The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-02
AUTO CUP RACES
AFFECT TRADING.
.7I ;i, i -
Matketi Just sustains Itself at
i i : Levels OF Previous
.lf Days.
AID VANCE is GRADUAL
is9c f
Wall Street Rather Inclines To-
ward Stimson for Gov
ernor.
AID VANCE is GRADUAL
NOME
Especial to The Tlmes-pispatch


absence OF leading operators from Wall
Street to-day on account of the auto
mobile race, trading was light and all
the market did was to sustain itself at
about the level of the previous days.
Some show of strength was made In
the copper shares, and the market for
the metal was more firm. Reading and
steer were the leaders. Protit- taking
shaded the price of Western Union, which
had. advanced about fourteen points
in about week.
The bank statement showed a de-
Grease OF more than SS,00o,0o0 in sur
plus reserves and of above S10,e00,U00
In cash, while loans increased but
i slightly. Slightly higher money Is ex-
pected for next week, owing partly TO
the advance of the bank rate abroad
and to the payment of October divi-
bends and interest.
~ Steady Advance.
Except for a slight setback due to
bud earnings by the Hartman system
In August, Wall Street witnessed
steady but gradual advance in stock
market prices this week, which lifted
the level Of quotations materially high
eE The strong undertone was due to
the attitude of organized labor in ad-
vocatfng an advance In freight rates;
a sta tement by President Taft that the
railroads would get a square deal, and
publication by the Comptroller of the
Currency Of the condition OF national
banks, showing them to be in better
shape than at this time last year.
Early in the week the attention of
the Street was directed to Reading,
which had a sharp advance on reyiv-
al of rumors that the company was
about to make a distribution OF assets.
The principals in the manipula ton even
went so far as to fix a date for the
meeting at which the directors were
to cut the melon" but after they had
deceived the public and unloaded some
stock the quotations rapidly receded
ne recession was accelera ted by an
oihcial announcement from Philadel-
: sihia that no such meeting would be
+ heid This trick has been played so
/; nyatimes thai the public is becoming
! tired of 1t. Bankers say it is unlikely
Ita AT tthe Reading Company will dis
fatfleuie Its assets until the United
5a States court decides whether 1t has a
slegaisright to the properties II owns
kre Actual increase of the Bank of Eng
Lands discount rate to per cent had
hnHo effect on the stock market, be-
cause 1t had already been discounted
The advance is due TO the discounting
L
and Hamburg, amounting to approxi-
sfmat ely $50, 0no. o 00.c Foreign exchange
aoSperts estimate othate the total will
reach $7e,09os090. by NoseH1berq1.nol
shN eli Wall Street ficllinE.s, s-ss
The selection of Henry l. Stimson
e as the Republican nominee for COVER
n nor of New York. caused Wall Street
oto yield somewhat in its demand for
Democratic victory, and many at the
q IL ,,.Nt how
wanted the Democrats to win.
About the only dissatisfying de-
velopment VI the week was the con-
limitations of reports Of bad earnings
by the leading railroad systems.
Specialties We're brought forward
through out the week and made to per-
Storm pto the tune of all kinds of
IL rnnlo1,s. Prominent in this group was
Western Union. which advanced sharp
~ on aggressive buying said to be due
to the wide-awake management which
.--ts1s-taken hold of the property and Is
increasing its revenues 1nterborough-
e METROPOLITAN sold off on profit taking,
* but later recovered.
rs American Beet. Sugar advanced on
* stories that a dividend would be de-
Ss clared in the not distant future, buy
Il FRS of the stock failing to remember
II that the company has practically no
H working capital, and is about Sl.ooO,OO0
In debt Late in the week Western
MARYLAND had a good rise on good pur-
d chases, although officials of the COM
" pany said there We're no new develop
IL ments that would account for the sud-
Y den strength of the issue.
X Perhaps the worst feature of the
IL week was the action Of American Sugar
II stock in declining to new low figure,
I. The selling was said to be by stock
rs holders who held on through the re-
cent troubles of the company. but who
b have let go because of the nomination
IF of Henry l.. Stimson for Governor by
Ii the Republican party, and because tho
u company will be exhibited in the pres
rs ent political campaign as horrible
Is example.
IS Brokers reported some improvement
II In the bond market. Union Pacific dis
y posed of s7,5oo,ooo of Bonds in Lon
Il don.
In the Street,
NJ Number of shares sold to-day, l56,5SS
~, year ago, 446.aGo.
II Par value of bonds sold to-day. ST.
1ss, 900; year ago, $2504,o00
~ One discouraging development to-da!
~ was the publication OF earnings of the
s3 Pennsylvania for August. Lines direct.
~ ly operated increased their gross $685.
If 400, but the gain in operating expenses
81 was so great that reduction In mel
Of s366.OOO was recorded. Gross reve
nues, OF the lines west OF Pittshurs
and Erie increased sl,o65.4oo, but ne
III Increased only $4,000
Earnings of the Distillers' securitie
III Corporation for the year ended jun
ifBO were sufficient to pay all charges
81 distribute the usual dividends, and still
& sy feaya se15b0 TO be carried to surplus
II rhe company now has total surplu
III Of s5.s2l,94s. Net income for tn
IL twelve months totaled s1,57o,s65, al
increase of s47,o4f
I'll In addition to the sale of 100000
II Of Chesapeake and Ohio X per cen,
-ll convertible bonds abroad foreig hapk
srs have secured an option on the sill,
" -----'-
rs xxaa ~. n q q