The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-24
N eW Y 0rk
Stock Market

New York, May 23.--To-days stock
who took on stocks in the latter part
Of last week in the expectation that
with broadening OF demand rise
In prices was to be looked for this
week. The sagging tendency of prices
was directly due to selling 70 realize
ny such disappointed holders. while
the expected demand was not in EVIL.
denoe. The deeper causes for the ac-
ton Of the market. or its lack OF ao-
ton, still remain obscure The tone
became decidedly weak by the end of
the day. Attention to-day converged
ON the London money market The
decisive hardening of discount rates
1t that centre carried its admonition
to all other financial centres. The pri-
waite discount rate moved up to within
4 share of the official Bank Of Eng
land rate. The direct cause of this is
the collection of arrears of taxes that
is still going forward, so that the
money market is obliged to borrow
from the Bank of England to secure
resources for this purpose. 1t lies In
the power of the Bank Of England to
relieve this situation by the purchase
of British exchequer bills from the
market, and 1t was expected that this
would be done in connection with the
tax collections. The fact that It is
not done marks the policy OF the bank
authorities TO control the money mar
ket, to keep up the rates for money
and discounts and thus to influence
the international exchanges. This it |
did effectually today. as was seen in
the quite sensational rise OF 8 cen
times in the Paris rate of exchange on |
London. In Berlin. also. London ex-
change rose l pfenning, and the New
York price for demand sterling rose
to $3.50.
There vas an attempt to create an
impression that the rige In the Paris |
sterling rate was caused by remit
tances to London indirectly on ac-
count OF subscriptions in Paris to
Americas bond Issues. There was no
corresponding relaxation in Londons
pressure on New York for remittance
to bear out this claim, and lnterna-
tional banking houses here did not
eountenance 1t. New York exchange
on Paris. however. was lower.
The alleged progress OF negotiations
for the sale OF bonds to Paris bankers
was the subject Of the discussion
again, with the old assertion that off,
cia1 announcement was imminent.
: There was also insistence on the pros
pect that the old project OF listing
United States Steel on the Paris
boursc was near its contamination
The stock market was not influenced
signs of revival in the iron trade
The sharp break in wheat prices
bore out the news of incrca singly ia
vorable crop conditions, but allow
ance was made for the difficulties OF
the speculative position in that mar
ket The evidence of liquidation there
is looked upon as secondary In i'm
portance only to the good progress OF
the crop itself. New York banks re-
port considerable discountins here by
outside banks, while demand for ner-
camille paper is indifferent, owing to
considerable resort by merchants To
their own banks for accommodation on
the plea that collections at this tins
are slow.
These points In the domestic money
situation and the course of the Londor
money market influence those witt
large funds to lend, rather than thc
apparent abundance Of money to LEM
on collateral and on call in the stock
market,
The Gould group of railroad securi
ties stood out rather pron1luentl,. from
the prevailing heaviness Of the general
stock list to-day. but nothing was ad-
vanced in explanation herring on the
value Of these properties
The receivership for the Chlcae 90 CITY
Railways, following that for the Hook
ing Valley property. was disiikei as an
evidence eff the miscarriage IF plans
of leading financial groups ratEer than
for any direct effects IN the market
Bonds we're irregular lotal sales.
par value, s1,26a,o0o. United States
bonds were unchanged on call
Total sales for the day. 473.sc0
shares.
New York. May 23.-Money on call
steady; Saa,s per cent: ruling rate, 8 ):