The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-02

ordinary bull manipulation, led by the
Union Pacific Roads. August marked
ehe nigh point for railway shares, the
movement in these eliminating with
the Illness and death of E. Fl. Harrt-
man. autumn brought firmer money
on account of business and crop-mov-
ing demands, high interest rate.
abroad. flrmness in foreign exchange
and heavy gold exports. Real strin-
gency was, however. not shown and
while high-grade railway stocks re-
coded. many industrials. particularly
United States Steel, scored remarkable
advances In the last quarter. Even
copper-minins stocks developed ire
guar strength, despite continued ad-
verse trade conditions.
me Standard Oil decision chilled
the bullishness manifested in the late
1all. In activity 1909 compared well
with the preceding year. stock trans
| actions at the New York Stock E,x-
change aggregating 21o.ooo.ooo shares.
against 1S00OO,000 shares in 1905 The
dealings We're as whole, however,
more professional and manipulative.
The market ends the year with a
bullish undertone, but the high-prica
levels discount excellent actual and
prospective earnings and dividends,
and income returns are at rather un-
attractive figures, Bonds. which early
showed unprecedented activity with a
record total value of sl,s12ooo. 600.
later In the year showed quoting
OF demand and declining tendencies.
save in purely speculative issues.
A Look Ahead.
Reasons for confidence in an ex-
cellent. X not record. trade in 1910 are
many. The agricultural interest Is
prosperous as never before in the
country's history. and the first Of the
great crops Of the year-wheat---
enters the winter In excellent condi-
ton on neSr-to-record area. High
prices for all farm produce would
seem to guarantee enormous paintings
OF all crops this year. Spring orders
already received by jobbers and whole
salers and business booked by manu-
facturers practically insure the full or
overtime now being run until next
years crop and trade outlook takes
more definite form. While 1T might
be erroneous to expect the record
building expenditures of 1909 TO be
exceeded in 1910. an active years bust
ness Is looked for
IT is generally conceded that the
railroads will be free spenders for
improvements in the coming year
Finally. II reports as to holiday and b
retail buying are correct public pur-
chasing power. despite high prices
ruling, seems to be fairly normal. All
these things indicate activity in
high degree. Modifying or qualifying
these features somewhat is the ques-
tion of the effect Increased price
levels of commodities. and therefore
of all costs of business and industrial
operation. will have upon general
business. These have already lessened
pro1ts, and hid fair to be productive
of5much friction in Industrial lines, IL
the activity confidently looked for
eventuates, active money markets and
firm rates would seem probable. In
deed, the calm In speculation after
earlier activity resulting In new high
record price levels Is taken by SONS
to indicate thar the securities markets
have already discounted much OF tha
future. Conservatism and tact In deal
Ing with the labor situation and with
the politico-economie questions which
are pressing for solution would seem
necessary ii what now looks like Il
very excellent trade outlook Is to ha
fully realized In 1910