The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-24
N CIV York
Stock Market

New York september 23..-The stock
market resolved itself again to-day
into series OF testing operations by
ahe professional element. AS the news
of events comes to hand the trades put
out commitments in accordance with
Nheir appralsement OF It's significance,
liopirg for success in anticipating the
faction which will be prompted By the
more substantial interests in the prop
critics when they have digested the
news, IL no such action follows, the
professional trader retraces his steps
and cancels his venture. That is what
is happening from day to day, and al
most from hour to hour IN the present
markets. Profound Indifference Is
maintained by the general public and
the capital Interests more Immediately
concerned with the AFFAIRS of corpora
tions. Such movement as that which
developed late to-day In Reading seems
to represent an ebullition OF impatlence
on the part of the traders in despair
OF any movement of real significance
and driven to resort to concerted
mqyement IN a matching of agility
amongst themselves. Only fractional
price changes again proved to be the
outcome at the end of the day.
4o he rst dneT sve ol 'ne arkes
cipitate. and was the response to the
remarks by Commissioner Lane yester-
day at the Commerce Commission hear
ing into railroad rates at Chicago. His
problem on other lines than by the
proposed method of raising the tariffs
was seized upon as definitely outlining
the decision OF the commission on the
petitions now before 1t for specific adj
yances in rates The quick check to
3the downward movement showed that
there was no widespread agreement
with this view. The commissioners
assertion wa. regarded rather as an
academic protest agains; the argu-
ment OF railroad companies that the
growth OF traffic on the railroads IN
volved a constant increase in the cost
per unit OF service, an argument, said
Mr. Lane, which would mean that there
is no time when we can say that the
maximum has been reached. The ef-
feet of the early Interpretation of the
statement was heightened by. the re-
port of the steps taken by Minnesota
officials to contest the decision of the
master in chancery against the rail-
road law OF that State. which has sent
stocks upwards when first announced.
The particular weakness in Amalga-
mated Copper was due 10 the reports
that the Calumet and Ilecla had low
by l-4c to II "a cents. The nervous
ness Of the speculation over the cop
per situation permeates the whole
speculative fabric. and any signs or
break in the copper market arc feared
for the widespread consequences which
might ensue.
Many old rumors were revived In
connection vain the speculative OUT
burst in Reading, including capital re-
adjustment, distribution of concealed
assets" and so on. The annual report
of the Central Railroad of New Jersey
showed a large gain In "other income
OF that subsidiary property OF the
Reading In consequence OF sale OF Lee
high Valley stockholdings and OF div
idend disbursements by It's coal COM
pany. This was made 10 further the
movement In Reading. There was
toined to this another upturn in IN
Peterborough Metropolitan issues. with
stress laid on the supposed new entry
of important banking interests to that
property.
bought yesterday on account OF re-
ports of the foreign bankers action
on cotton bills of ladtng that were MOI
The banks report heavy outgo of
currency for the week. Southern points
making particularly heavy demands
evidently TO prepare for any possible
outcome of the cotton bill dispute.
Bonds were steady. Total sales par
value. s3.2S6.ooo. United States bonds
were unchanged in the bid price or
call Total sales Of stocks for the
day. $4,000 shares
New York. September es.-c1ose!
Prime mercantile paper, 5 l-2 to per
cent. Sterling exchange steady, with
actual business in bankers bills al
s4.ss5oa s4s3so for sixty day bills, and
bills. s4.sS@s4.Ss IA. Bar silver. SO "a.
Mexican dollars. "A. Money on call
easy. 13-4@2 per cent. ruling rate.
MS closing bid rs. offered at .