The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-13
New Y ork
Stock Market

New York, September 12.-The news
incident of the day in the financial
markets was the resale by Kuhn. Loeb
e. Co. to Phelps. Dodge & Co. Of the
Rock Island preferred stock, which
was purchased from he Pearson syn
dictate In July at a time when denor-
alization threatened the stock mar
ket. The reception of the secondary
transaction by the stock market to-
day was in marked contrast with the
electrifying effect of the announcement
Of the first. A comparison then and
now may account for the difference in
the sentimental effect. Rock Island
preferred then touched 81 while to-day
1t rose to Sc SIS, a rise from Sat-
urday's closing price of 31-2. thus
leaving narrower margin for the ex-
pansion of improvement. Prices on the
general list are correspondence high
er than when the Rock Island deal
acted as an arrest to the threatened
decentralization. To-day's announcement.
was of very moderate influence to-
wards arousing the stock market from
its apathy. The new arrangement Of
fered no sensational suggestions Of eX-
tensive realignments in the railroad
field. Kuhn, Loeb & Co.. at the time
they purchased the Rock Island and
other stocks from the Pearson syndi-
cate, said guardedly: THE purchases OF
stock carry with them certain potcnti4l-
tiles. The statement that a new trans
continental railroad will be formed is
an assumption" To-day's development
implies that such an assumption was
III founded. Phelp, Dodge s. Co ara
already large railroad owners in con
nection with mining in Arizona and
New Mexico through the Ell Paso and
Southwestern hoe
traffic agreement through subsidiary
company with the Chicago. Rock Is
land and Pacific Rilway, to which the
mining companies contribute large
amount of freight traffic. The relln-
punishment OF Rock Island holdings, by
the bankers for the Union Pacific and
Southern Pacific give the transaction
such significance as it has towards
the larger railroad policies Of the CEN
tres that OF a negative rather than a |
positive character.
More effect was produced on the
days stock market by the inferences
ment from the power Of resistance TO
unfavorable factors shown by last
weeks market. Politics was believed
to have lost its power for harm. for
the present. Little fear is now enter
tanned that the money market will be
subjected to stringent conditions this
autumn Western banking advicss
point to Improvement in the position
there, and the rapid movement o.
grain to market is a relieving factor.
The effect is discernible in an inquiry
in mercantile lines. The crop prospect
is promising, although a renewed fall
in temperatures and predictions OF
frost in the corn belt served as warn
;,oc,
The London money market is nbund-
antly supplied again. and the weeks
arrivals of gold were taken tor tue
continent of Europe without arrestins
the downward course of the private
discount rate. The August output o.
gold at the Rand rose another degree
towards the only other month showing
an excess, which was in December p.
1908. when rectification of yearly &C.
counts affected the record. More fumes
are offered in New York for time loans
at recently prevailing bid rates.
Bond dealings were larger and a |
great number of issues were dealt in |
than lately. but the activity was most
The tone was irregular. Total sales
par value, s1.S76.000.
U. S. bonds were unchanged on call
Total sales of stocks for the day
were 217.soo shares
New York. September 12.--Money on
cali easy. 17-S@2 per cent; ruling
rate and closing bid, l rs; offered at 9
Time loans easier; sixty days, 33-4@4
per cent. and ninety days. 4@41-S;
six months. 41-2G434. Close: prinel
mercantile paper $1,000 per cent.
Sterling exchange. firm, with actual
business in bankers bills at s4.S33O0
S4.s360 for siXty-days bills, and at
$4.S6l0 for demand. Commercial bills,
DISTINGUISHES Bar silver, SITS;
dollars. a..