The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-14
N eW York
Stock Market

New York, oeptemner 13.--The eiee-
ton in Name was the principal news
event which the stock speculation had
to digest to-day The fact that prices
advanced on receipt OF the news led
to the inference that the result had
no displcasng influence upon holders
Of securities. The professional s.adeis,
following stock market traction,
started the day VIII offerings o. sock,
but they met so considerable and SO
effective demand that they TUNED
quickly to the other side OF the mar
ket, The buying movement which fol-
lowed gave the market more show OF
animation than for several days past.
The Maino election was construed a a
symptom of disorganization OF the
political forces moving for control and
restriction of corporation powers. This
construction followed rather than pre-
coded the upward movement OF prices.
Observers on the floor OF the Stock
Exchange professed to see the source
OF much OF the demand in an uncov-
cred short interest which has counted
on the unsettling influence OF politics
as a depressing influence. The apathy
of the stock market to the Vermont
election last week and the failure OF
bear testing operations at the OPEN.
Ing to-day caused uneasiness amongst
the shorts and prompted the cover
ings movement. Politics as a disturb.
ing element seemed to be demonstrated
to be unreliable. Some after effect OF
sterday's announcement OF the trans
action in Rock Island preferred We're
traceable In the days movement. Tho
recent good absorption at any de-
clines of the Hartman stocks was
connected. in retrospect with the Rock
Island deaf. which served to release
large resources to the bankers most
closely related to those properties. The
movement OF other special stocks was
watched for the. supposed light It
might throw on tie market position
OF great financial powers or groups.
United States Steel. Reading and
Union Pacific continued to absorb
nearly two-thirds of the aggregate
dealings and were of Overwhelming
sympathetic effect on the whole list.
The homecoming from Europe OF va.
rious persons often active in specuh-
tive operations had its part in stirring
interest in the dealings. The banking
position offers no immediate obstacle
to maintenance of stock values. The
demands on the New York banks was
moderate, and the incoming reports of
national bank condition of September
/ are regarded as showing a satisfac
don discount market is not followed
by the foreign exchange market here.
the easier tendency of the local money
market having its influence. Ausust's
s9.500.000 increase in value of as.icul-
tural exports over last year makes for
betterment Of the exchange position
and shows that the August corner In
the cotton market stimulated, rather
than hampered, the ousgo Of that com
modify The rapid movement of grain
to MARKET Is expected to furnish an
other source of supply to the exchange
market in the immediate future.
Prediction of frost again failed oil
confirmation. and crop news was ia
vorable to values. The price Of cop
per declined in London. and copper Sc
curities were iaggard in the days ad
vance here A helpful influence wa
the belief that the railroads wer'
strengthening their position for rat
advances by the later arguments in In
terstate commissions hearing.
BONDS were firm. Total sales, pa
value, 100000.
U. S. bonds were unchanged on cal
Total sales of stocks for the da
were $4,000 shares.
New York, September 1s.-Money o.
call easy. 1892 per cent; rulin
rate, 17-s; closing bid It's: offered a
2. Time loans. easy; sixty days, 3 3-4G
per cent, and ninety days 4@4 IA
six months, 41-4@41-2. Close: Prim
mercantile paper. 51-?@6 per cent
Sterling exchange firm. with actua
business in bankers bills at Si,s3oo0
s4.s365 for siXty-day bills, ana
s4se2o for demand. Commercial , pa.iS