The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-01
ANOTHER BREAK
T0NEWL0WLE
Stocks Carried Downward, Los
ses Ranging From Two to
Three Points.
CAUSES ARE APPARENT
Chief Among These Is Attitude
of Interstate Commerce COM
mission Toward Railroads.
CAUSES ARE AP.PAREN T
Especial to rhe rlmea-plspa.eh.

Especial to The Times Dispatchl
New York, April 3o-Another sharp
down to new low level for the year
to-day. Losses ranged from to 3
points. Copper issues were extremely
weak Just at the close on reports OF
q strike to be declared against the
American Smelling and Refining Com
pany steel. Union Pacific and Read
Ing were under pressure. Even the
local gas stocks let go, Consolidated
and Brooklyn Union declining about
Q points each TO a new low level.
Northern Pacific was another conspi-
cuously weak stock.
Chief among reasons given for SELF
Ing stocks was the report that the
Interstate Commerce Commission,
advance of freight rates demanded by
the railroads. In the event OF THIS
being done those railroads that have
not already agreed TO advance wages
troubles of q very serious nature
would be precipitated. Eastern Rail
roads have not yet formulated their
plans for advancing rates, being much
diseoncerted blythe attitude OF the
Interstate Commerce Commission.
rhe statement OF banks showing
the actual condition OF business on
Thursday night confirmed the reports
there had been heavy calling OF loans.
While the average statement shows
loans to be increased s3l7.80o. the ac-
tual statement shows decrease OF
In cash of si3.416,5oo. against an aver
age decrease OF s10,72o.40o. The BANK
reserve is now down TO an average
OF 25.37 per cent. of deposits, and the
surplus has been reduced 10 the nom
inai sum of $4,5s8.150. Two years ago
there was surplus OF sIo.Iss,ese.
Heavy Demand.
Brokers for investment houses re
rorted very heavy demand for stand
ard stocks in the last hour OF business.
orders that had been placed sevcrai
daya ago under the market were
aIled. There was specially good IN
vcstuent buying In the Hin STOCKS,
steel and the local gas stocks. me
local gas stocks are absurdly cheap
from an investment point or view. pe
cause no government action can reacn
them, and their earnings are sesetei
times their DIVIDEND reIulteni,e nas ;,
The movement for higher prices In
The stock market. begun on February
o was severely frost-bitten week
ago. and wllted from the opening oil
last week TO the close; me , nensy
did severe damage, but hurt the STOCK
market more than 1t did crops.
sharp break was the result IN STOCKS,
hut an advance In colton prices III
something definite for the professionals
operators 10 work on
The bear party in cotton had ap-
parently expected that the govern.
the bulls out of their position. and
ti,ere was considerable excitement
therefore when, at. the close OF tne
week. the leading bulls accepted ue
,alIe Of about s!5.00o.0oo. This cotton
must be paid for Monday.
provision by the banks for dividend
and interest disbursements caused an
per cent. New York, exported Va
Foa 900 of gold to London. and heavy
calling of loans was necessary TO
enable the banks TO adjust their sur
plus reserves. Much OK ,he ~, se'i'Ae.
during the week was due to THIS.
Another reason given for tfe selling
NJ stocks by both Americans and for
eigners was that the Department OF
Justice issued a statement IN connec-
tion-with the cotton prosecution, whlch
was universally accepted as an apol-
ogy. Persons who thought tho gov
ernment might have had some reason
for beginning the prosecution feit tnat
this explanation was unfortunate. IN
ternaxional bankers said they receiv-
ed an unusual volume OF stocks from
London, as foreigners are AquidatlnS
Americans because Of the peculiar at
titude OF the government toward ousl'
Has Little Eject.
Some attempt was made to turn the
appointment OF Governor Hughes TO
the supreme Court pench INFO puii
pleasing to business interests. the de-
cisions in which he Will participate
are so far off they cannot be consfd-
cred in connection with prices in the
Immediate future.
Next to the frost, the Steel dividend
and announcement Of earnings and
others on hand hurt prices most. Semi
official statements had prepared the
for the first quarter the actual figures
were s37.616.S76. Orders on hand show
shrinkage of about 100000 tons since
January I. While there is no doubt
justify the s per cent. dividend. the
heavy selling OF Steel shares by GER
tain speculative directors of the trust
gave the public an impression that
insisted upon after the denial that
orders are coming into the trust at 10
per cent. less than It's capacity.
an advance of wages. the average be-
penses are already. SO high that in
many cases great increases of gross
road men are telling only the truth
when they saw that unless permitted
to increase freight rates they cannot
maintain high wages and keep the
roads in good order without cuttii
dividends. If they cut dividends they
will destroy their market FOR bonds
DEVELOPMENT of the country is making
vast improvements necessary on ths
part OF the. railroads, and If the rates
cannot be advanced the roads must
curtail expenditures, and the steel trust
naturally receives the first blow
- An important event OF the week was
the inauguration. OF a movement to
drive people back to the farms, for
unless moro people go to the farms
the high cost OF living will be main
tained. regardless OF tariffs and trusts.
The production OF gold Is Increasing
and the production Of food is decreas-
ing in proportion to population.
Wall Street Gossip.
Number of shares sold to-day 41a.-
$40; a year ago, $26S,521. Par value
OF bonds sold to-day, s1.s7l ,ooo;Fa year
ago. s3.503,000.
The average loss on all stocks dealt
In to-day was 81 cents. making the
III n \ - n