The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-01-30
FMUCHBETT TONE
IN STOCK MARKET
Improved Sentiment Is Disclosed
by Great Gains OF Yes
terday.
SECURITIES ADVANCING
Supreme Court Decision il, Fam
Gus Tobacco Case Ex-
pected Tomorrow.

New York, January 2e.---ln the STOCK
market to-day a distinctly better tone
prevailed. Most securities closed the
day with an advance, but the great
gain OF the session was in the improv-
cd sentiment. 1t some quarters a de-
cision Is expected in tho Supreme Court
Monday in the tobacco cases. II not
announced then the decision cannot be
made public for three weeks. as the
court will take vacation. This tobac-
co decision promises to be the hinge
of the market There is every reason to
expect that even though 1t goes against
the company the court will point out a
way TO comply with the law as was
done in the case of the coal roads. The
general outlook has improved material
~ especially in regard to business
Money IS drug and the ease of money
IS worrying the stock market leaders.
for they say II business were better
money ought to be tighter.
The bank statement showed mod
crate increase in cash. Wall Street had
sentimental journey toward low
prices last week. First 1t was fear of
Taft, later it was sorrow for the suf-
fering in France. Then the street re-
membered how the poor cotton plant
ers had been deprived Of millions
through the crop disaster, and at the
cost OF living and the cost OF high liv-
Ing. While the street was in sorrow,
rollicking sailors Of the Rock Island
crow sold stocks merrily and had a
club for every head that showed itself
above the waters OF liquidation.
Losse. in France.
Losses in the French flood are esti-
Including wall Street. There was no
doubt that thousands of shares of
stocks were sold, either directly for
sufferers or by bankers who knew
AS in the case of the San Francisco
earthquake. attempts were made to
belittle the Importance of the selling
70 result from the disaster but the
every vast money loss of this kind
impresses itself on the security mar
kets of the world.
While paying attention to the French
losses. the public suddenly remembered
that the cotton planters had, by reason
OF only receiving 1o.0oo,0o0 bales of
cotton. where 100000 bales had been
cultivated, sustained an actual money
loss of at least s3S0.000,000.
It Is true the 100000 sold in the
public market for as much as 14,0OO,-
600 would have brought. but the dam
aging feature of the. situation is that
the excessive cost of cotton went to
merchants and not to the working
men. who would have shared in the
bales Of cotton and turn 1t into cloth
Ing.
Halt in Prosperity.
Il Thus the stock markets have really
been forced to face the definite and
actual loss OF say s600oo0,0o0 at the
least. These losses come at a tino
when there is halt in the march of
prosperity. This halt is probably due
TO the excessive haste that was made
in the last month of 1909, and. prob
ably would have come had everything
remained there intact. But 1t gives an
excuse to blame innocent persons with
Intentions they never had
President Taft finds himself respon-
f!ble in Wall Street eyes for uneas-
mess on the part of investors. The
by President Taft's campaign until
they discovered that Wall Street had
been liquidatins freely under the false
pretense of buying stocks. Hundreds
of thousands of shares were borrowed
by banking interests and sold in No
vember and December The leading
bankers deceived some of their best
customers in order to find market
for their personal holdings. The re-
suit is loss of confidence. not in
Taft, or in the country, but in the
Wall Street leadership.
In the Street the number of shares
sold to-day was S19,lG2; a year ago I
s2l,2sl' Par value OF bonds sold to-
Day S,is sl57eGssa ysar ago se454ooo
1SetH!Si!tiif SleSi tsprpOTdllOIl, SAID to-
day that there had been a Iet-up' in
the steel business. which had been eX-
pected, as there is always a falling :,
off in January. He considers the out
look good. .
a stock dividend of 1913 per cent !,
was declared to-day by directors Of !,
the International Harvester Company.
fhis was announced nearly two weeks i
ago. =
Business en- the curb market to-day
was quiet. The copper stocks that c
are to be included in the giant mer. $
ger were firm Heaviest dealings were i
in Ray Consolidated, Miami Copper, +
Kerr Lake, GirouX and Boston Copper d
and Braden Copper. i
New York, January ae.-Moncy on b
steady; sixty days, 38-i per cent mt !
and ninety days, 33-a@4 per cent: :
siX months, AMi Ia per cent
Close Primo mercantile papcr,,4 =
TO per cent. Sterling exchange steady,
with actual business in bankers bills
at SiSSMSiS5.l5 for si&ty-day bills
and at SiSe,25 for demand. Commercial
bills $4.S4 l-S@$4,S4 Bar silver
o. III. Mexican dollars A.
II
RICHMOND STOCK MARKET.
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