The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-18
BANK STATEMENT
HOLDS SENT IMENT
.-------
Few specialtics Are Strong,
but Market Does
Little.
STEEL TRADE VERY DULL
Rail Mill Closes and Men
Are Thrown Out OF
Employment.
STEEL TRADE VERY DULL
rsnecial TO The rimes-Dispatch.l

Especial to The Times Dispatohl
New York, December ia favor
able bank statement held SEN
tinent in Wall Street to-day.
but the market did nothing OF
importance. a few spectalties were
strong, notably National Biscuit, which
moved TO new high record because
of the Increase of dividend that Is
promised Long Island Railroad
stock was another to move up sharp
ly. Western Union advanced on an
nouncement OF favorable DEVELOPMENTS
In the company, but as these same de-
velopments were responsible for the
rerna rkable rise of last summer the
movement was not followed by traders
to-day.
Dizziness In the steel trade was fur
Their emphasized this week by the &C
ton of the trust inclosing its rail- mill
at Gary. Furnaces and units We're
closed al other places and several hun
bred men were thrown out of employ
nent. Rumors that prices would be
cIlt were revived but were officially
appearance. New York Central let lit
De known that 1t would need 10000
tons of rails. Conditions surrounding
the Pennsylvania Railroad Company
that conference of steel men was
hold in the hope of getting some com
promise The steel men claim that
owing TO the better rails demanded by
the roads the price OF manufacture has
been Increased materially, so that
maintenance of rails at the old price
of SIS Is In effect, a material reduc-
ton of price. One thing that has be-
come painfully apparent Is that all the
steel companies are overeXtended In
mill capacity for most products, and
particularly for steel rails.
Copper Discduraging.
Copper was also discouraging for
the week, A conference Of leading
producers was held, but nothing off,
oial was said regarding the policy of
has proved that a cu-tailment of 10 per
cent, as planned last July Will not
be sufficient TO restore healthy con
dition in the metal market. Improve
ment in the lead industry was noted.
ptMoeboYsSfiMy- cmfw
Railroads are holding out of the
market for new material, and are thus
hurting the steel and copper trade.
The railroads also show a disposition
to fight demands made by their en-
ployes. Those of the locomotive engi-
neers of the Northwest have not been
met, and several attempts We're made
during the week to influence the stock
market because of 1t, but in vain. a
com promise is confidently expected.
Doubts about the Baltimore and Ohio
dividends were dispelled by a state
men1 from the president of the road
saving that il would II paid but the
company WOULD exercise great eCOHullS
in other directions TO make 1t up.
In preparation for January disburse-
meuts, loans Were called TO a con-
siderable extent, and hardening ten
dency was seen in call money market.
Rates on time funds We're not changed
TO an important degree. Early In the
week foreign exchange broke to a
point which would make possible the
import of gold, but none was taken
for that purpose, and the exchange
market recovered.
In the Street.
An increase of 10S49 in the number
of idle freight cars is reported by the
American Railway Association for the
two weeks ended December Z. On that
date there 53,9l5 idle cars, or 1855
less than at the end of the same two
weeks last year. Increases in the sur
plus are expected for some time to
come, owing to the termination of the
crop movement.
The Tennessee Copper Company put
Its stock on per cent yearly basis
to-day. when IT declared a quarterly
dividend of $50 share.
On the Curb.
Although trading in American To-
hacco was very light on the curb
market to-day. the issue advanced
nearly 81 share,
OF the mining issues British Colum-
bia was the faYorite and crossed z.
$50.
New York,..D e-ember 17-Money on
call nominal. Time on call. weak and
dull; sixty and ninety days. 4 per cent
six months, per cent. Close; Prime