The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-09
ALL WALL STREET
WATCHING STEEL
That Stock Refuses to Move in
Either Direc-
ton.
DAY PROVES VERY D.U. L
Pessimists and Optirnists Are
Surprised by Bumper
Crops.
% AY PROVES VERY Dull
Especial to The Tlmes-D ispa.ch.l

e . 4 e Il i. T
Especial to The Times Dispatch.1
New York, October S.--All Wall
Street stodd in position Of strained
attention to-day watching Steel for
signal to go in some direction, and
Steel didn't move. The stock swung
betwees 60 ga and 10 1-s. closing at
50 rs 1t yeemed like the dullest
day on record in Wall street, with
less than 100000 shares dealt in. Some
body wanted 200 shares of Sears Roe
buck stock. and had to pay s12 share
for 1t above the previous quotation
large block of Mackay was secured
after an advance of Q IL points. Aside
from these specialties, the feature of
the day was the strength of Smelling.
Much speculation was, INDUCED in
regarding the news that 1t promised
on the Steel Trust. II is known that
the railroads are preparing to put N
some very large orders for equipment.
but lie expected news u not believed
to have any reference to orders. The
report of the Steel Trust Monday on
untitled orders should show a decrease
OF something like 100000 tons at least.
Whatever bad influence this may have
Will be overwhelmed by the govern
ment report. which should show the
in America The crop situation has
surprised the optimists as much as the
pessimists. for even the most hopeful
never dreamed of such a corn crop as
has been produced.
strong Undertone.
Stocks maintained stubbornly
strong undertone all the week in spite
OF several influences that would upset
an ordinary market The Interstate
- Ii
that no advance of freight rates could
be considered before January / at the
earliest. Steel prices were readjusted
under circumstances that tended to
prove the existence. of an agreement
between the trust independents.
The National City Bank asserted
that the Monetary Commission will
not make report to the present Con-
gress thus throwing reform OF the
nationsl banking system and Of the
currency into the hands Of the repre-
sentatL.ss to be elected this year. The
feature of the market was the greater
activity in bonds, and there seemed
10 be a genuine demand for gilt-edged
Investments of this character
TIE posffon>Sent of the rate de-
cision Is due largely TO the confusion
caused By the hearings given to ship
pers. who have presumed TO be the
only ones interested forgetting that
the public pays the freight and that
the public is anxious to have the
question settled so that business can
20 ahead. President Taft gave addi
tionai assurances that he would insist
on a square deal for the railroads, and
IL was the Presidents statement that
led tsla financial world to accept the
postpcnement OF the rate decision with
caimness.
Among the large systems which n
ported their annual earnings this week
were re Atchison and Northern Pa
citic. and both of these showed an
enormous growth in operating ex-
penses In spite of that, the roads
earned net enough to provide liberal
dividends. and the belief is now gem
eral that American railroads will not
at any time be pressed hard enough
to endanger their bonds. This was
the true reason of the good demand
for bonds. for bonds are really cheap
Money Plentiful.
Although money seems to be in
plentiful supply for call loans, the
time money market is stiff The heavy
loss of cash by the New York banks
and by the Bank of England shows a
worldwide crisis in money affairs
Political conditions are disturbing Eu-
rope almost as much as America The
possibility that the political makeup
of fHe next Congress will be such as
10 render 1t impossible to reach a
uefnire decision in regard to the re-
form of currency also tends to make
money timid.
Reimbursement of Steel prices con-
sisted Of announcements made at prac-
tcally the same time by the Steel
Trust and the leading independents,
naming the same figures on the same
grades Of material This announce
ment of steel men makes it appear
that prices are already agreed on.
Specialties were unusually promi-
nert throughout the week. Westing-
house and General Electric advanced
en- the old rumor Of consolation,
which was denied as usual. Western
Union was strong because of re-
valuation of its assets. The experts
chopped out from its balance sheet
old and dead material that had been
valued at S1S,731,l43, and announced
that the valuation now placed on the
property of the company Is actually
up to date. stocks of fertilizer COM
panies were strong on the theory that
the farmers would buy more literally
next year, because of the wealth real
lied from this years bumper crops.
The revolution in Portugal and the
discovery of cholera had almost en-
tered New York harbor had no inf1u-
ence on the stock market
On the Curb.
transactions on the curb market
showed a marked falling off in busi-
ness similar to that on the stock ex-
change The greatest volume record
ed in any stock was Inspiration Cop
paper, In which only $500 shares were
reported. GiToux. Greene ,Cananane
Ray CONSOLIDATED and Ray ;centralwer
fairly active.
In the Street.
Number of shares sold to-day, co.
500; year ago. 354,S27. Par value OF
bonds sold to-day, s1,o1o.000; a year
ago. s1.e55,ooo.
"A decrease Of 12,421 n the number
of idle freight cars is reported by
the American Railway Association in
tkeir report on September IS, More
/ cars were used in all territories with
the exception of New England, where
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