The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-24

SATURDAY. April -.

To-Day IN tne btocA uAEhch yustrthAN
recovering tendency In prices continued.
although In a more or less restrained way,
during tho first hour of business. Then
the market came practically 90 q halt
until tho last i've minutes Of the se~siOn.
when prices again Teceded somewhat.
lsaving final quotations Substantially
unchanged from those OF yesterday.
The volume OF transactions was small,
either relatively or absolutely considered.
and II may he trIthful!y said that there
was substantially no market at all during
tho day. Neither was there any par
ticular feature to the trading Contra
Leather stock. in which dealings have
besn, comparatively speaking. larger
than thoss in many other industrial
shares. waa again fairly active, and during
the greater part Of ths day rather especill
strength was psrhaps shown by Unitsh
States Steel. brooklyn Rapid Tran~it
and q few other stocks. The wheat
market was dull but steady. and was kept
arm seemingly by talk OF the same kind M
vas heard yesterday Of the development
oe harmful insect lifs In ths Western
Grain hslds. But Il 10 obvious that there
70 no particular enthusiasm just now
upon the buying sids % grain specula-
ton. The provision markets wore. on
the other hand to-day disa lnctly easy.
Sterling exchange rates remained the
came. The bank statement was uotabl"
as 70 oetan is. for the contrariety shown
hstween tho average ami actual figures
Of tho rstuyp. In the average state
ment q dacrease OF t0.I6S.O00 in loans
end an incraaas OF over g. 600 Oco In cash
resulted In an incroas@ In the bank sur
plus at N.OSS. OOO The actual figures
reported a DECREASE in loans 81 S7.I67 90,
which with an increase In cash 81 but
S5s7 600 left a decrease in the surplus rO-
ssrvs Of q Isl .OO0. The ona phase OF the
current money situation that In OF more
interest than any other and which u I'M
queafionably moro illustrative % the true
facts of the underlying situation 10 the
high rates prevailing for New York OK
change In the interior cities. which atte-tH
eonclusivsly that the spring cali Of IN"
West for funds has ended and that the
general movement Of funds instead OF
being against this centre is toward it,
Matters Of news affecting stock market
prices this week Comprised such varied
occurrsnces ~ an easier working of the
money situation. a renewal % gold exports
On a large scale. improved weather FOR
the crops and a general fall in commodity
values. tho swinging over Of another
large Republican Congressional con-
-aitusncy 20 the Democratic side in a
by-sbection, further decided progress
made in the passage 81 the railway rate
bill In Congress. more evidences Of weak
ness In the pig iron market and VI irregu-
larity In the iron and steel trade az a whole
and q whole host OF Developments bearing
upon the cotton speculative situation.
Another factor Of grea: influence in the
stock market, and perhaps one that was
more veighty than any other. was the
imminsnce Of the time when the directors
Of the United States steel Corporation
will Az the rate " dividend distribution
upon the corporations common shares
for the first quarter Of the year Just ended.
All sorts II opinions prevailed in Wall
Street as to the character of the action
that the directors are likely to take. and
the net result OF these many and differ
ing circumstances was to keep security
prices In a rather narrow range. Through
the week the general tendency 81 the stock
market was downward, and yet there
were few IL any evidences that current
quotations We ~ made Ivy any other than
the buying and selling of stocks Nv
relatively small number 81 professional
Stock Exchange operators. Looked az
broadly and M far a. matters originating
IN our own country were concerned. the
one event Of the week 81 greatest import
ance was the better crop pruspect now
afforded as the result Of heavy resent
rains over the agricultural section.
Although at the close - IN" week a rally
ting movement in grain prices was under
way. due chiefly no doubt Ia the fact that
a large short interest In the STAPLE has
lately accumulated. the whole line nr
grain. provision and commodity markets
10 obviously tending tn = lower Lowell, AMI
this has had and Is having two favor
able results. one the releas, nf money
that has been previously employed -
carry grain and other staples held speC'I-
lafively for the rise and the other a resf'Ic-
ton In that high cost ~ living which hs
in the last year b~en generally recognized
as the greatest adverse element IN the
couptry's entire business and financial
situation.
The fall in the cost 81 living has 50 far
OF course been moderate. hut II IL con-
tinues for n considerable further time
at the rate at which IL has been going
its favorable effect will be perceptibls
In the household accounts II every indi .
vidual. There IL very little doubt that
to the unlocking Of money previously
tied UP In large and small operations
for the advance in grain credit il chiefly
duo the easier undertone shown lin
money rates which has controverted the
expectations Of thoss who had supposed
that such large exports 81 gold as have
lately been enforced would cause tight
enink OF money at this centre. The
reorganization Of tho large dry goods
Arm Of Tefft. Weller h Co announced
on Friday was rightly considered by
all we'll informed parsons as being in
no way Indicative Of the genera! trade
position at the present time. even IL the
incident was undoubtedly caused 90 some
extent by the current unsettlement iu
the cotton business. In the main. how
ever. the prevailing impression seems
20 be that business az a whole over the
country is not quite a. brisk a. IL was