The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-23
STEEL STOCKS in
UPWA I'D FLIGHT
Sensational Rise Broken at
Close Of Trading by Nor
gan and Company.
ADVANCE NOT LIKED
Other Stocks Strong, But Do Not
Follow Leader Cheer
!, fully.

s. =
New york. January 22.-stcel shares
had such a sensational advance u
Wall street to-day that III order Y
quiet the market Morgan d co. 500
thousands Of shares in the last I'VE
minutes OF trading. breaking the price
two points. Before this Ceiling began
tho stock had climbed TO SO. which IL
nearly eight points above the low
figure recorded in the break of Thurs-
day. The advance WIS based on state
fnents purporting TO como from oiii-
cials of In company. III which dividend
was placed ut per cent. for next
Tuesday
All other stocks were strong, most
in steel was not liked and tho general
market did not follow as cheerfully
az It would have done had Steel been
more orderly. The gas stocks wcrc ia
vorites.
The bank statement showed in the
actual figures an increase of s2o.000.-
0o0 in loans. which Is about double
the increase shown IN the average
statement. The actual statement also
showed an Increase of more than SIS
100000 in deposits. which IL sS,ooo.ooo
more than In the average statement.
T. would appear from these statements
tbat there have been some heavy loans
tho past week TO furnish money for
buying stocks.
Offers OF Compromise.
Demands OF railroad employees for an
Increase of wages were met with Offers
from the railroads TO compromise. 1t
is understood by both railroad man
ayers and labor unions that there will
be an increase. and the formal refusal
last week was merely step in the
movement to get together. The rail-
roads have made their plans to raise
freight rates as soon as the wage in
crease is made and an era of still high
er prices Is at hand for consumers. II
is estimated that the railroads will be
called on 10 pay between s50.o00.o00
and S15.00o,000 ADDITIONAL In wages this
year.
Conferences were in progress during
the week at the White House between
the President and his advisers and
President Lovett. of the Union Pacific,
and his advisers. President Taft and
Attorney-General Wickersham are un-
derstood 10 be anxious to dismiss the
litigation begun against the Union
Pacific by tho Roosevelt administra-
ton, because they are convinced that
tho Union Pacific and Southern Pacific
are not parallel and competing lines
Special Attorneys Kellogg and Sever
ance. for the government, insist that
the suits be prosecuted. A dismissal
fs looked for by Union Pacific directors
at an early date. They have offered a
compromise In the way of distribu-
ton of assets BY the Union Pacific. and
az the latest reports 1t looked, az
though the government would obtain
All II really wanted from the Union
racine without going 10 court.
The Bank OF England announced an
other reduction in it's discount rate
to 3 L. per cent, and this was follow
ed by reduction in the German Bank
rate 10 4 IL. The market for both
cali and time money in New York was
much easier. and the local banks found
money piling I'D at a rapid rate Com
siderable money is now available for
investment. and as prices in the mar
ket have reached a level justifytny
purchases the odd lot brokers report
very heavy business.
In the Street.
Number of shares sold to-day. 55T.-
Col; last year. 332.ose. Bonds sold to-
DAY, s1,l56.000: last year. s3I63.000.
The United states Steel Corporation
has authorized expenditure of $3.50
600 to increase the capacity of its
cement plants at Burlington. Ind. The
official estimate for 1910 from the steel
rels.
Rhodesla produced in December 55.-
$50 ounces of gold.
The Curb Market.
Copper stocks on the curb market
were strong to-day under leadership
e OF Miami and the Ray group. Com
and Goldheld Consolidated were all
strong and active.
New York. January 2e.-Moncy on
call nominal. Time loans slightly
stronger; sixty days, per cent. and
, n,ne y, days. faei Ia per cent: six
Close: Prime mercantile paper, 4 1-2
Z q 8 per cent. Sterling exchange weak
with actual business in bankers bills
s3.S350G s4.s365 for sixtS-day bills and
AT sf.s6!0Gps4.s615 for demand Com |
mercial bills, s4.S3gs4.23 10. BAR sill
IN Ia a