The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-27
New York
Stock Market

New York, April 26.-.A nervous
temper in tho speculation is ind-
Gated by the sudden and violent shifts
in tho price movement which stocks
arc undergoing. The severe declines
which occurred on Monday were almost
entirely recovered in convulsive ad-
vance ut the opening to-day, rejecting
Tile unwillingness of the bears TO
maintain the position they had taken
~ shorts all tho day before The de-
nand from the bears. was at first,
simple profit taking movement appar-
entity In the hope of finding increased
alarming reports of damage to the cot
ton crop by the cold wave. The Of
fcrinss proved plucn less than was an
tcipatcd and tho violent effect on
prices Followed from this cause. QUO
tations for -,tton and grain, when
tity were received, ncgatived the
idt~t Of disastrnus damage 10 the crops,
such as had been implied. and the
covering movement by the bears was
then extended Aggressive buying of
United State4 Steel and revived re-
ports that me dividend was to be in
creased helped on the recovery. with
tho assumption that important inside
interests were supporting that stock.
Tic bulls also made the most of the
reduction in the price paid for Amer
lean eagles by the Bank of England.
and the assumption that this implied
a cestation of the gold export move
lnent When the demand from the un-
covered bears was satisfied, those long
of stocks began to feel the same dis
inclination TO maintain their position
and sent prices downwards again with
their efforts to realize profits.
To a degree, the color of the news
varied In a manner TO keep pace with |
the liquidating demand for stocks. The |
reassuring of effect on sentiment of |
the decline in cotton and grain prices
PASSED away to some extent with the
publication of weather forecasts of
4, Gt.A,, of
the cold wave. The tone OF the
Weather Bureaus weekly bulletin
gave so serious view of the situa-
ton as to awaken renewed anxiety
The addition Of S2,oOo,ooo TO me
engagement of gold for shipment TO
London tomorrow brought the total
for the week to sli.5oo,o0o which
continues record outgo for one week
with the single exception of the week
ending Nav 81, 1904, when sl5,363S1O
was shipped 10 France in Making the
payrnent for the Panama Canal The
strong tone of the foreign exchange
market in the face OF these abundant !
remittances and OF the reduction TO |
price paid by the Bank of England |
fo,. American eagles, compelled atten-
tion. The rate of advance in the
foreign exchange market to-day prom
Foreign exchange experts expressed
the view that the outward movement
was likely to so further. Preparations
for the monthly settlements. and the
political unrest in England were fac
rors in sustaining the discount rate
in London market. Call loan rates
here were trifle firmer. but the gold
outflow has reached such formidable
proportions as to prove protentous
to stock market sentiment. The change
from early belief shat the movement
was ended 10 the prosP.lt of further
gold shipments was an element in the
-fcx-, ian yl-f n
sentiment
Its extreme unsettlenent was eS..
emplifed in still another and final
covering movement by the shorts. Is a
midway between the high and low
prices Tho United States steel divi-
dend action, and the quarterly state
ment. published after the stock mar
ket closed. threw no light on its ac-
tlon.
Earnings We're less than the prelim-
mary guesses. but the untitled orders
on hand had not fallen TO as low
gested they might There was con-
siderable comment upor the fact that
the slips prepared for distribution,
giving the figures for the quarter. We're
filled in with counting machine. in
stead of being in full, as has been GUS
tomary.
Bonds were easy. Total sales, par
value. s1,soo,ooO United States 2's
registered advanced l-S per cent. in
the bid price on call
Total sales of stocks for the day
were Io3,4oo shares.
New York. April 26-Monev on call
firm. . 7-Sa3 per cent; ruling rate, s:
closing bid. . rs: offered at g. Time |
loans firm; sixty DAYS, 1-2aS 81, and |
ninety days. 8 3-4@Ol six months, Al I
a Ia. Prime mercantile paper, A 3-465
Der cent. Sterling exchange strong
with actual business in bankers bills
at s484S5ms4.S4i5 for sixty-day bills
and az s4.S790 for demand CONNER
cial bills. S4.S3 S-40s4S Ia. Bar sill
Yer. a I'd. Mexican dollars