The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-11
TRAD|NG1S ABOUT
L|GHTEST OF YEAR.
Price Changes on Stock Market
Not Worth Record
ing.
WALL STREET DEsPoNDENT
Some Important Reductions OF
Cross Earnings Re-
ported.


ported.
Especial to The Times Dspatch.1
New York, september 1o.-rrading in
the stock market to-day was about
the lightest Of the year. Price changes
we're not worth recording. Reading.
Union Pacific and Steel were slightly
active The steel trust showed de.
crease in untitled orders on hand OF
453.So3 tons on September l, as com
pared with August /. The volume on
the later date was 3,527,128 tons.
The bank statement showed a loss
In surplus reserves Of S11,s26.575. Loans
Increased $l0,4sl.000, and cash decreas.
ed $l2,1S0,00o. The large increase OF
loans was due to the transfer OF loans
from the trust companies to the ma
tional banks The banking condition
was stronger at the close of the week;
however. SO the average OF the actua!
statement of conditions at the END OF
the week showed q loss in cash of only
$4,4S7.200 and loss In surplus OF S3.-
Dull trading. with lower range OF
prices. left Wall Street despondent at
the close OF the week. Most OF the
brokerage houses did not make their
current expenses Business was a rl
in bonds as well as in stocks. me
only bursts of activity throughout the
week were when attacks were Inade, on
some weak issues here and there.
notably American Hide and Leather
and international Paper.
Beginning of the l. G. G. hearing on
freight rates encouraged the nope.
throu4h the arguments made, that
return advance of rates were TO be per-
nitted Another hearing that had q
depressing effect was the graft investi-
cation by the State Legislative com
mittee.
Nothing of Importance to the stock
IL. III T,Ett Tf
but it rouses the fear that all books
OF all bankers and brokers may be
dragged to court. and men hesitate TO
do business. fearing that even their
public.
For the arst time this year some
important reductions Of gross earn
ings were reported. Rock Island In
the system Is not able to lose the
money. Northern Pacific lost much
more heavily in gross than Rock Isl
and. but the company has large
surplus The Lackawanna also report
ed a loss in gross.
The annual report OF ST. Paul showed
that the company did not earn any Of
The fact was finally established be-
yond question that Union Pacific and
Southern Pacific have entered upon a
program OF restricted operations The
orders thus far given will mean tens OF
millions of dollars less expended in the
next twelve months than last year.
The company Will do no more than
keep it's property in good physical
shape until the government policy in
regard to rates Is fully developed. This
policy is being adopted by other roads.
and several hundred million dollars
less of wages will be paid out for
extra work than had been expended
This restriction of operations by the
railroads and the dull market in Wall
Street have left the banks with no
strain except for the crop-moving
money. The demand for it is greater
than usual. as the crops this year are
being moved at very high price and
are larger than the average.
While wheat falls under the record
of last year. corn and oats both prom
above 2.soo.ooo,0o0 bushels and l.O0o.-
100000 bushels. respectively.
The coffee erop. is worrying many
ture and now discover that since May
81 there have been only six soaking
rains in Brazil. AS result the coffee
crop Is threatened and experts figure
that only. 100000 bags will be pro-
duced this year, although the public
consumed 100000 bags last year of
the Brazilian crop. This threatened
shortage Of 100000 bags has already
caused sharp advance in options. and
the technical condition OF the option
market is such that still further
movement upward is generally ex-
pected
Small Dealings on Curb.
The transactions on the curb mar
ket to-day were on a small scale and
without importance. Intercontinental
Rubber rose to 80 and closed a fraction
under. that price. May oil reacted to
80. where 1t closed. Chino, Miami and
Ray Central We're all strong.
The number of shares sold to-day
was $1,000. a year ago s00.154 Par
value OF bonds sold to-day, se7s.ooo:
q wear ago. S3.S42,000.
Express companies have agreed to
guarantee cotton bills for several I'M
portant brokerage firms and banking
ment of the crop. as bankers have
been demanding guarantee in view
Of the frauds of last season.
The number of idle freight cars de-
creased 1898. or cas- per cent. in the
two weeks ended August 81. according
to the report of the American Railway
Association Company. on relations be-
increase in the shortage was also
noted. there Ding demand for 9,2s3
more cars than available. The number
OF Idle cars now on sidinFs total 6o.o22.
net surplus Of 5o.72s cars.
Anthracite coal shipments in August
amounted to 4,ss6,o44 tons, or 42,012,-
s51 for the year. which ended with
the last day In August Total shin.
ments last year were 4o17o,7sS tons.
New York, September 1o-Money
closed: Prime mercantile paper. LOO
per cent; sterling exchange easv.
with actual business in bankers bills
at s4.S320@S4.S340 for sixty-day bills,
and at s4.S6 for demand Commercial
bills, $4.S2 7-S@s4.SS Ia. Bar silver,
80. Mexican dollars, A. Government
bonds steady. Railroad bonds irregu-
lar.
RICHMOND STOCK MARKET.
BY Richard W. Maury,
Stock and Bond Broker lois 2. Main St.
Richmond, Va. September 10, 1870
SAT.E9 AT nnApr