The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-13
Ne w Y 0Irk
Stock Market

New York, N. VI, August t2--1nspi-
ration for some buying OF stocks to-
Il tday was found in the character of the
Iannuhl railroad reports which are be-
ing. made for. the fiscal year ending
with June. The prominent place held
K to- day IN the number OF shares dealt
In and the extent Of the advance by
Reading, Union Pacific and Southern
Pacific was largely due to the wido
isurplus. OF the year, earnings over
81 the dividend requirement shown by
the two Hartman railroads and by
lLe.high Valley. the traffic condition Of,
which are very similar to those in the
Reading. The strength Of the Pacifics
was aided as we'll by the indirect effect
dividend, owing to the resemblance Of
" traffic conditions on the different trans
continental railroad systems The con.
trast In the prosperous showing made
the complaints heard from railroad Of
t1cials OF the onerous conditions for
operating railroads inspired q moro
!! hopeful view. Of railroad prospects than
has been held ny the majority of the
stock market element.
Another factor bearing on this feel
ing Is the tone Of eriticisms ap Ta,
Echarges to expense accounts Of rail-
roads in the monthly returns for re-
K cent months to the commission. Prac-
4 tically. charges are mads that the rail-
roads seek to exnggerate the showing
of expenses by Including items that
[ ttelong OF right 10 capital account. for
the sake OF strengthening their case
rates. which is Coming up for for hearing
in short time This controversy al
lows a superstition that the real earn
ing power Of the railroads Is con-
cealed.
currency movement pointed to another
strong bank return Tomorrow. The
arrival TODAY Of .ss,o0U. 900 OF imported
gain by the banks from Subtreasurx
operations is less than last week, and
there Is sharp decline in the volume
of receipts by express from the inte-s
,rior. the balance OF the movement re-
naming, however. largely in favor OF
New York. The increase in bank cash
for the week on all accounts is COM
and seooo.ooo. There has been noth-
ing to indicate any important changes
in the loan item this week. leaving the
promise for another substantial addi-
ton to the surplus reserve; The u un-
plus has attained and the lack Of In
f1uence 1t has in inducing bankers to
bid more freely for mercantile paper.
Is made a subject of comment that Is
stock market.
The strength in rho grain markets.
was due more to reports Of revived
demand for export 4. Tor wheat eat than to t,
Demand is considered important, in
Slview OF the small volume OF exports of
,breadstuffs in July revealed by the
statement OF the Bureau of Statistics.
something was heard again of damage
u to corn by the dry weather. The cot
4 ton market kept attention fixed on
f Texas for weather news, and was at.
fected by reports Of rain in parts OF
Further weakness was shown b,
:, American Smelling, but the genera
market broke away. from that infln
ence The proposition to reduce thu
output of copper is supposed to threat
zen corresponding reduction in thu
profitable activity Of tile company.
Bonds were firmer. Total sales pal
value, s1,a51000. United States as
registered. advanced is, and the cou
pom declined IA per cent. In the biz
price on call. Total sales for the day
4s2,Soe shares.
New York. August u Money on cal
easy oil 3-4 per cent. ruling rate