The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-14
New York
Stock Market

New York, october 1s.--Tho stock
market to-day gave convincing evil
dence OF the increased working of the
speculative spirit in the expansion,
and the broadening of the dealings.
Were bought and prices We're bid up
witnessed the entry of new forces In
the market. and the spread of the adj
vancing tendency into more oompre-
hensive scope
The source of the new streigtlll
shown by stocks was the subject OF
quite explicit conjecture, pointing. to
financial names familiar TO the public
and calculated to give prestige in
themselves to financial operations. The
trading element in the market showed
Its suspicion of the conditions by con-
testing the advance, putting out short
lines itvarious stages and protesting
the conviction that the rise was arti-
fetal and designed to afford favor
able basis for distributing accumuia-
tions in the hands of great private
cannot be deferred Indefinitely of tax
ing up large new issues of bonds from
the railroad companies was alleged as
a motive for this desire to reduce pres
ent holdings Of stocks. The short
selling was absorbed in such fashion
as to intimidate the bear faction among
the traders and tneir demand to cover
helped on the advance later.
There was an appreciahle increase
of demand through commission houses,
and the large number of dormant stocks
which We're revived in succession ana
briskly advanced gave color to the sup
position that numerous newly formed
pools were taking up these issues for
market exploitation. The. movem"it
was facilitated by the small supply OF
stocks floating in the market, and as
prices advanced. this supply was said
to diminish. Gains were retained at
the end of the day except Insignificant
fractional reactions of profit taking.
The specific factor most referred to
as furnishing the motive force for the
advance was the government crop re-
port of Monday and the definite evil
rieace 1t furnished that the years har-
vest would yield the greatest mere.
history. Even the short cotton crop,
in view of the worlds imperative needs
and the prices current for that eommo-
dity. promises a record return to us
Items in the more immediate situa-
ton, which have an unfavorable bear
ing. seemed to be swept out Of con-
sideration: The hardening money mar
ket. especially, which sometimes dashes
enthusiasm over budding stock mar
ket movement, awakened no apparent
uneasiness. Rates for call loans were
held above 8 per cent and as high as
1874 per cent. The Subtreasury's with
drawal from the banks for the week
rose to s4.227,ooo. compared with a..
actual surplus reserve last Saturday OF
$4,000 600.
There was brisk recovery in for.
eigh exchange rates and a denial OF
Tuesdays rumors that agreement had
: been practically reached in the cotton
bill of lading controversy turther
drafts on the Bank of England's Sold
holdings We're accomplished by further
discount rates in London and hard
ening of the private discount rate III
Berlin. The extension of the suspeni,,
sion of railroad rate advances uhtll
February ] passed without apparent
notice. The great rbilroad strike IN
France seemed to leave financial mar
kets both abroad and here nnruftled
The statement embodied in the annual
report of the Rio Tinto Copper Mining
Company that restriction of output
had been agreed upon with the Amer
ican producers gave an upward I'M
petus to the copper group.
Bonds were firm. Total sales, par
value, s3,23s.ooO. United States bonds
were unchanged on call. Total sales
for the day, 100000 shares.
New York, October l3.-Prlme mer
camille paper. 3 l-2 to per cent.
Sterling exchange steady and higher,
with actual business in bankers bills
at s4S275@s4s2S5 for sixty-day bills,
and at s4.S59o for demand CONNER
cial bills, S4S2l-S@S4.S2 5-S Bar sill
yer. 55 is. Mexican dollars, 45 Money
on call stronger. 3@33-4 per cent;
ruling rate, 3l-2: closing bid, 8; offer
ed at 3l-2 Time loans steady: sixty
days, 4@41-4; ninety days, 4 5-S@4 3-4;
six months, 41-2D4 ga