The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-25
N w FORK
Stock Market

New York, May 2i.--Tho stock mar
ket dropped back into stagnant state
to-day, In contrast with the compai +.
tive animation OF the day before. The
sailing to-day for Europe of individu-
ais who have been prominent at times
in the speculation was hit upon as an
indication that they had been cleaning
UP accounts yesterday preparatory to
this departure. Tho selling pressure
was no longer in evidence to-day. and
the supply of stocks for sale was much
diminished Uncovered shorts had to
advance bids to get stocks, The tao
tics of the room traders to move prices
made up the DAYS market almost alto
gcther. The course of the information
al exchanges afforded some relief from
the feeling on that account yesterday.
The reaction in the sterling exchange
rate in Paris was even more violent
than the abrupt advance of yesterday.
and in New York there was reaction
also, which was much more moderate.
The private discount rate in London AT
tho same time relaxed. The belief WAS
strengthened that this movement was
associated with some of the govern
ncnt loan operations recently in pro-
gress in the Parts market and possibly
also with the closing OF the bankers
agreement in Paris regarding the Chi
nese railroad loan.
Details were still lacking of the
placing of American bond issues in
France and of any active steps in re-
newal of the project to secure the adj
mission of United States Steel to Tie
list of the Paris Bourse. Both subjects
were further discussed and helped TO
the friner tone of stocks. The APP
preach of London stock market set |
Element was repressive influence ini
that market, and, by reflection, in this
market.
The money market showed an arrest
of the recent downward tendency of
interest rates, but without any marked
change in conditions. More remote re-
quirements came into consideration in
the canvass Of the coming crop move
ment. The cautious policy now pur-
aued by the Bank of England, ii Is be- |
iieved, may have in view these Interior
needs Reports that banks in this coun-
try are reducing their loan accounts
with the marketing of commodities
which had been held back, and also
on account of land purchases, arc re- |
ceivcd with avowed satisfaction
amongst New York bankers. The cau-
tious feeling on the outlook finds en-
preston in the discussion of United
States Treasury finances and the pos
sibility that they may require call
on the national banks for return of
some part of the government deposits
now held. The decline in customs re-
cepts, while conducting 10 this need,
have another side in the indication
they afford of a decline in the abnormal
volume of the country's imports and
the consequent dislocation of the for
eisn trade.
The speculative liquidation proceeded
IN both wheat and cotton. and the i'm
mediate weather conditions, which We're
considered good, had an influence in
that movement.
Bonds were steady Total sales. par
value, s11oS,ooo. United states bonds
were unchanged on call.
New York, May 24.-N1oney on call
firm, "a a31s: ruling rate. az, closing
bid, 8; offered at Q per cent Time
loans very dull and steady; sixty and
ninety days, ga per cent, six months,
4a4i.. Prime mercantile paper, Z. q.
b4 per cent. Sterling exchange steady
at decline, with actual business in
bankers bills at Si.si5o 70 s4s46o for
siXty-day bills and at Si.sT70 for de-
mand. Commercial bills, ss.S3 S-46
4s4s IA. Bar silver, 50 al. Mexican
dollars a.,