The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-10-06
New York
Stock Market

n.
ness which followed last weeks par
tial recovery in the stock market was
continued to-day. Trading was almost
the lightest OF any session in several
weeks. the frequent periods OF stagna-
tion denotinE not only an absence OF
public interest hut of speculative ac-
tivity as we'll. The drift again
downward at the outset. but losses
then sustained were soon followed by
recoveries, and the final dealings when
prices were at their best. resulted in
numerous substantial net gains.
Early weakness which brought
number of one point declines was at
trbutcd to the heavinsss OF American
securities abroad. tho tone Of the Lon
don and continental exchanges reflect
ing degree of uncertainty. October
settlements proceeded normally in
Paris, although prices on that bourse
were weak. with similar condition in
Berlin because Of the continued delay
in the settlement of the Moroccan
peace negotiations The Bank Of
France reported a small loss of gold
for the week, and an increase in loans
and discounts of almost s20.o0o.0o0.
The Bank of England lost s12.500,0o0
OF it's bullion and total reserves de-
creas ed by about slb.0Oo,o 900, while its
proportion of reserves to liabilities fen
from 1886 per cent. to 5l.46 Even
the latter showing, however. is far In
excess OF It's exhibit for the CORE
spending period last year. The British
Institution shipped Si.b00.0o0 gold tot
Turkey and small amount to Egypt
Paris exchange on London advanced
slightly, with no change in the private
rate OF discount at the French capital
A smart rise in long sterling here was
ascribed to investment buying of eX-
change bills,
Domestic developments hardly exer-
cised any influence upon the market
for securities. Aside from the an
nouncenent that the government in
tends to mako an appeal in the coal
trust case, aimed chiefly against tho
Reading and allied companies, and
which induced some early selling OF
the coal shares. news was mostly of a
negligible character. mildly optim
istic interview attributed to the guild
Ing spirit OF tho great Northern and
Northern Pacific roads was helpful to
those Issues, and tho prolonGation OF
the labor troubles on the Hartman
lines was without adverse effect upon
Union Pacific and subsidiary lines. In
fact. the support accorded Union Pa
cinc throughout tho session was of
the most impressive sort. Sporadic
selling OF the steel shares was prob
ably responsible for tho early depres-
sion. which was fully Offset by the cX-
tensivo buying and material gain in
the final hour. Copper stocks were
fairly steady on reports that domestic
demand for the metal Is on the in
crease. Western Union held its recent
rise. and In the lesser industrials
American Beet Sugar and United
states Rubber were active and strong
on board room gossip of prospective
dividend disbursements. which in the
case of rubber was later confirmed.
There were unofiici.l intimations
that the Reconstruction" plan of the
American Tobacco Company would be
filed with the court tomorrow. and the
various Issues of that corporation We're
both active and strong. The best
opinion obtainable in the financial dis
trict is that some weeks must elapse
ere the tobacco company energies from
its present legal entanglemcnt.
The most noteworthy railroad re-
port submitted was that OF Louisville
and Nashville road, for the year ended
June 80 last, showing earnings of
l4l-i per cent. on the outstanding
stock. despite loss OF almost $1,000
600 in net.
Tho bond market was steady. with
greatest activity in American Tobacco
6's Total sales. par value, were So
$4,000 United States government
bonds were unchanged OH call. Total
sales for the day. i0s,l0O shares
New York. October 5.-Money on call
steady. 2121 Ia per cent; ruling rate,
. per cent: closing bid, 2: offered at
2l-S per cent Time loans steady; six
~ days, 1-2 per cent: ninety days.
IA per cent: six months, 37-S@i.
Prime mercantile paper. "a per cent.
sterling Exchange easy, with actual
business In. bankers bills at s4.s275 for
s!1ty-day bills. and S4.SS05 for demand
Commercial bills, s4.S2. Bar silver,
b234. Mexican dollars. 40.
RICHMOND srrCR MARKET