The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-05
New Y ork
Stock Market

New York, October 4.--Without any
essential change in the views enter
tanned in stock market circles OF the
prospects for values, there developed
day note of conservatism In pir.
suing operations on the long side OF
the market
titude of the speculation were largely
In technical considerations. As stated
by operators themselves these were
the belief that the advance was in dan.
ger of overrunnins the rate OF the
Improvement discerned in financial and
business affairs, the extent to which
the speculative interest on the long
side was being built UP, and the ac-
complaining reduction on the short In.
terest. The evidence that stock was
being supplied on advices gave force
to this view. The sources of supply
Of these offerings by the traders who
prices were supposed to be the more
important banking and financial inter
ests. which took over stock in the
latter part of July as rescue measure,
The purpose of those takings .was
avowed at the time to be to save the
market from decentralization, and not
from any design for permanent hold
Ing. 1t is believed that discussion of
these holdings have been going on
by fraudulent process. The fact
that the market has been able to
absorb such offerings amounts to a
demonstrate ton OF its improved tone
Strength in the coppers. electricals
and Hawley stocks sustained the later
market to-day.
The reactionary tone was connected
with further consideration of one or
two factors that seemed to be ignored
yesterday, such as the weaker bank
position and the cut in price of pipe,
both of which were known yesterday.
The lowering of scheduled prices for
iron pipe read more as a symptom
of general trade conditions than for
its own intrinsic Importance
The knowledge that Specifications on
conSacts in the steel trade in Septem. |
Der were larger than new order bust
ness points to another reduction in |
the volume of untitled orders in hand
on October in the report to be made |
next week by the United States Steel
Corporation A decline in the quarters
earnings will be differences TO be met
constant supply of United states Steel
for sale to-day from this cause
me Indifference Of the call loan rate
credits loses some force In face OF the
decided hardening of the rates demand
ed for time loans, especially for pc
RODS carrying over the end of the
pute in the Manchester cotton trade |
promises to affect the demand for cot
ton In the hoped-for reducing of the |
trade balance for this country. A fol-
L
for September of over s1,000,oOo below |
the moderate total of that month last
year. and of over $4,000. 900 below the |
total for August of this year gives
promise of some reduction of the |
months. total imports from the excess |
slve valuation lately prevailing The !
Gays influences, however, were in ia
Vor OF higher rates for foreign ex-
change Discount rates in London hold !
hrm, and while the discount rate Weld |
e. "a IN Berlin, the troubled labor situa.
tlon IN germany depressed stocks and |
caused selling in foreign markets for
Berlin account
The show of strength in the COPPER
lnGustrlais grew out of the higher |
price Tor the metal in the market. The
strength of cotton and corn kept omen |
on the crop results.
Bonds We're irregular Total sales |
par value, $11,950,00O. United States |
PONDS We're unchanged on call.
Total sales of stocks for the dsy
were 442,90o shares
New York, October 4.-Monev on cal,
S-Sg2 rs; ruling rate, "a: CLOSING
s!o, rs; offered at as Time loans
nnrni 90 days. 4@4 Ia per cent. and On |
nays, l-204 3-4. six months. 4 iaS
IL Prime mercantile paper' 1-99 |
per cent. Sterling exchange staaGS
WIN ACTUAL business in bankers Hills |
AT 1881 q S4.S330 for sixty-dav hiiis |
ana at 81 $500 for demand. Com
clal DIS, 81 50 10 '4'iSi