The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-18
New York
Stock Market

New York. October 1.-THE unccr-
tain and confused state of sentiment
In the security market at present was
shown 10y the fluctuations OF stocks
to-day. Prices declined sharply IN the
morning. seemingly for no better rca-
son than what were construed as in
dications that the Department OF JUS
iice was about TO make further moves
against large corporations. In the af-
teTnoon the marke, recovered nppar-
emily for no reason at all. The whole
movement was small ono, and the
range of prices of most stocks was not
more than point. The only activity
was on the selling side. The market
seemed to be altogether in the hanus
of profe ssional traders
Stocks were sold at the opening on
the report that the Federal authorities
Were soon 10 take action against the
United States Steel Corporation. as
we'll ON account OF the attitude uf
government officials toward the Amer
lean Tobacco plan of reorganization.
The Attorney Generals statement that
SO plan would be approved by the gov
eminent unless 1t permitted complete
competition was disappointing To trad
who had assumed that no scheme
disintcgratlon would be presented
to the court unless ii had previously
received the sanction of the Depart
inent OF Justice.
here was no basis for the report
that dissolution suit WAS TO be nled
at once against the steel corpora ton.
but selling of the steel stocks eNerted
depressing effect upon the whole in
lustrial list. Foreign houses were
heavy sellers OF United States Steel
early III the day. Denial of the steel
story helped the recovery. which set
In before noon, and not only were COM
pletc recoveries made. but the best
prices of the day were touched just be
fore the close. Union Pacific made =
net gain OF nearly point.
Norfolk and Western was the only
stock which rose, while the general
market was falling early in the day
and il held rs advantage throughout
the session. Buying OF this stock has
extended over a long period, and ac-
cordng 10 reports has been chiefly in
the nature of accumulation of inter-
ests. which expect to profit by the /
frequently predicted lease of the road (
to the PENNSYLVANIA system for guar
anteed dividends. There was further
accumulation of American Beet Sugar.
which rose to 80, the high price of it's
recent steady advance.
American Tobacco securities were
affected further by the outspoken op-
The common stock fell nine points on
the curb" although ii subsequently
rallied. The preferred stock and bonds
also were heavy.
Depression of the European mar
ketS because OF lack of hetterment in
the Turco Italian situation and the Sc
robustness of the uprising in China. was
Il contributing factor in the heavincss
of local market. \
Bonds We're lower in the forenoon.
but turned upward sharply when tho
lone of the stock market improved
Total sales, par value S2.S50.UOO
United states bonds were unchanged /
on call
Total sales to-day, 31l,s0o shares, in /
GLIDING y. c. L., 200; c. & O.. 1900; /
l. & N. 400: N. & w. $500; Reading, |
$4,000; Sloss- Sheffield, 100; Southern
Hallway, 300. Southern Railway pre-
ferred, 100; Union Pacific, Go,i0U; L. S.
Steel. 1l6.ioo; Na.-Car Chem, 1000.
New York. October l7.-Money on
call steady; 2l-4@2l-2 per cent: rul-
ing rate. as closing bid, .l-a; Of
fered at l-2. Time loans steady six
~ days. IA 70 IL per- cent; ninety
days. 1908 "a: six months. 3 3-ia4.
l'r!me mercantile paper. 4 81 per cent
Sterling exchange steady with actual
business in bankers bills ut s4S3GO for
siXty-day bills, and s4.S660d S4 $685. for
demand. Commercial bills, sis27-S
Bar silver, % rs. Mexican dollars, 40
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RICHMOND sTUrR NsRUEr