The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-30
IN w Y 0rk
Stock Market

New York. September 29,--Specula-
ton In stocks resumed an extremely
listless tone to-day, when Rcading fell
back from Its excessive prominence.
This change was only by comparison
with the last few days, that stock.
United States Steel and Union Pacific
retaining their old predominance, with
dealings of more than half the aggregate
for the whole market. a number OF
so-called specialties, including public
utilities and some low grade nom
dividend payers were taken up for
exploitation in mild way. The prin-
cipal gains were established shortly
before the closing. which was strong.
The course of the preparations for
the October money settlement absorbed
q large share of attention in the tinan-
cinl district to the exclusion of stock
speculation. Another rise in the call
money rate indicated that a lessening
of lonnnble funds might be :, positive
influence in the dullness of the market.
The fact that the rise in money rates
was not confined to the call loan divi-
sion carries the implication that the
conditions arc not merely temporary,
or having to do with the October first
payments. Time loans for the nearer
natnritias. especially those which gust
sre notably affected A somewhat
easier tone for commercial paper is
ascribed TO a lessening of supply rather
than to an Increase in the demand from
buyers The Subtreasury's acquisitions
en- the banks are running very heavy,
the Withdrawals since tho last bank
statement having reached q total of
over sS,O00.oO0. The government in
stitution was a creditor at the clearing
house again this morning to the amount
CT nearly s5oQ,o90.. presaging another
large withdrawal or cash from the
banks tomorrow.
z On the foreign exchange side, the
course of foreign money markets holds
rates against relief from the local
money markets. The full per cent.
advance in the official discount rate
OF the bank of England to-day proves
to have been amply foresecn yesterday,
and 1t was of no further influence on
speculative sentiment The signal must
be needed, nevertheless, and its warn
ing effect was emphasized by the week
ly statement OF the Bank CT France,
showing inroads on the gold supply
of that institution in common with the
English bank, to supply the Egyptian
demand on account of the large cotton
movement. The private discount rate
In Pnris rose n fraction to-day.
A feature of the days markets was
the liquidation of corn in response
to the excellent weather conditions for
the completion of the process of ma
turing that crop. The increasing pros
pect of a bumper crop of that cereal
had helpful effect on stocks. espe-
cially those INN ediately concerned
with the movement and use Of corn
The special weakness of American
sugar was taken to be due to an APP
prehension that the case of the gov
eminent against that corporation may
be made prominent feature in the
political campaign in New York State
this fall.
The firm money market has not
checked the improved demand for |
bonds. A feature is the reappearance |
on the tape of many investment is
cues which have been dormant for a |
long time past. The tone was strong.
Total sales. par value, Sc.65S,0OO.
United States bonds were unchanged
on call. Total sales for the day, s37.-
500 shares.
New York. September 2e.-Prime
paper 1-2 to per cent.
Sterling exchange steady, with actual
business in bankers bills, at s4.s35o@ |
$4.S360 for siXty-day bills, and at |
s4.se75 for demand Commercial bills,
$4.s3 Ia. Bar silver. 537.S. Mexican
dollars, 45.
Money on call strong, 1908 per cent
ruling rate, Pa: closing bid, . per
cent; offered. i21-4 per cent. Time
loans. frmer: sixty days, 4941-4 per
cent, and ninety days, 41-4dD41-2: six
months, 41-2@43-4.