The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-07
Ne w Y ork
Stock Market

New York, September 6:--Tho pro-
tessional trading element had the
stock market almost to themselves to-
day. Their operations largely con.
gcsted in United States Steel. Reading
and Union Pacific. The most obvious
motive for the depression of prices was
the lack OF any positive influence to-
wards an advance. one or two factors
were given an unfavorable nterpre-
ta,ion. The restless spirit of the po-
litical discussion came in for a large
share of attention. There was heard
the expectation that the x-Presidents
address at ST.. Paul to-day might fur-
nish sensational supplement; to the
address of the President before the
conservation congress- The delivery
OF the address by Colonel Roosevelt,
and its appearance on the news tick
ers. was followed by a recovery, WHEN me
close comparison thus made possible
between views on the same topic OF
the President and his predecessor
brought out sharply the divergent
lines of their thought, and deepened
an Impression of cleavage, which is
an element in estimating the political
outlook Tho progress of the state
election in Vermont. and desire to
know its result, entered into the pc.
litical influences on the market and
Kept down the dealings. The weekly
bank statement, which appeared on
Saturday. during the three days re-
cess of the Stock Exchange. disclosed
more rapid depletion of cash reserves
than had been anticipated from the
preliminary estimates. The cut in the
actual surplus to s3l,S5S.25S gave no
able bank credits whics would demand
serious consideration, if continued at
that rate for any length of time. In
quiry developed that special causes
cline in cash holdings. The interior
banks evidently had been preparing
themselves for the controllers call for
reports. With September l fixed as the
date for reports from national banks.
some relaxation In the demand is
looked for. That the interior demand
tor crop moving purposes Is now In
full force continues manifest. how
ever, from the further movement re-
ported to-day. The heavy movement
of corn to market is an influence in
this direction, and affected the price
of that grain to-day also. Chicago
banks with the reserve agents are
being replenished at good rate, as
a result of this grain movement.
Crop advices Were favorable The
weather as well as by the car move
ment. The reported breaking of the
drought in Texas was heralded as
possible promise of material better |
ment of cotton prospects in that State, |
which is chiefly responsible for the
deficiency In the percentage of con-
dition of the crop as a whole. Crop
conditions had their sole reelection
in the commodities markets and left
stocks unaffected.
More attention was paid to the re-
ports of heavy curtailment by New
England cotton mills marking the eX-
tension of policy already adopted to
an unusual extent. The returns of rail-
road earnings for July showed further
the heavy growth of operating eX-
penses and pointed to the necessity of
curtailment of outlay in that direction
also. The effect of this was seen esps-
ciaily in the heaviness of United States
Steel, owing to the large proportion of
iron and steel products embraced in
the materials needed by the railroads.
Weakness in the London copper metal
market spread the heayiness to another
portion of the metal industrials. The
feeling was prevalent that the rail-
roads have not made as strong case
as was expected in favor of rate in
creases in the hearings before the IN
terstate Commerce Examiners.
Bonds We're irregular. Total sales.
par value. $1,156. 600. United Staten
bonds We're unchanged on call. Total
sales for the day, 279,600 shares.