The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-30

Bank Statement Fully as Good
as Had Been Expected.
LONDON IS VERY DULL q
placing Of Consolidated Gas or
6 Per Cent. Basis Pleases
kb Traders.

4 ? ? h T 4
6 Per Cent. Basis Pleases
E Traders.
Especial to rho Times-D ispatch1
Now York, October 2s.-stocks were
weak most OF the session to-day and
showed net losses at the close. rhe
bank statement was fully as. good as
any one expected. and surprised most
OF the street with the small loss in
surplus. The Union Pacific, Southern
Pacific and Reading Companies re-
ported net losses from operation IN
September. London was extremely dull
ln%all departments
Most OF the selling seemed to be for
the account OF traders, and they let
stocks go believing that several OF the
big operators had casted in and left
tho street. The banking interests were
still holding all their stocks, apparent
Il, making no effort to liquidate and
predicting much better market. AL
though many new high records for the
movement were made this week, prices
were reactionary--and hroperI5 so.
While somc individual stocks seemed
TO break sharply, the list as a whole
declined only points in railroads, and
181-2 points in tndustriais from the
high figures OF the previous Thursday.
This decline was necessary to correct
the technical position OF the market.
and at the bottom there was the best
kind Of buying. Steel. Smelters and
Reading we've the strong features.
The one thing that pleased traders
vas the plicing OF Consolidated Gas
stock on q per cent. dividend basis.
This increase was positively promised
BY oficers OF the company several
weeks ago. The s per cent. payment
does not measure BY any means the
investment value or Consolidated Gas,
which is putting into its surplus more
than 1t is paying to It's stockholders.
In addition to being safe invest
nlent. Consolidated Gas presents brill
liant speculative possibility. for its
dividend must be further increased In
the future. An advance In the Brook
Ign Union Gas dividend Is expected. as
that company is paying ridiculously
low ngure, when Its earnings are con-;
sidered.
the steel trust earnings for the quar-
ter ended September 80 were $31.3B5.167.
net The unified orders were publish
ed on the tenth OF the month. and
the net earnings had been made pub
lie by directors OF the trust. so that
the formal announcement had no mark
ed effect Official figures obtained at
steel trust headquarters. however.
show that the trust now has total
capacity OF 100000 tons OF finished
steel material yearly. compared with a
total capacity of 100000 tons when II
was organized. Counting its ore re-
serves from all sources, It has 2,2oo.-
100000 tons OF iron ore developed and
In sight. It's earnings for the five years
ending December 81, 1910, average IL Il;
per cent a year available for dividends
on8the common stock. By the end OF
this year 1t Will have expended $425.-
100000 on new construction. not count
ing the 325.010000 written off annually
for depreciation OF old plants. Because
Il this strong trade position OF the
trust Its stock Is being freely purchas-
ed on every little weak spot, and 1t Is
the logical loader OF the market.
American Smelling and Refining
Company stock has entered Into what
Its friends believe will be an import
ant campaign. The Shelters Securities
Company will issue sl5.ooO.oOO or bonds.
which have already been underwritten
by a large banking house. From the
proceeds OF this bond issue. 35,O00.o00
Will be reserved for working capital
and $10.000.000s will be turned over to
the American Smelling Company to re-
tmburse 1t for money advanced.
The American Smelling will take
this 100000 and other funds In Its
treasury and purchase from the Gug-
genheim Exploration Company, Sill.
capital The latter will then be put on
a dividend basis. and American Smelt-
Ing will be able to strengthen Its own
The feature of the foreign market
British consols at Is 81. which was
he Bank a 81 sSgsnds hs rate
per cent. Consols are not. selling a
the lowest price on record. although
many newspapsrs 50 .5, report them but
security The interests now 3-l-s per
cent. SO that consols are far above
siatuation Is getting stronger. and no
further advance In the bank rates OF
Europe opE is eTpeGted. this i. week sA ,or,.
gases higher rates are being charged.
Loans Loan oyer the end OF the year s a. are e
cent Western banks are getting them
selves in better shape also.
Curb Market. M
S New Y ork, October s29-Trading on
the curb was dull. but with the stand-.
ard copper shares holding firm. Calu-8
met and Montana was tive gain
ana otnerS& lmportant s.3lTdulnS was IN
Miami. Inspiration. Chino and La Rose.
Among industrials. United States Light
and Heating was strong.
Calumet and Montana. the new curb
stock. Is backed by Duluth operators
associates Of the Cole-R group of
opera tors. The Capitalization is small.
and the market in New# ~ rk is simply
an extension Of the marke t that has
existed for some time in duluth.
In the street number OF shares sold
to-day, 93,5S4: a year ago, Ii $50
shares. Par value Of bonds sold to-a
day. $6SS, 900; a year go. $1,000, 600. .
The local market was very dull
throughout, but there. We're no note
worthy changes In the general list.
some pressure appeared Again In Steel
and other leaders at the start, but.
SUPP ort5 was extended and prices raj
lied easily. Both on the dip and the
rally the trading; was very small
The dividend Sto8be begun on Shelters
common stock Is said to be at the rate
of s. per cent 8j This Will give the
erica /. Smell fin e. Com rnllY- in