The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-15
CLOSING STRONG
NEAR TOP PRICES
Reading. Union Pacific and
United States Steel
Lead Market.
EFFECT OF HARLAN'S DEATH
Shorts in Reading Cover, Fear
ing Legal Proceedings May
Be Delayed.
(speciol to The Times-Dispatch.

New York, October 1i.-Stocks
closed strong to-day under leadership
OF Reading, Union Pacific and United
States Steel The close was at about
the best prices ana strength was main
tanned throughout the session. The
death of Supreme Justice Harlan
caused covering of shorts in Read
ing on the theory that the proceedings
against the coal trust in the supreme
Court would be delayed. Prices were
not materially changed as q result of
the weeks transactions except in q
few speclalties, and American Beet SUI
gar was the chief of these. moving to
high record prices in expectation of n
dividend. Tobacco bonds We're eX-
tremely active and made sharp ad-
vances, both the As and the SIS. Cotton
sold at the lowest price in three years
under an overwhelming movement
from the farms.
Reports by the United States gov
eminent showed that the chops have
not changed materially in volume
since the previous report of month
ago. The bad crop report for the
United States was supplemented by an
official report showing that the Rus
sian wheat yield this year is 100000
600 bushels less than last year oats
150.O00.o00 bushels less and rye as
100000 bushels less Estimates of the
cotton crop In the United States are
being raised to above i5,000.OO0 bales
and the staple is the finest ever grown.
Earnings of railroads serving the
cotton belt are holding up we'll but In
other sections of the country the gross
is yielding, although in many cases
the net is being reduced to match it.
In connection with the advance of
Beet Sugar stock 1t Fan be said on
official authority that dividend will
be declared in less than thirty days,
and directors of the company do not
hesitate to say that the stock will sell
higher than It IS. But small investors
are being warned by banking interests
that the high cost OF living this winter
and particularly the nigh price OF SUI
gar taken in connection with the
frauds upon the United States govern
ment committed by the American Sugar
Refining Company VIII cause agitation
In Congress against the sugar tariff.
Although the Beet Sugar Company is
innocent OF any fraud i. will suffer
along with the American Company in
the event of tariff agitation. Even the
American Company is not guilty of
any particular wrong doing in connec-
ton with the advance IN sugar, which
is based upon trade conditions The
past record Of the corporation. how
ever. is such as to rob Ii of all hopes
Of getting fair play in this connection
The Steel Corporation reported that
on the LIST OF October untitled orders
on it's books We're S4.66S tons smaller
than on the first OF the previous month
Prices have been reuced officially by
the steel makers an unofficial
~ they are reduced to whatever
figure a purchaser is willing to pay.
There is considerable Generalization
In the industry, except In the steel
rail department, and rails hold firm at
SIS, as an invitation for the govern
lnent 10 make an attack The prin-
cipies of fair play demand thar the
government make known its inten
ions In the near future REGARDING the
steel Trust. It is only honest in view
OF the agitation 10 let the public know
what 1t proposes TO do In view Of
the collapse Of the Electrical Trus,
ana PRESIDENT Taft's reiterat!on that
ne proposes to re-establIsh oIdfasb.
,ohsa eoihpetition in the United Statcs
~ looks as If the government would
he forced to begin some action against
me steel Trust regardless OF con-
eideTation for E%- PRESIDENT RoosevnI,
On the Curb.
american Tobacco stock continued
strong on the curb to-day and ad-
rahced - share closing at the ton
% S"oi session. United Cica-
manufactures stock also ROSE two
points In the mining group nricas
were unchanged
New York, October 14.-Monev =,
can nominal; time loans hrmer. sixtv
t@ys. i-4@sl2 per cent, and nine.y
Gays l-2@s So six months, 3s.4Ss
Prime mercantile paper. 4s-4 ner can,
steF!ins exchange firm. with actnaI
business in bankers bills at a. sao5 Fnr
Exty days. and at s4S650 for dem,nd
commercial bills, s4.32 SIS. Bar silvn.
81 - Mexican dollars. As. puri,a ~
week the money market was 6rta.
win rates for day TO day loans ranr'
ing between l-2 ana > per cent. Tim
money was in light demand throl,,h
out the week. Brokers reportcd tin
smallest volume Of business for sev-
eral weeks Rates. 3I-4a2l,a .
cent for sixty days: 3l-aDa2-, ~
ninety days 10 i've mo fs
per cent for siv months
Mercantile paper was in very ,i,,,,
demand throughout the week 40 -. ~
supply OF high grade paper scarc .s
l,ates, IL 5 per cent for sixtv and
ninety day bills receivable ana c,"ice
Jour 10 six months, single r,,,,.
s@5i-2 per cent for others. '''.7