The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-11
New Y ork
Stock Market

New York. October 10.--The apathetic
stock market OF to-day was influenced
by consideration of the banking posi-
ton and the money outlook. The Satur-
day bank statement was regarded as
enforcing the necessity of great eau
ton in the extension Of speculative
credits. The small addition to the
actual surplus was secured only by the
scaling down of deposit liabilities
through the loan contraction. and the
clearing house loan item was changed
only by shifting of loans to the other
banks and trust companies, thus saw
ing the money market from any dis
turbance. The outflow OF cash, how
ever continues on liberal scale and
is likely to do so for the remainder OF
the month at least. so-day's Sub
treasury statement showed an absorp-
ton of s1,146.000 from the banks for
the new banking week, and credit
balance for the Subtreasury at the
clearing house to-day foreshadows
another large addition TO the outgo in
morrow's statement. The process
of shiftire; loans to the trust companies
as a measure of relief for the banks
has its limits.
1t was significant that the Bank of
the gold offered in the London market
to-day. the other half going to India
and the Continent.
London financial authorities have
predicted that IL new gold continued
to 60 to the Continent after the recent
advance in The Bank of England Of
fetal discount rate another advance
In the bank rate would be necessary to
protect the reserve position of the
central institution. 1t seems likely
under these circumstances that per
cent. Bank of England discount rate
will be established before October
passes
The foreign exchange market in
New York was affected to-day by some
enlarged offerings of cotton bills.
These are being pressed forward in an
ticipation Of the expiration of the
period set by the foreign bankers for
the new requirement of guarantee by
drawers of exchange of cotton bills of
lading. which the American bankers
have refused to accede to.
The forenoon lethargy was ascribed
especially to the desire to see the
report of untitled orders of the United
States Steel Corporation for septem-
her 80, and the government report on
grain crop conditions. Prices rose in
response to the United States Steel
report The decrease of 3T9022 tons
In the amount of untitled orders dur
Ing September was favorably inter-
preted in the light of the August de-
crease of 433.S03 tons. The decrease
for the quarter also of 1,099,6sS tons
compared with a falling off of Lit
40 tons during the preceding quarter.
From these comparisons decreasing
rate of contraction in the trade ac
tivity was argued The argument
failed to arouse any speculative en-
thusiasm in face of the report of the
figures for the first week in October,
although the latter are unofficial.
Estimates of new business being en-
tered at the rate of As per cent. of the
corporation capacity, with mill opera
tions running at@71 per cent. of capac-
lty, point to a continuing shrinkage in
the volume of untitled orders. The
September so untitled tonnage stands
but 13o67o tons above the low record
since the corporation was formed,
touched on September so, 1904.
Satisfaction with the government
crop report was less mixed. The indi-
Gated corn crop as of October / had
clearly passed the coveted 3.00o.0O0.0oO-
bushel market, with favorable condi-
tons since to swell the final yield The
wheat crop estimate also has been
swelled to within less than 100000
bushels of the 7oo,ooO,O00- bushel stage.
So bountiful harvest of the principal
grains makes an addition to the wealth
OF the country calculated to make up
vast deficiencies,
Prices closed at net gains. under
the influence of the crop report
Bonds We're steady. Total sales. par
value, sl,657,ooo United States bonds
were unchanged on call
shares.
New York, October 1o.-Prime mer-
camille paper. 5h to per cent. ster-
ling exchange weak, with actual bus
mess in bankers bills at s4.S3@$4 Ss2o
Tor sixty-day bills and at s4s6o5 for
demand, Commercial bills, s4.S4 Bar
silver 54s. Mexican dollars, 40
Money on. eau steady 1a@23s per
cent ruling rate. "a closing bid, ~
per cent; offered at 2a per cent. Time
loans a shade easier; sixty days, 40
AZ; ninety days, 4Al4B: sfv ,,,o,+ss