The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-09-30
Nw York
nStock Market

York. September 2a.--The nor
;recovery in prices on the Stock
Tango which characterized yestor-
operations was continued through
early part of to-day's trading. The
insiyc short interest was the pivot
md which the market revolved, the
bring movemenl by that element
Tstituting the most important fac
~ Declaration of war by italy
istnst Turkey later brought about Il
fogion.
fD all appearances the street chose
lHgnore the adverse conditions which
ffronted the market at the opening.
London quotations of American
tscks were depressed in some eases
t.much as two points. Berlin report
q the suspension of a comparatively
Important financial institution. Do
Istic conditions, which prompted the
gent heavy liquidation, were not i'm
r3ved. In the face of these infu-
,4es the market rose vigorously soon
per the opening. United States Steel
Nchcd it's high point of the week at
e 1t was apparent that this seeming
Z, artifictal movement was due to the
4 that the short interest had been
har-extended during the heavy selling
btlier in the week. Surface condi-
MIS- indicated that the enormous in
y, est which reared itself on the de-
line beginning in midsummer had
cen largely put to rout. although
rom all accounts IT remains unusually
srge.
1taly's declaration OF war height
ned the Unfavcrable effect Of the for
:ign influence. In the latter part OF
he day the market sagged. and gains
of one TO three points were lost. The
eli
operations, although net changes in
most cases were only nominal.
The position Of this country at this
time OF crisis in European politics was
described by international bankers as
favorable. For tho first
time IN many years, 1t was said. the
be ginning OF a war in Europe found
money rates here easy, so that New
York Is In position to enlarge its
credit abroad. There was further Dor
rowing here to-day by Berlin, and 1t
was presumed that war between Tur-
key and Italy would result in oontin-
ued transfers of funds to Europe. Re-
Gently Italy has been drawing down
her balances in London and also has
been taking some money from this
Demand sterling rates fell
twenty points to-day.
Trading in American Tobacco secur-
tiles was continued on a large scale
The 4 per cent bonds weakened early
in the day, owing TO a report that tho
plan for reorganization of the COM
oany provided for retirement of this
ssue at 90 instead of at par. The pre-
erred stock rose nearly three points.
On the curb the common stock bounded
,ourteen points.
or a number of railroads whose Au-
gust reports We're submitted to-day,
Canadian Pacific was the only large
system to show a material increase in
net earnings. Curiously enough, Ca
madam Pacific was the weakest stock
among the standard railroad issues.
Reading, Erie and Rock Island report
ed smaller net earnings.
There was further activity in the
bond market Some OF the speculative
issues were pushed up at n lively rate
early in the day. but reacted sharply,
With a final upturn before the close.
The general bond market was frm
with a good distribution OF business
While the unusual expansion in trad
ing in bonds recently has been due
largely to speculation in American To-
bacco issues. bond houses reported
that the market had improved and
that for the first time in several weeks
there was an indication of an increase
in buying by savings banks. Total
sales Of bonds, par value, s3,42o,Ooo.
United States bonds unchanged on call.
Total sales for the day. 797,s00 shares.
New York, September 2e-Money on
call steady, 2a2A per cent; ruling
rate. 2H closing bid. .: offered at ois.
Time loans steady; sixty days, 31a per
cent, and ninety days, Sa; six months.
per cent. Prime mercantile paper.
* per cent. Sterling exchange weak.
with actual business in bankers bills at
Sass for siXty-day bills and at s4S625
for demand. Commercial bills, s4s2A.
Bar silver, 5oA. Mexican dollars. IS.
RICHMOND STOCK MARKET.