The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-25
New Y orki
Stock Market

(. Il Is 6 i
New York, October 2i.-The specula-
ton in stocks showed a disposition to
adopt a waiting attitude. with increas.
ing weakness during the day, pending
the working out of developments In
the money market abroad and the con-
tirmation oflreports OH which the recent
advance in stocks was based. The
most influential or these reports have
centred about steel trade matters. Some
of item have gained In deiintteness
since they first began to be heard and
have lost something of credibility and
OF influence as result
For instance, the statement took en-
plicit form to-day that steel trade au-
thorities have received advices that an
Understanding has been reached with
regard to the matter of higher freight
rates. whereby the Interstate Com
merce Commission will permit the va
/ rious roads to advance tariffs to the
extent OF one-half OF the rates spec
fled in the applications. although the
decisions Of the commission in detail
will not be announced until February.
Tile fact that the hearings in the rate
cases have not been completed, and
the material on which final decisions
are to be made is incomplete. made this
assertion of a conclusion already arr
rived at seem untimely.
The effect was to arouse suspicion
on the speculation, where confidence
had been showed towards the wagner
surmises of the probabilities of favor
able terms for the railroads in the 'le-
cisions on rate advances. based on the
knowledge that the advances named in
the applications were greater than were
expected to be granted.
In the same way, assertions that the
railroads were actually specifying to
the steel companies the amounts of fu-
ture purchases did not carry the same
weight as the surmise that such pur-
chase cannot be much longer delayed,
owing to the urgent needs of the stu
alton. The effect on speculative senti-
ment was to create the suspicion that
alleged Information on these points
was less authoritative than has been
claimed by those protesting knowledge.
The course Of money and exchange
rates did not offer very satisfactory
reasons for continuing the upward
movement, and held stock market oper-
atoms in check.
The maturity on November l OF
$s,0o0,0OO Of New York City. due in
1ond on, Is a factor in the exchange
market for which provision has been
made. according to the statement OF
HDduheTSs COuCeIIeu lllc
Subtreasnrv operations have withdrawn
s1,s0o.0Oo from the New York banks
for the new banking week. renewed
demand from the South and West for
cash was reported by some of the banks
to-day.
: Bonds were steady. Total sales par
value. We're s2,oa9ooo. United States
bonds We're unchanged on call. Total
sales for the day, 63i.900 shares.
New York, October 24.-Prime mer-
camille paper,y8515 toe per cent. ster-
ling exchange strong. then easier,
with actual business in bankers bills
at s4S250@S4.S275 for sixty-day bills
and at s4.S6s1 for demand. Commercial
bills, Sassy. Bar silver, 56ss. Next
can dollars, 40. Money on call steady,
$685. per cent Ruling rate and close
and offered at ga per cent. Time loans
slightly easier and dull; sixty days.
4AG43a ninety days, 1905; six
months. Is @4ss.