The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-26
N w Y 0rk
Stock Market

New York. May 25.--Reports Of the
proceedings in the United states Sem
nte to-day were followed by n weak
ening of prices OF stocks and active
selling all through the list, This proved
decisive on the uncertain sagging ten
dcncy OF prices which developed earlier
and which had been carrying prices
steadily downwards from an opening
level slightly higher than last nights
closing prices. The drop in the market
was In contrast with the better tone
of foreign markets and with the i'm
provement of some of the elements IN
the situation that have been dreaded.
The London condition seemed to be re-
lieved by the progress of the stock
market settlement and by turn to-
wards ease In the money market which
was reflected in further decline, in
foreign exchange rates yesterday.
While London protested no expectation
Of a reduction tomorrow in the official
discount rate of the Bank of England.
Element were higher than two weeks
aEo. the speculation there was cheer
ful on the expectation Of easier money
rates This expectation, to be sure;
would be released by the Bank of
france for shipment to London. and a
further fall in the sterling exchange
rate AZ Paris was in consonance with
this hope.
There was the same vagueness and
lack of authority about these reports
as have characterized the operation of
placing American bonds in Paris; For
effected OF si0000,00o of Cleveland.
Cincinnati. Chicago and ST. Louis bonds
amongst French subscribers was
ni1agre detail of the large aggregate
transactions which have been the scG-
sect 81 these runors.
The rumors have had sequence also
in some unfiatterins fnsinuations as TO
the terms which had to be accorded tol
iHs,.- -
consequent high cost TO American rail- |
roads of capital 1t is pointed opt that
the railroads are embarrassed as be.
tween their canvass for new capital
and their plea for increased carrying i
charges by the desirability OF claiming
profitable earning power on the one
side and of pleading poverty on the
other. News that Chicago municipal
bond offer at 4 4 per cent had brought
no bids as high as par was. discussed
as sign of the times So was the re-
quest from the Denver Reservoir lrri.
cation Company for an extension OF
time on matured obligations.
Another sign of improvement in the
credit situation was the report from
Chicago that interior banks We're pay
ing on loans to Chicago banks on a
scale sufficient to offer resources SEEK
ing employment In ca, cam leads IN II,
the liquidation in the grain and cotton
markets is taken as matter for en-
coDragement for the same reason IL
seemed. however, that the call for iiqui-
dalton applied with equal force TO the
stock market and overbalaneed any
.enefit there might have been to spec
u'ative sentiment from the improve
rient in conditions which was being
Greeted by the process.
There was discussion of the back
ward demand for wooden and cotton
products and the influence of this on
The trade situation in general Iron
and copper trade advices SET aside the
more cheerful note which had been
heard from the sources recently.
The progress OF the railroad bill in
the financial district to show growth
of the more radical forces of control
of railroad affairs. The extent TO
which the decline ran in the late deal
ings had a noticeably disquieting effect.
owing to the lack of adequate expla-
nation in any OF the known factors.
Bonds were irregular Total sales.
par value, $,592,o00. United States
bonds We're unchanged on call.
Total sales for the day, 665,S0o shares.
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