The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-10-04
N eW Y 0rk
Stock Market

New York. October 3.--The stock
market o-day gave further evidence
OF passing out Of the hands OF the
narrow element of board room traders,
which has engrossed the dealings lot
many weeks past. Instead OF that
there were signs of re-entry OF oper
ators of larger resources ana Oh
broader scope in method The reap.
pearance on the tape of blocks OF ,oOV
10 zoo shares OF United states Steel
was regarded as suggestive In TINS
direction. This development gave rise
to busy conjecture over the personality
thus Indirectly disclosed in the deaf
ings The effect was to renew the con
gestion of the dealings in handiui
of speculative faforites and to thro"
out the balance of the market again
The early part of the day saw con,
ttnuance of favor for specialties and
securities OF minor class, or which
are not often active in the market
The appearance of growing breadth.
which was feature on this account
OF last weeks market, was altered
as the day progressed, and the con-
centration in United States Steel.
Reading and Union Pacific because
more pronounced. Prices were not well
held in the latter part of the day, ana
the closing was rather weak.
their soiicitude over the Saturday
bank statement by selling stocks after
the opening These offerings were SO
aEEressively absorbed that the trad.
ers were driven to retreat and they
helped the advance by rebuying stocks
The first question for call loans was
at IA per cent, and the fixing OF the
renewal rate at that figure Quoted any
apprehension that was caused by the
q ~ xx-hfch the actual
surplus had sunk in the Saturday bank
statement. 1t was evident that the
heavy decline in cash holdings last
week was attributed to temporary
causes and that confidence was felt
in an early return of part OF that
cash.
The New York money market usually
responds more slowly to the passing OF
periodical settlements than foreign
markets. The discount rate hardened
in London to-day, but the Bank OF
England secured the available gola IN
the London market without conipet-
ton. The weekly statement OF the I'M
perial Bank of Germany made a strik-
ing showing Of the severe strain OF the
October settlement at that centre, as
we'll as its quick passing With an
increase in loans and discounts OF
S140,275,0o0 and an expansion of note
issues of s125.5s2.o0o, the cash holdings
of the Reichs Bank were drawn down
at the same time over S40000,0oo. as
the result Of the weeks operations
Yet the private discount rate In Berlin
receded a to per cent. to-day.
The London stock market was
strengthened by the assumption that
the labor trouble with the Manchester
spinners was settled. The refusal OF
the terms was reported later and acted
as check on the rising tendency here.
The early news from Manchester slim
ulated an active demand for cotton In
New York, and the government report
of condition of the crop aharpened the
demand still further. This was a fac
tor in the easier tone of the foreign
exchange market The disappointing
showing of the government report did
not preclude stocks of railroads in
the Southern region from sharing fully
IN the upward movement of the gay
The Indicated restriction of the years
cotton yield, considered in connection
with the small supplies carried over
from the last crop. present problem
that cannot but have serious bearing
on the general Industrial outlook. We
weather in the corn belt caused All up.
turn In the price of that cereal
Bonds We're firm total sales pal
value, Sl,9S0,0O0, United States bond:
We're unchanged on cali.
Total sales for the day, $4,000 shares
New York, October s.-Money on cal
firm. "a @3 per cent: ruling rate "a
closing bid and offered at 8. Tim,
loans firm; sixty days, Az ninety DAYS
A per cent. to per cent; six months
5@5A per cent. Prime mercantile ma
per- 51s to per cent Sterling ex.
change steady, with actual business ir
bankers bills at s4.Sa25 for sixty-da,
bills and at s4.S640 for demand. Com.