The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-05
New York
Stock Market

New York. October 4.-Further ir-
regularity prevailed to-day In the stock
market. which failed to develop def
mite trend The clements of reaction
were again conspicuous. Room trad
ers and spectators as a class favored
the short side Of the market and
specifically. ut least the operations
suggested the diminutlon of the de-
,nand for bear covering had not been
followed BY any real buying. Opening
prices were irregular Within the first
few minutes tho market fell off mate
rally, and during the morning ranged
we'll below yesterdays flnal quotations.
United states steel sold off nearly two
points. and some of the standard rail-
road issues almost as much. In the
afternoon tho market slowly recovered,
only 10 fall back toward the close.
The pressure against ST. Paul was
continued. and this stock fell below
los for the first time since 1905 The
recent acute weakness of this issue.
which has given rise to conicctures as
70 the stability OF the dividend rate.
was partially explained by the ap
pearance OF the August report OF tho
road 1t showed decrease OF moro
than 100000 in gross receipts and
$4,000 in the net The Puget Sound
reported small shrinka6c in operat
!nE Income.
a few issues developed pronounced
strength Western Union made the
most conspicuous gain. and 1t was re-
ported that the stock soon would be
placed on per cont dividend basis
Canadian Pacific responded to brisk
buying. which wss said to be for for
etsn account. Atchison, Northern Pa
clfc and New York Central were firm.
rejecting their recent reports OF earn
IngF.
Europe was reported to have bought
moderately here Foreign conditions,
so far as they had to do with develop
ments on the war. were not calculated
TO make for any degree of optimism.
Advtces from Paris conveyed the inti-
nation that the October settlements,
which begin there tomorrow. probably
would be accomplished without strain.
IT is none the less apparent that the
money markets OF Europe are conserv-
ans their resources as Is seldom done
except In times of threatened trouble
Discounts were easier in London de-
spite the shipment by the Bank OF
England OF s3,oS0.ooo in gold to South
America, which may or may not have
lheen for the account of the Bank OF
France.
Further reductions OF prices OF va
rlous steel products emphasized the
unsettled conditions in that industry
Prices OF some products have reached
tho low point OF last decade. Stalls
tics of pig iron production In Septem-
Der. which were received to-day, made
ia favorable showing. the rate OF daily
production having increased from 62,la6
tons IN August to $1,000 last month.
The trade reviews reported n further
ldncreasc in the production OF pig iron,
and stated that the demand for fin
than had been generally credited.
Suspension OF increased cattle freight
rates in the West. the bitterness of the
struggle in the railway strike on the
Hartman lines, and opposition to the
reorganization plans of the American
Tobacco Company probably were fac
tors In the stock markets unsettle-
ment.
American Tobacco bonds were heavy,
though subsequently recovering The
general bond market was irregular.
and fluctuations were narrow Total
sales. par value. so,560,ooo. United
states bonds were unchanged on call.
Total sales for the day, $1,000
Shares
New York, October Mooney on call
steady: 2@2 Ia per cent; ruling rate
no closing MID; offered at per cent
Time loans steady: sixty days. 10
Der cent. and ninety days, : "a: six
months, S-4d4 per cent Prime mer-
camille paper. a.. Sterling exchange
steady, with actual business in bank-
'crs' bills at s4.S27o for sixty-day Hills.
and at s4s6o5 for demand CONNER