The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-20
COMING HOLIDAY
AFFECTS MARKET
Stocks Sell Freely in Closing
Hours and Prices Fall
Off.
WEEK AN EvENTFuL ONE
Taft's Stand Against Publicity
for Corporations Has Buoy
ant Effect.
WEEK AN EvENTFUL ONE
rsnocia1to Tie Times Digpatch. i

Especial to The Times-Dispatch.
New York, February 19.--Although
the Stock Exchange Will be open for
business Monday professional traders
viii make holiday and In preparation
closing hour to-day. This selling caus-
ed reaction OF from l TO points
from the high levels OF the morning
in the active issues. Reading, Union
Pacific. steel and Rock Island common
made new high prices for the move
ment early in the day. In the reac-
ton Reading was carried down about
three points and Union Pacific. more
than 2 per cent. In spite of the re-
dictionary movement many stocks
closed higher as result Of the days
trading.
Figures from the banks gave the
street surprise with a shrinkage In
surplus reserves OF more than $1,000
600 and a loss in cash of almost ST.
100000. Very heavy Increases were
noted IN the loans and In deposits. Ow-
ing to tho banking powers OF the
great railroad companies and trusts
tho bank statement means nothing, but
II anything can be CLEANED from that
OF to-day 1t is that there has been
considerable borrowed in the past
week to buy stocks.
Undertonc Firm.
London was higher in the American
department and closed before the break
in Wall street. The undertone both
in London and New York was abso-
lntely firm. and the decline Is con-
sidered only n temporary reaction in
an advancing market.
President Taft had n large part in
Wall streets market this week. HIS
speech OF the previous Saturday was
used by the Wall Street bears to ret
n little reaction in tho rising market,
but with only moderate success early
in the week. The speech. on serious
consideration. rather helped the mar
ket than hurt It, Later In the week,
tho Presidents action in deciding to
hold secret the returns made b. 400
coo corporations in connection with
advance that was already in progress
This action of the President IS of ex-
treme importance. There arc corpora
lions like heading. Consolidated Gas
and Amalgamated Copper that should
have their secret archives made pub
lie. but there are also thousands of
honest corporations which have never
attempted to deceive the public. that
would be aeriously injured by com
plete publicity. just as any private bus
iness man would be injured. However.
the trend OF public sentiment is in
favor of publicity and the corpora
lions have ample warning to prepare
for that ultimately. The few that
should be exposed are TO be spared
In behalf OF tho many innocents that
would suffer.
With announcement that corporation
returns would not be made public
many of the reports Of the extra divi-
bends faded away. The Federal suit
against the Coal Trust Is expected to
come up at Washington next week.
and in anticipation OF this, Reading
was made market leader, rising al
most to its high record price. The
destruction OF the Coal Trust VIII be
tremendous bull argument on Read
ing. for II controls the situation, and
II the present machinery for handling
Of anthracite Is interfered with. the
and Reading Will be in position to get
the greatest benefit from this ad-
vance.
Edward Hawley turned up again as
ing Valley. in which the Chesapeake
and Ohio alreadys owns one-siXth In
terest. This control is held by a
syndicate under the general direction
of J. 2. Morgan 6: Co.
Hawley Is also suspected of wanting
the Pittsburg and Shawmut, the idea
being that it would be extended to
Pittsburg and Buffalo and serve coal
pi,tsburg and shawmut disposed Of
S3000,00O OF bonds last week.
Circumstantial rumors gained cur
rency late in the week that control of
Rock Island preferred had been de-
posted under q voting agreement in
the Guaranty Trust Company by the
Pierson syndicate. and the old Rock
Island COMPANY Road. Rumor also had
John D. Rockefeller, Jr., resigning as
director of the Steel Corporation.
Curb Stocks StaEnant.
Curb stocks were stagnant to-day
with realizing sales, making their ap-
In o fs ssue firm Ns tsnd
ard OH sold down to $40. and then
recovered to 629. closing at GO asked.
No sales OF American Tobacco, CONF
,aon stock. to,day, the price ruling this
In the street number of shares sold
to-day. 40a.9S1. year ago 5l0.17S;
par value of bonds sold to-day. ST.
$4,000: q year ago. S41l3.Ooo.
Erie announces officially a total O
during January. This is an increase
OF 72,2a5 over the previous January
and OF this increase 10,S79 We're loaded
cars.
was regarded as a favorable sign. i
may lead to better export deman,
for the staple, something that is great
ly needed in view of the highly unfa
Norable statement of the country'S for
elgn trade for January.
There seems to be a better inveStmer
demand for leading railroad shares thai
for prominent industrials. A good man,
commission houses refer those bull
ishly inclined to Union Pacific an
Southern Pacific and there has beel
general comment on the renewed in
terest in Atchison. Baltimore and Obi
and New York Central. as well a
Louisville and Nashville.
Vanderbilt houses are said to be &C
tive in the New York Central.
New York. February 19.-Money o
tall nominal: time loans very soft an
dull; sixty days, g 1-2: ninety days
1903 "a six months. g 3-4Gp3 rs
Close: Prime mercantile paper. 4 l.
M5per cent. Sterling exchange steady
with actual business In bankers bill
Aat .s4.s440@ s4.si50 for siSty-day bill:
and S4.s65O for demand. Commercia
bilh.. SASH 3-4QpSA.S3 Ia Bar s:lvel
o. Is. Mexican dollars, A.
RICHMOND STOCK MARKET.
I Richmond, va. February 10. 1870
STATE, SECURITIES, Bid. Aske,
North Carolina 49, c. 1910. ....... 80 -.
Il - a. $50, 'r,a 49, - an., -