty-day bills and
at s4.s610 for demand. Commercial
bills. $4S1 3-4@s4.S2. Bar silver. So,
Mexican dollars, As.