The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-03
Neu Y rk
Stock Market

New York. May 1.-THE underione
of speculative sentiment to-day re-
manned depressed and discouraged, not
understanding an apparent iiShtSninH
OF the active pressure of liquidation
ard signs of hesitation on the part of
Tile shorts about pursuing the down
ward course OF prices with further
Saleg The bears, on account OF TINS
feeling, we're inclined TO cover their
shorts at frequent intervals, TO estab-
llsh fresh vantage point from Whlch
10 attack prices; Hence the reenr
rent checks to the decline and inter-
inittent rallies. This covering demand
from the shorts, however, constituted
about the only apparent demand Tor
stocks and there was nothing like an
aggressive stand against the crumbltng
process by attempts to support prices
and turn the market against the bears
With the market left in this unpro-
tected state, the bear party renewed
It's courage from time to time and
returned 10 the attack AS prices
were forced lower under this process.
selling was forced by the wiped out
margins aud uncovcring of stop loss
orders.
Expressions on the part of bankers
OF the inopportune money market DO
sition for entering on any speculative
campaign in stocks discouraged oper-
ators in that side of the market. These
expressions of bankers seemed TO be
unaffected by the passage of some of
the most urgent requirements on the
money market. Cotton payments in
fulfilment of the three-day notices sent
out to purchasers on Friday were made
ON large scale. and the regular May
interest and dividend payments We're
somewhat larger than usual.
1t is expected that the completion
of these settlements will be followed
by the return of funds thus released
to the money market. Foreign money
markets. also, are affected by the pass
ing of the monthly settlements. The
Bank Of England reserve was fur
Their replcnished by more arrivals OF
American gold, but the holiday on the
London Stock Exchange left no ms.
dunn for speculative appraisement of
that development The foreign eX-
change rate here declined further
widening the margin away from the
profit on gold exports
1t was on the industrial and COM
inercial side that the speculation had
encountered its most depressing inHu-
ences. These were most acute in the
metal group of industrials especially
the coppers. Amalgamated COPPER
broke through the lowest prices touch
ed during the whole year of 1908.
Unsatisfactory demand and accumu-
lating stocks gave force to the runors
of an Intended sharp cut in prices of
copper in some such spasmodic fashion
as iron and steel prices were readiust-
ed more than a year ago. APRIL eN-
ports of copper We're shown to have
fallen off comparatively without affect
ing any reduction in the reported visi
BILE supply in London. The related
dullness in the. iron market and it
apparent spread to different depart
rnents of the steel trade widenede'
the differences drawn from this con
dition.
The speculative temper was incline
to make some thing of a number OF Su
prenle Court decisions in minor case
as marking uniform tenor agains
The corporation contentious.
Such comfort as was offered by crol
advices seemed to be accepted Will
some reluctance. The early decline o
wheat on reports of rains in the South
west. with the subsequent recover,
and renewal Of fears of damage, fairi,
ject on the stock market
1t was commented upon that Penn
sylvanta suffered no more than thu
average decline, although the director
refrainea from advancing the dividen
rate. Returns of March net earning
showed the Eastern trunk lines rattle
better off in the proportion of gros
In the case of lines in some other par,
of the country. Inspired intirnatior
were given out of coming increase
in rates on the part of the Easter
railroads in consonance with the ir
creases by Western trunk lines.
Bonds were easy. Total sales pa
value. s2,3lS,ooo. United States bono
were unchanged on call.
Total sales of stocks for the da
were l.oso.soo shares.
New York. May money on ca
strong, 3 l-246 per cent; ruling rat,
6: closing bid. 4 Ii; offered at l..
Time loans dull and firm; sixty day
and ninety days, 4 1-4@4 IL per cent.
six months, 4 14@4 l2 Prime mer
camille paper, 4 S-tN5 per cent Ster
ling exchange steady =. the decline
with actual business in bankers bills
Mt si.H95@s4S450 for siSty-day bills
and at s4.S75n for demand CONNER.