The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-13
IN w Y ork
Stock Market

New York, MAY f2.--Confdence IN
the existing level Of prices of stocks
was not well maintained in the dealings
today The growing apathy OF the
demand. even with the stimulating in
nuence Of favorable happenings, begot
dtstrnst and prompted to some reduc-
ton of holdings and declining ten
dency of prices The response of the
llarket TO the news of the increase OF
fire dividend rate on Brooklyn Rapid
Transit was illustrative of the general
tendency. The stock rose niomentarily
To 81 and then sold off This compares
OF 50 In APRIL and a high price of 50 u
in Juno of last year, In anticipation of
the Inauguration of dividends at the
rate of per cent These comparisons
failed to imply favorable speculative
conditions in the present. The extent
to which the present advance has gone,
interrupted only by the temporary ef-
feet of the suddenly announced illness
of tho King OF England of Friday last,
put the professional element into eau
tous mood and on the. watch for signs
Of reaction. Positive predictions of a
coming increase in the Chesapeake and
Ohio dividend were used with as little
effect in inducing demand for that
stock. Rumors Industriously circulated
Wabash by the Rock Island party
failed as conspcuously to bring about
higher prices. This Indifference to al
favorable suggestion gave the tone of
any happenings of positively unfa |
yorable character
One of the days disappointments was
the retention of the Bank of England
official discount rate. The weekly re-
turn showed an advance to $40 in (
the percentage of reserve to liability I
the withdrawals of other depositss
moro than balancing the inEathering
of the government deposits through
the collection of taxes. Moreover. the
days reduction in official discount rates
Ia substance of one principal source
,of pressure on the Bank of England
reserve position. The fact that the
Central Bank RETAINED from reducing
great strength of Its position. might
imply purpose to make its rate eff
lfective in the outside money market.
The private discount rate, In fact rose {
to-day, and foreign exchange rates In
New York advanced again.
Another ground for speculative hes
itation was found in the doubts of the {
soundness of the reported Improvement
the price of the metal in London was
:: factor in this suspicion. So also were 4
reports of disinclination on the part
of the domestic consumers TO follow
the recent recovery in the price of the
metal
The prevalence of cool weather in
the Northwest and predictions of its
continuance had an effect in modify
ing the recent confidence in the pro-
press of spring wheat and corn. There
was some complaint over the reticence
regarding, the terms of the recent bond
sales negotiated abroad, and the room
thus left for differences of unfavorable |
terms forced upon the sellers.
The strength of PENNSYLVANIA stood
out prominent exception TO the
general heaviness of the market and
was of some effect finally in overcom-
ing that heaviness. The demand came
largely from foreigners. and the ad
justment of the trunk lines dispute
over import freight rates was given
as the reason.
value. s1.s91.000. United States bonds |
We're unchanged on call. Total sales
FOR the day. $4,000 shares.
New York. May Money on call