The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-09-22
New York
Stock Market

New York, September 81 The stock
market to-day had as an incentive to
higher prices the statement issued yes
terday by Chairman ~ IL Gary, OF the
United States Steel Cooperation, deny
ing reports OF an intended wide open
cut" in prices OF steel products to be
announced before the end of the pres
cnt week The reference in Judge
Gary's statement To IAN effort FOR stock
jobbing or other improper purposes to
greatly exagEerate, cannot misrepre-
sent the facts. was supposed to point
to the source OF part of the demand 10
cover shorts to-day. Rumors have been
very insistent for some days past OF q
coming announcement from the United
States Steel officials, which might
prove OF sensational Importance to the
market Yesterdays OFFICIAL statemen,
made 1t clear that whatever price read
justment may be i'll progress IN the
steel trade II is to be conducted with
out the demonstrative method employ
ed in tho announcement OF open cuts
in price In February of 1903 ~ dla
not escape comment, however that the
cut announced at that time marked the
beginning OF growth in demand ior
steel products, and. incidentally, the
low price for the United states steel
shares The present decision ito main
tain fair prices and to cooperate so
far as they may legally and properly
do So marks variation from the
vigorous steps of 1903.
An effective supplement to the Gary
statement as a market influence was
the decision submitted by special
master to the United States Circuit
Court declaring void the railroad rates
made by the Minnesota state Legtsla-
ture. The professional traders IN
stocks on the floor Of the stock eX-
change jumped to some very wide con-
c1usions from the decision, and from the
grounds on which ii was based that the
rates were contiscatory, and also an in
reference with interstate commerce.
There was seen in this strong ground
for contention against possible de-
cision on rates unfavorable to the rail-
roads BY the Interstate Commerce Com
mission following the hearing now in,
progress. This point of View was
streng thened by the announcement of
creasas in rates proposed by the roads
OF the Middle West announced by the
commission to-day. The effect of the
Minnesota rate decision was pronounce
ed on the roads Immediately affected
and whose lines traverse the State.
The action of the Westinghouse Elec-
trio directors in declaring accumulated
dividends due on the first preferred
stock was a helpful factor for higher
prices The reports of influential new
banking interests in the Peterborough
Metropolitan Company induced lively
speculation N the stocks and bonds of
that company, and If the old surface
street railway companies included in
btiS SS StS'is
The pronounced weakness developed
in the corn market was accepted as
conclusive evidence Of the favorable
promise for that important crop, and
Its approach to safety from further
danger of damage from frost.
\ favorable impression was made by
the estimates of S16s,345,o00 to be dis
bursed in October, representing an in
crease of ,s5,s42.ooo in dividend pay
ments and OF s3,s0o,Oo0 in interest
payments over the October period of
last year. The Improvement which is
occurring in the demand for bonds is
not unrelated to this development in
connection with the small offerings OF
new securities for several months past
The heavy accumulation of surplus
funds. which We're made in fear OF
money stringency, are also having ar
effect on the bond market.
Bonds were irregular Total sales
par value, s2.sS6,ooo. United States
bonds were unchanged in the bid price
on call.
Total sales of stocks for the da,
were 4TI,160 shares