The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-03
New York
Stock Market

New York. n. ". October For a
time after the opening OF the stock
market to-day renewal of the up
ward movement of late last week APP
peared 10 be under way. Advances
were general in the early transactions
In the cases of Union Pacific, Reading,
lean Smelling and American Tobacco
preferred they amounted to q point
and United states steel gained nearly
as much. But the market did not re-
higher prices were unexpectedly large,
and quotations soon began to fan.
Gains were cancelled, and the market
thereafter moved listlessiy within an
in most instances were nominal
y lessened demand from the short
interest deprived the market OF its
main source of strength. No attempt
was made, however. TO bring about an
othcr Oreak, and SPECTATORS on both
sides OF the market merely held their
tuatiolls OF last week. the day was
extremely dull. The event OF the day
Which attracted most attention was
announcement OF the engagement OF
100000 COLO for shipment TO Parls,
following the expectation OF Sl,50o,00O
to the same point on Saturday. Bank
ers were doubtful to-day whether the
movement would be restricted 10 small
proportions. The ultimate destination
of the gold and the significance OF the
demand from Paris at this critical time
in the European political SITUATION
were of course. matters for specula-
ton. Paris appeared also as bidder
tor the weekly consignment OF south
African gold IN LONDON to-day, obtain
ing a part OF the onerinSs. The money
market mus lar has not reflected the
rAputtation OF golo which is taclli-
latcd BY the low rates ruling here In
comparison with the figures optainable
in Europe,
The unfavorable tenor of August
railroad reports was emphasized by
the Pennsylvania showing of II de-
crease of s4s6,o00 in net operating
revenues The New York Central sys-
TEN. however was marked excep;,
ton Net earnings OF the parent road
and its principal subsidiaries INCREASED
largely. In the case of Lake shore
shrinkaEe in gross of $4,000 was ac-
companied by a reduction In operating
expenses of more than 100000. result
ing in net increase or S6ShOoe, Whicn
was only slightly more than the net
proper The strike on the Hartman
lines, the government cotton report
and war news from abroad were Win
out effect upon the stock market; me
movement Of which was governed al
most entirely by technical conditions.
Trading in the steel stocks fell on
with the remainder OF the market; Sei
Corporation for the quarter just emo
ed. it was said to-day, may 'be some,
what larger than for time appeared
brOl2Ole OWING u tIt S'Aiiih'HS
business lent by price reductions. The
extent to which price-cuttinG has in
terfered with profits. however, has
Vet TO be demons trated, but, with, al.
iowance FOR the deliveries of steel at
the lower prices II was estimated that
net earnings for the quarter WOULD
reach s3l 900. 800. y considerable
shrinkag &c in the European visible
sunvly OF copper was reported in TO-
DAYS fortnightly statement.
transactions in bonds shrank pro
purtionaleiy with stocks. and the
movement was extremely narrow,
prices were firm. Total sales par
United States bonds were unchanged
:" Totai ' sales for the day, al4,soo
shares.
New York. October Money on
call steady. l 3-4G2 as per cent; RI,
ing rate. . SIS: closing bid, 2; ofLered
at Is Time loans steady. sixty
days, l-4@S l2 per cent; ninety
prime mercantile paper, 81 per cent.
Sterling exchange barely steady, with
actual business in bankers bills Al
s4.S25O for sixty days. and at S4.s6oo
for demand. Commercial bills, SiS1 81.
To-, = all q