The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-06
N cW York
Stock Market


New York, October 5.-The selling
of stocks which turned prices down
wards to-day represented In part a
feeling of contentmcnt over the ex-
tent OF the advance already achieved.
and the profits accrued, and In part a
nisgiving over the adequacy of forces
to accomplish further advance. Evil
dence that the newly awakened de-
mand for bonds was being harmed by
the action of the stock market was a
potent factor In checking the or
Eanized efforts to further the rise in
stocks
Light is thrown on the revival in
the bond market. as we'll as on the
ecents that preceded 1T. by the statistics
of new capital issued. which have been
made up by the journal of Commerce..
For the third quarter of the present
year just ended, this compilation
shows new issues of par value of
sl94,455, 900. This compares with
s61a,2s3,Oo0 in the first quarter. max
ing an aggregate for the first half
year far beyond any precedent
In the history of the New York money
market Moreover that prodigious
serni-annual output was elimination
of flood of issues for the preceding
year, which reached a total of s1,6S1,
output shown by the third quarter of
the present year was closely parallcled
IL the London market, where similar
heavy congestion of new securities had
resulted from the first hnlf years out
put At the same time. 1t is known
that the banks throughout the country
have applied a like restrictive force
on credit expansion for land and auto
mobile purchase. irrigation projects and
a
the rate of the supply offered for new
investment is seen, therefore. to have
reached a very large total. a gradual
process of digestion has gone on, In
the meantime, which has reduced the
large holdings left on the hands Of
the underwriters in the glut of new
offerings early In the year Dealers
in bonds have come to the under
writer's to replenish their supplies and
savings banks. and investment insti-
tutions have become buyers This help
full process has gone to the root OF
the recent difficulties and the most
favorable auguries arc drawn from 1t.
At the same time 1t is recollectcd
that the difficulty grew partly out Of
last years excuses In stock market
speculation. at time when more sub
stantial requirements for capital re-
NAMED yet to be supplied, and bankers
deprecate a new movement likely to
repeat that mistake.
The complaint of the life insurance
companies is cited that they have had
no opportunity to liquidate the secaci-
ties which the new insurance law for
bids them to hold beyond the end of
next year. The heavy shrinkage in
new output of securities for the third
quarter. moreover, represents policy
OF restraint and self-denial on the
part of the railroads and of CORE
spending reduction in outlay and in
consumpttve demand for communities.
From this 1t is felt that heavy new
bond issues are deferred and not
thority. the biggest bond underwrit
ers are clearing their shelves prepara-
tory to handling new issues"
The fear that premature revival
in the stock market will interfere with
the orderly readjustment of the needed
financing by bond issues has an influ-
ence in restraining the stock market.
minor effect on the days market. Ex-
pectation of poor showing to BE
made by next Mondays report OF Oc-
tober /. of untitled tonnage orders ot
the United states Steel Corporation
weighed in sentiment. The tone OF
the coppers was better in the belief
that curtailed production last month
Forthcoming copper producers report.
Time money was reported slightly
easier in tone. but foreign exchange
was strong, and cash continues to so
out from New York to the interior.
Bonds We're heavy. Total sales, par
value. s2.964.o0o.
United States bonds We're unchanged
on call.
Total sales for the day. 4ss.soo
snares.
New York. October 5.-Prime mer-
camille paper, 1-2 to 6 per cent
Sterling exchange strong, with actual
business in bankers bills at S4S325@
s4.s34o for s!Xtydas bills, and at
S4.s65O for demand Commercial bills. |
s4.s2 1-2@s+s3. Bag. silver SO is Men,
lean dollars. rs. Money on call steady |
1902 rs; ruling rate ga; closing I
bids. : L.: offered at 9 ga. Time