The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-16
N eW Y ork
Stock Market

New York, September 15.-Thc prin-
cipal factor at work in the stock
market to-day was the reversal OF
speculative operations for the advance
attempted earlier in the week, and
which has not met with encouraging
response by attartcting any substantial
demand from outside sources, Thero
grew up some uneasiness over the con,
dition OF the steel industry, which had
the effect Of giving positive force TO
the reaction. Price concessions were
E yielded grudginGiy, and there were
signs of resistance and indiViduai
points of strength in the market. but
the whole market gave way and closed
decidedly weak.
Steel trade advices have pointed to
subsistence OF the revived demand tor
finished product. and to an obvious
determination on the part OF buyers
to hold off for possible lower prices.
Sellers at the same time were inclined
down prices. An estimate published
yesterday of pig iron stocks of 1,900,-
600 tons was dislikcd. 1t is considered
unlikely that the railroads will de-
tion from purchases of supplies IN face
of the undetermined question OF rate
increases and the rising tide of oper-
ating expenses. No considerable re-
vival of activity in the steel trade IS
looked for until the railroads come
into the market as free buyers. Force
was given to this view by the pub
lished expressions of President Nc
Crea, of the Pennsylvania, on his re-
turn from abroad.
Industry has been gradually con-
tracing, and / do not expect to see 1t
expand until several things are set.
tied.
With the elections and the Supreme
Court decisions In the trust cases to
wait for the speculative prospect Of
fers SO long a period Of remaining
uncertainty that attempts to shape
ed.
Further consideration Of the appar.
ent detdlock caused by the rejection
OF the railroad yaliditation for cotton
suggested sis possible complications cal
culated TO affect the money market
1t is likely that the first effect will
be to hasten cotton shipments before
the date Of the foreign rel. n. bankers :, de-
The early fall in exchange to-day
was supposed to be reflection OF
this expected forward movement i, Q!
heavy withdrawals of gold from the
Bank of England for export. Discount
rates rose also in Berlin and Paris.
I seemingly in anticipation of the COM
of the month. Foreign exchange turn
ed strong again under these influences.
The yielding tendency of the price
- of copper added TO the depressing In
tiuence of the steel trade position The
4 failure to cut down production OF that
metal probably partly compensated up
Is to this time. by the sustained con-
sumption. There is a deep seated ap :
prehension, however. that drastic re-
adjustment will be required in that In
dustry to bring consumption abreast
of production in the event of shrink
uge in Industrial requirements. A price
cut which would serve to throw out
an effective proportion of output from
the margin of profit is regarded as q
possible contingency and one which
could not fail TO have widespread dis.
'lturbing effect.
The bulge in the cotton market die
not disturb the feeling of confidence
in the favorable progress of the crops
Stocks were unaffected by this con-
sideration.
Bonds were irregular. Total sales
par value. s2.142.oO0. United States As
registered declined Ia per cent. or
call. Total sales of stocks for the day
swerc $4,000 shares
New York. September 15.-Close
Prime mercantile paper, 5 1906 pei
rent Sterling exchange. strong at re-
y rovery, with actual business in bank.
ars' bills. at s4.S360@ s4.S3S0 for sixty
Commercial bills. $3.50 is @S4.Ss5. IS.
Money on call easy. 1902 per cent;
ruling rate. 2; closing bid, 81; offered
gat rs. Time loans very dull. and
steady; sixty days. ga per cent and
ninety days, 4@41-4; six months,
E4l-2@4 3-4.