The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-12
N eW Y ork
Stock Market

New York, October 1.-THE specu-
lation in stocks threw off some of the
restraint to-day which has kept 1t in
check The fresh activity was most
conspicuous in variety of specialties
not usually prominent in the dealings,
and many of these were of the low
priced, non dividend paying class. a
reason for this was round IN the mar
row resources of the money market
requisite for carrying. on operations
in the low-priced stocks. In most OF
these movements, specific explanations
were lacking, and 1t was generally as
sumed that newly-formed market
pools were responsible for most of the
demonstrations. The supposition that
powerful private bankers were supply
ing resources and influence to help the
advance encouraged following ny
the professional element, The spotty
character of the market ana the I'M
responsiveness of number of import
ant railroad and industrial stocks to
the movement were significant of the
lack of full accord among the great
banks in furthering the movement.
The explanation of the reluctance of
the banking community as Wnoie
to see active speculation u FOUND IN
the continuance of the decline Of cash
holdings, and the consequent impair
ment of lending power of banks. The
Subtreasury is making heavy demands
again on the banks the withdrawals
of cash by that institution for the
banking week already having reached
sS,lS1000 Shipments to the interior,
also, are going forward by express.
October 10 finds some large dividend
payments to be met, for which special
provision is to be made. The call
lean rate to-day touched : IL per
cent as an effect of the slightly in
creased demand incif' t-'t to the days
speculative requirements
The foreign exchange. market was
less affected by the offerings. of cotton
bills, although the time is short when
these can be sent forward for col
lection before the action of the OBJ
lection raised by foreign bankers to
the present method
tural products reported from WASH
fngton show only slight increase
over those of last year. less than ST.
100000 on all accounts, the ss.7ls.Sol
tralized by the s5560.S5o decrease in
wheat and -four values and by smaller
decreases in all other items. The
showing disappoints the hope that any
abnormal balance of the imports over
exports.
Yesterdays government crop report
furnished the broad general inspira-
ton for the stirring of speculative
confidence. The certainty of agricul-
ture exceeding in value any that have
been garnered makes an insurance for
the materials of prosperity which is
expected to affect the whole industrial
and business movement in the flu
ture. The special promise of the
Spring wheat and corn crops as they
We're, affected by yesterdays report
found reflection in the strength of
the grangers. International Harvester,
Corn Products and other stocks. The
northwestern Railroad group got the
benefit of criticisms leveled at the
lumber rates fixed by the Interstate
Commerce Commission in judicial de-
cision by the Federal Circuit Court in
81. Paul, disallowing the rates. A be-
lief that an agreement had been reach.
ed of the cotton bill of lading contro-
Versy helped the late stock market
ana also caused a fresh decline in the
foreign exchange market
Bonds We're firm. Total sales. par
value. s2.630,000 United States bonds
We're unchanged on call.
Total sales of stocks for the day
We're 4o4,20o shares.
New York, October 11-Monev ON
can steady, S-463: closing bid. s:
offered at per cent. Time loans dull
and steady; sixty days, 4 per cent.
ninety days, a 1-264 S-4. six months.
44,l-zm4 "a per cent. Prime mercan-
tile. paper. 1-266 per cent Sterling
sNcnange weak. with actual business
IN bankers bills at s4.S2706 s4.S2So for
sINty-day bills, and at s4S5so for do
snand. Commercial bills, s4.s2 1-40
Sf.S2 IL Bar silver IA 20 NJa>.;z1