The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-01
N eW FORK
Stock Market

New York September Gothic mod
srate effect produced on tho money
market by tho weeks shifting of cash
s,nns as be s sNPasa ny the oen
Stock Exchange commission houses.
Months ago preliminary loans were
taken on time by many houses in
fear that the autumn might develop a
severe stringency in the money mar
ket. The forcsightcdness OF the
brokers'. like that OF the banks, now
bears It's fruit and helps to escape the
consequences which were seen in per-
spective. The listless and indifferent
stock markets have left little demand
for the resources thus made available
In time loans, and they are put ont
again In call loans to other borrowers
at demand prices There must be sons
such explanation for the fact that call
loan rates on the last day OF the quar-
ter to-day did not go above 3 per cent.
In spite of a weeks ontgo OF cash
estimated at s1o.oo0.ooo to s12,o0o,o0u
out OF reserves that carried an actual
surplus of only s17,5o0.oo iast satur-
day. The financing of the 1sl7o.000,o0O
dividend and interest payments for
October is assumed to have made large
demands upon bank credits as we'll
this week
The shipments Of cash during tbs
week by express seem to have taken
the comparatively small sum of ball
ance from the banks. but the s9,913,o00
loss on Subtreasury operations reflects
anterior money uelnanuS TO urge aeS-
tent Drafts on New york banks from
interior correspondents for payments
to the government on account of internal
revenue taxes have been on large scale.
this being usual incident of the sea.
son of crop moving demand for cur
rency.
Discounts in foreign money markets
held firm on the last day Of the quar-
New York relaxed with the compile
ton OF the stock market settlement
in London and foreign exchange rates
receded The absence of disturbance
nlative movement in stocks free from
constra1nt on that account. 1t was
assumed. apparently, that with the
turn OF the month there might be re-
fluN of funds to the money market
and relaxation in interest rates, Adj
vantage was taken of the situation to
push forward into active strength a
large number OF stocks which have had
some time past. In the meantime.
there have been distinct upward move
ments In a selected few stocks which
have absorbed nearly all the dealings
into the background comparatively to-
day, their proportion of the total deal
ings falling away in a marked degree.
They also stood nearly stiI1 on the
adjustment to bring inactive Issues
Into conformity with the advance,
which has occurred In a few leaders.
1t was pre-eminently a market Of
specialties Reasons were advanced IN
some cases for the movement The ad-
vance in Western Union was on rumors
OF merger with American Telephone,
for which no official countenance could
be had. Erie was benefited by the
good showing of August net earnings,
Some OF the Southern railroad stocks
were affected by the extraordinary in
creases In population OF a number OF
Southern cities disclosed by the CEN
sus returns. A reported restoration
of asking price for lake coppe.' by the
Calumet and Hecla was factor in the
copper group
Bonds were firm. Total sales par
value. s2.5s6.ooo. United States bonds
We're unchanged on call Total sales
for the day, 452,400 sharss.
New York. September sa-Primr
mercantile paper steady. ) . to 6 per
cent. Sterling exchange easy. with
actual business in bankera bills az
s4.s340G s4.SS6o for sixty day bills. and
at s4.s650 for demand. Commercial
bills. $3.50 si-S350. Bar silver, 81
Mexican dollars, "A. Money on call
firm. 2 1908 per cent; ruling rate and
closing BID, 80; offered at us pei
cent Time loans firm; sixty days.