The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-21
New York
Stock Market

New York, April 20.-Specifc causes
were not clearly porceptble for the
weakness of stocks to-day. The de-
,rand was apathetic, as 1T has been.
The opening OF the week demonstrated
the failure - last weeks concerted
rise in prices to awaken any genera
outside interest in the market.
inclined to reduce their lines ever since.
The bear party III the speculation taxes
advantage OF this situation to oifer
prices down. and thus take the market
away from the would-b- sellers. Deco
sonal buying from the bears TO realize
profits BY covering shorts constituted
the principal demand at any time to-
dav, but prices ended at the lowest
rhe weakness of the metal stocks
was conspicuous. but this was in ac-
cordance with the special strength
shown by that group last week. Their
leadership in the decline was accom-
panied by unfavorablc rumors some of
which were simply contradictions OF
others which had been used to help on
the previous advance In the stocks
The persistent selling OF United states
steel was of notable sentimental eff
feet on the general market. The deal
ings in steel, in fact made up q large
proportion Of the aggregated estimates
Of the earnings for the first quarter
TO be reported at the directors meet
ing next Tuesday accompanied the
selling. Assertions that the total
would fall below the sio,00o,oo0 total
OF the December quarter seemed to dis
courage the holders of the stock, al
though the lull in trade activity which
occurred after the first of the year
has been We'll known. consequence
of tho new view of these facts was to
throw doubt on previous confident ex-
poctations that the dividend Is to be
placed on a : per cent. basis next
Tuesday.
The coppers were oxen weaker than
steel and We're affected also by the
falling price of the metal. The move
ment to reduce the output of pigiron,
coupled with advocacy of cnrtaiiment
or copper production, implies an un-
healthy condition in those trades which
initiates against the strength OF the
stocks.
II Is probable that some degree OF
speculative depression WAS reelected
from the commodities markets on the
stock market. This is contrary to tho
usual order of things. owing. to the
fact that declines in grain and cotton
are due usually to promising crop pros
pects In the present instance. the
large credits involved in the common
ties speculation threw some hauidatlon
upon the market in the protection or
the position in other markets. me
effect of the government inquisition
into the cotton pool and its threatened
extension TO dealings ir futures IN
other lines. is held responsible Tor
much of the unsettsu;ent in those de-
partmcn.s If speculative activity.
Tho additions tc tho gold export
movement daring tie day were an M
nuence towards depression. although
no direct effect was parce. ytible IN the
tcne of tie money r,niket. Rates Tor
call loanss in fact, We're somewhat cas-
icr. and the .:emund fer time loans
also is reported to be almost stagnant'
Discount rates We're tirmer in LONDON,
and IL is to that centre that attention
IS directed for money market liIlu i
ences The excess into which the deal
jnes in rubber shares has run in Lon
don is the subject of anxiety through
out the financial world. The system OF
deferred settlements on which STOCK
dealings are carried on in London puts
forward the obligations which are
being recklessly incurred for innumer-
able new rubber plantation shares.
which are coming out in London, and
are rushed up to sensational premiums
IN few hours dealings. An ultlnate
crash and heavy losses are considered
i''f BONDS were heavy. Total sales. par
value, s1,46oooO. United states bonds
were unchanged on call.
Total sales for the day, 6S9'foo
shares
New YORK, April Money on call
steady: 3-4q3 per cent; rning rate,
"a. closing bid, rs: offered at .
per cent Time loans dull and sort
sixty days, S-4 per cent, and ninety
DAYS. 8 s-4a4 per cent; six months,
Prime mercantile paper. 3-4Wo
per cent Sterling exchange steady, with
actual business in bankers bills at
s4.S435ms4S450; for sity-day bills. at
sAS7@s4s7S5 for demand. Commerclai
bills, s4.S4@s 4.S4 Ia Bar silver
sd Ia Mexican dollars. A. Govern
ment bonds steady. Railroad bonds
heavy.