The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-18
.STOCKSENT|MEN'|
VERY UNCERTAIN.
Wavering Price Movement Re-
fleets Feeling Of specula-
tors.
u N R Es i IN F..u Tu'R E.
Conditions Which Influence
Street Show No Signs of
Settlement.
u Il. R L S Il IN .Fsu 7 u,R E.
,eial 10 Tho Times plspateh.l

.4tsNs TEpocipl to ING
New york, September l7r-The
wagering movement Of prices of stocks
tn.1av Vas an accurate reflection Of |
40 Continued uncertainty of the spec
gi,iative sentiment. The stress laid IN
trade advices on the discouraging Ell.
fect on business Of the political un-
rest points to period OF nnsettlenicnt |
t,llators unwilling to base present COM
mitments on conditions then to be /
reckoned.
covered short interest remaining from
the selling operations of the previous |
day or two. and the demand to cover
on that account was an influence on |
the market.
eign bankers organization to consider
further the problem OF insurance OF
cotton bills OF lading aroused fresh
hopes that compromise would ne ar
rived at. which would avoid disturb
ance of the money and exchange mar
kets in the financing OF the important
cotton export movement. With this
complication removed, there would be
very little doubt left of the suffictency |
OF money market resources fcr tho
needs OF the movement OF crops.
The confidence in the money. and
banking position Is based not only on
the face OF the incoming returns from
national banks to the controllers ONCE,
but on the tone OF more detailed IN
formation from banking sources, bank
ing examiners end other authorltles
From these. it is shown that the cnarc.
acter az we'll as the volume OF tne
credits OF interior banks In the smaller
centres has been rectifled SO lar az
practically to remove any uneaslne,ss
that was felt In the spring OF inc
year. and even Mt the date of the pre-
ceding call for condition. the Sims
of contraction in business and INDUSTRY
lessen the prospective requirements OF
the money market. but 90 NOT nsip inc
Banks LOnded Up.
Now ork trust companies and banks
are heavily loaded UP with sccuriaes
that have been purchased because
there was no other use for the money.
The great bulk OF these now show
losses as compared with the prices
paid for them.
Although the national banks in the
West are largely responsible for the
rush of wheat to market. the fact that
Russia also is shipping grain IN un-
precedented volume is proof That the
Invisible supplies OF the world have
been depleted. and the visible supplies
are pouring in to fill the vacuum. This
can mean only one thing--a scarcity
OF visible supplies and OF stock IN
farmers hands at the end or Inc wheat
year next May. Personal buyers are
buying options on the May wheat. be-
leying that the price Will be rlater!al-
ly higher at the time. The SITUATION
in the market Is causing spirited prep.
aratfons for next years crop and wheat
lands are In demand In the West. BUS
mess of the international Harveste.
Company also reflects activity in this
direction. ~,
London bankers announce they VIII
receive no cotton bills after October
81, unless the bills are guaranteed py
American bankers as to the signatures
and as to the cotton being In actual
possession OF the persons making the
bills AT the time AS the railroads
have already begun TO guarantee me
signatures OF their agents, and are
traffic representatives, Tor the aclu 1,..
cotton, New York. bankers formally
decided 20 make no further guaran-
tees. IL the London bankers persist
In their unfair demands after OCTOBER
81. Europe will have TO come to Amer
lea to buy Its cotton on any terms
made by the Americans.
There will be Just as much cotton
sold and 1t will go at higher prices:
30 that this tangle over cotton bilis. II
It has any influence az az, VIII a oe ha-
lieye that London bankers had hopes
of frightening American SINNERS into
4 premature marketing OF the crop, SO
as to break prices. but the strength OF
cotton options does not suggest any at
tempt on the part of Americana.
Break IN Coffee.
Coffee broke badly early in the week
on reports OF rain in Brazil. but 1t re-
covered SO sharply as to prove that
rains had been discounted. New high
z prices for coffee were made late IN
the week, with the technical condition
still strongly IN favor of those who
believe in higher prices.
Reports persisted of coming an
nouncement of an open cut IN some
lines of finished steel, which would.
however. merely serve to bring the
actually prevailing for some time.
On the Curb.
Trading on the curb market to-day
with IntercontInental Rubber. Giroux
Copper and Insplration the favorites.
The first named issue rose about half
point and closed around the best
quotation. Advances in Gironx and In
changes We're insignificant.
In the Street.
Number of shares sold to-day $780,
$40. against 471.9O2, a year ago.
Par value Of bonds sold to-day. ST.
92S.0OO; year ago, s1,436,000.
Credit for the movement IN Inter
Metropolitan shares is being given to
Edwin Hawley. It is also claimed that
he is disposed to anticipate the coming
chesapeake and Ohio annual report
withsa movement in that stock. His
Minneapolis and st. Louis shares We're
f1rmer to-day, with some activity in
the common. Since the regular divi-
dend was called on Toledo. ST. Louis
and Western stock held several points
The conference with the leading
bankers regarding the final outcome
Of the cotton bill OF lading controversy
Is doing much to relieve the anxiety OF
those who are chronically apprehen-
sive Of some occurrence which will
bring about monetary strinGency.
The Pennsylvania Railroads. pur.
chases Of steel rails for next year are
to be less in 1910 The company Is
not contemplating any new COLLECTION
of material, and the data which is be.
Ing gathered now for an estimate fol
rail orders. are being largely on re.
newal basis 55
The loan expansion disclosed by the
weekly bank statement was attributed
to the weeks large ,synicate transac.
lions nd the concurrent loss of casl
brings the actual surplus down to- SCI. !.
100000. The London money market
was replenished to-day by a redemp.
ton Of s1o.0oOOoo British Treasury