The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-06
Neu, York
Stock Market

New York, May 5.--To-day's stock
market showed some decreased in
fluence of the reports OF sales of large
Issues OF American securities abroad,
which electrified the market yesterday.
Various considerations entered into
the undertaking OF this influence. but
1essened appreciation of the practical
Importance of the development was
not one or them.
The market closed buoyant with re-
stored confidence. There was an appii-
cation at first that yesterdays reports
might have been exaggerated IN sew
erai particulars. First, as to the
inmates which alleged an amount well
over hundred million strained
credulity. 1t was suggested that there
had been included In some of these
estimates the total of proposed issues.
including both the portions to be sold
abroad and those offered in the home
markets official confirmation of the
reports was withheld still, and this in
itself left an element of doubt III. the
matter
Late confirmation OF the st. Paul
bond sale animated the whole market.
One reason for withholding contirma-
ton was that announcements had been
premature, leaving the closing up of
negotiations incomplete.
Another modifying factor was the
absence of knowledge of the terms on
Broad intimat tons that very attractive
prices were made necessary in order
TO enlist the buying of the foreign
bankers left open the problem of the
final effect of the transaction on exist
ing issues and their current prices.
An impression got around also that
loans with the new securities as col
lateral rather than outright sales
would be found TO be involved in some
of the reported operations. still
more potent modifying factor was the
extent TO which the rapid rise In prices
yesterday and at the opening today
was disoountinE the favorable erect
of the bond sales to foreigners
The action OF the stock market sum-
uiently showed. however, that great
Significance was attached TO Sle mat
doubtful factors. The need of addi.
tional capital for carrying forward OF
enterprises Is too real and obvious not
to promise great relief through an
opening up OF fresh sources OF supply
by subscription to new securities
abroad.
England demonstrated the effective re-
cuperetion OF the London money posi-
ton, and its complete readiness Tor
the government fiscal operations, FOR
which it was prepared. The retention
OF the official discount rate did not
prevent further recession IN me Pr, a
rate discount rate. in view OF the
of England showing Local money
conditions continued to work easier.
New York bankers maintain an at,l :
tude of some reserve regarding the
outlook for money on account of the
extended condition of banks through
the country.
Publication of statistics of the rate
at which the piS-iron production is
being cut down proved curb on
speculative enthusiasm. The, effec
was not Immediately perceptible or
United States Steel, but II was a con-
OF the coppers, in contrast with the
strength of the general list. The sus-
1ained production OF copper in spite
of the insufficient demand TO absorb
stocks awakens insistent discussion of
the necessity of reducing output
United States Steel was affected by
revival discussion of the old project
TO list the stock on the Paris Bourse.
The report that National Railways
of Mexico, second preferred, had been
so listed. served to hang the discus
sion on.
Advances in passenger rates .,,, :, or N
mented the effect of the notices OF
higher freight rates. News from The
crops offered no decided change II
conditions, but solicitude for winter
wheat had an influence on stocks.
Bonds were irregular. Total sales
mar value, S2.475-000. United State:
bonds were unchanged on call, Tota
sales of stocks for the day were S2o,-
200 shares.
New York, May 5.-Money on cal
STEADY, 3m4 per cent; ruling rate,
closing bid, ;$-4; offered at 37-s
Time loans easier; sixty and ninety
days, 4 per cent; six months i.
Close: Prime mercantile paper, 5W
Sic per cent; sterling exchange
easy, with actual business in bankers
bills at s4S39oG s4.S41O for siXty-day
bills. and al s4.S6SO for demand. Com
mercial bills. 1-21$iSi Bar Sill