The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-21
New Y Ork
Stock Market

New York, May 20--.As a tribute Of
4 King of England. and during the fun
cral services of that monarch. the
Stock Exchange did not begin it's ses-
& sion to-day until noon. The charac-
ter of the market was little changed
by that or by any other matter. The
weeks lapse into stagnant conditions
and the added consideration of the
two hours total cessation today
probably induced some departures
from the city until Monday next.
The extreme dullness of the market
was accompanied by the strong under
tone which was manifest yesterday
An influence on this rise was the
promise of a strong bank return for
the week to he made tomorrow.
The estimates of the weeks currency
movement indicate that large ship
ments have been coming into New
York from other points. and the Sub
treasury, also. by reason of the
monthly pension payments has made
large contributions of cash to the
banks. The gain in that item prom
Uses. In consequence. to reach as much
as s120Oo.00o. The easier tendency
for money rates. both for call and
time loans. is explained by this devel-
opment.
Another influence is the almost to-
tai lack of demand for stock market
purposes. Notwithstanding the &C
emulation of cash. the banks mani
fest but little disposition to purchase
mercantile paper. the rates on prime
grades of which range from ga to
out of line with the low rates prevail
s IA These rates are considerably
ing for time loans. The low money
rates also have failed to stimulate
any demand for bonds. the rate OF re-
turn on which, for choice grades now
reaches we'll above the return on
money.
With the London stock market
'osed and with business there prac-
,ally suspended by reason OF the
Q neral of King Edward, there was
tacient demand here for remittance
.asend the foreign exchange rate up
.,rd again, and to awaken discussion
a possible resumption Of gold ex-
=. Cts. An incident of the day was
= aivaI of rumors that United States
:. sr,l was listed on the Paris bourse
~ expected increase In the dividend
on Chesapeake and Ohio was
,he,ted by fractional decline In the
,eit.e of that stock. The speculative
Hle,rations in Reading and Canadian
AZ ,cific were continued in desultory
fashion. Neither these nor any other
t operations were sufficient to give anil
nation to the market.
+ The days advances regarding crop
prospects was considered favorable
tut not decisively enough so as 10
make an effective influence In the stock
market. AS the principal need of the
crops at this time Is warm. seasona BILE
weather. and as the advance OF the
,season increas es. the natural proba-
Hilities of meeting this requirement..
I, me hopeful feeling regarding the crop
outlook follows logically.
The tone of the closing was strong.
with considerable show OF activity.
Bonds were irregular. Total sales.
par value. s1,2a0,oo0. United States
bonds We're unchanged on call
Total sales of socks for the day
we're 295,ooo shares
New York. May 2o.-Money on call
!. 'teady, s@3 LIZ: ruling rate. 3 per
emit; closing bids. L.: offered at
& lie per cent Time loans very dull
:. I'D easy: sixty and ninety DAYS, ga a
* {per cent: six months, 464 Ia
a. close: Prime mercantile paper 4 IA
~ " per cent. Sterling exchange firm