The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-29
N eW Y Ork
Stock Market

New York. September 2s.--rhe
to-day To the strain OF preparations
for the coming October sNtticmciits
The private discount rate was higher
in London. Bernn and Paris, and the
resulting demand for remittance irons
New York caused a responsive advance
in the foreign exchange rate here
The rise in the London discount rate
was sharp and gave point to
the prediction that the the, expect e,t
count rate of the Bank OF England
tomorrow would be full l per cent.
instead OF 1-2 per cent, establishing
4 per cent. basis The call money
rate in New York was held at "A
per cent. and above, marking the nigh
est rate siEce the last week In az.
The coming disbursement of S1IO,OOO.-
600 in New York for dividends and
interest necessitated some preparation
expected to be of only temporary
effect, to be followed by the return
of the sums disbursed either by re-
deposit or by investment purchases.
The better tone OF the recent bond
market is ascribed to investment de-
mand partly on that account. Besides
this temporary pressure on the. money
market, IT is evident that interior
demand for crop moving purposes Is
not yet filled, To-day 100000 in gold
was Withdrawn from the Subtreasurye
for shipment to Canada The Subtreas-
ury account shows balance against
the banks for the week already of
s5,46i, 900 and that institution had
a credit balance at the clearing house
to-day of s43i,I06, foreshadowing a
considerably larger cash loss by the
banks tomorrow.
The actual surplus reserve of the
but s17,577.ooO, the necessity follows
OF shifting of credits The details of
the national bank returns TO the Con-
troller for September ] make 1t evident
that requirements for crop, moving
must be met by the central reserve
banks, the country banks being loaned
up to near the limit of available re-
sources.
The restraint on the speculation eX-
ercised by the stiffening of the money
to the movement In Reading. That
stock still absorbed large proper
ton of the aggregate dealings in the
market and was freely supplied in
realization Of profits on the recent adj
vance. The failure of confirmation of
reports which helped the advance left
the stock vulnerable to the effect of
the realizing. Its range was narrow,
sympathy with it. The belief that sub
stantial absorption of bonds by invest
ors. especially by institutions. had
been accomplished in the recent past
had an encouraging effect on financial
sentiment The revival of such demand
and it's restoration to effective proper
tons is regarded as a necessary pre-
liminary to any substantial recupera-
tion of stock market values. or to any
widespread participation in stock mar
ket operations.
Bonds were irregular. Total sales.
par value. s2,460.0O0 United States
bonds Were unchanged in the bid price
on call.
Of or lie,
were 30S,000 shares.
New York, september 2s.--Prime
mercantile paper 8 1-2G6 per cent
Sterling exchange steady, with actual
business in bankers bills at s4.S350@
$4lS315 for siNty-day bills, and at
s486I0 for demand. Commercial bills
S4S3@ S4.S325. Bar silver, SO 81 Mex
lean dollars, 40. Money on call easy.
1-4@2 IL per cent: ruling rate and
closing bid, 2 Ia: offered at 1-2. Time
loans stronger; sixty days. per cent.
and ninety days. 4 Ia; six months.
4 p e.