The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-19
Ne w York
Stock Market

New York, May 1S.-In seeking an
eNplana OF the present stagnation
OF the stock market. to-day's attention
was turned to the foreign exchange
situation. The persistent hardening
of the foreign exchange rates since
the break caused by the first reports
OF large sales OF American securities
TO foreigners had bcgot the fear tina,
the reports of these sales were exag
gerated and partly i~ll-founded. Tho
difficulty in obtaining any authentic
information on the subject from the
nike Immediately concerned adds
to the doubts which have come to be
entertained. The suspicion that has
grown UP as to the sales of bonds
actually effected causes a revcrsion OF
discussion 10 some of the unfavorable
eonditioss which II was hoped to have
relieved by the free ecours to foreign
supplies of capital.
ii is 10 be said that conditions in
the foreign exchange markets are
much confused, and the difficulty is
thus increased Of reading the sup.
posed effects of sales abroad of bonds
There are bulls and Bears in the ex.
change markets just as in stocks. and
their operations of late are said to
have been unusually bold and specula-
tive and their opposing efforts to con !
eeal the real position correspondingly
strenuous.
The first reports OF large sales Of
American bonds abroad are supposed
to have been seized upon by a specu.
lat.ve party of foreign exchange bank
ers to sell large amounts of exchange
against which they expected TO buy
the bills offered against the bond
sales On the other hand. the nego-
tistors of the bond sales saw the de-
cline in exchange rates n the re-
daced profit on the sales with no great
relish. and the rebound in exchange
is under suspicion of manipulation to
correct the situation in the interest
of these banking interests. The I'M
easiness of the shorts in foreign ex- !
change would be aggravated, of course, y
by allowing doubts TO grow of the
reality of the reported sales of bonds. {
Genuine strength in foreign ex- {
change Is indicated by the course OF {
foreign markets and the sales here OF
stocks for foreign ccount. The trou. r
bles incident 10 the putting afloat of a
fraudulent cotton bills of lading also d
constitute an element in the scarcity q
of commercial bills of exchange. The !
hardening ourse of the private dis :
count rate in London to-day dissi- !
pated any expectation that the bank y
rate would come down tomorrow. The Il
continuance of the Withdrawals OF b
e0Ia > - az =
Bank OF England makes it likely that /,
protection Will he sought by making !,
the present bank rate effective in the !,
open market. @
With this outlook in the foreign /
exchange market there was a recur- 7
renee of discussion to-day OF the I'M 7
trade balance. the existing \
high price of commodities and the !
possible necessity of a widespread re- (,
adjustment to correct the discrepancv
and to reawaken demand and restore s
trade activity. /
In this mood of the speculation at l
tention was attracted to UGH incidents
as the agitation by shippers against !
freight rate increases by the railroads :
and tho movement amongst New Eng
land cotton mills to shut down for the
week of Decoration Day.
The dealings of 245,20o shares were
the smallest of any day of this or last
year. In the hour betwecn ! and .
o'clock to-day less than $4,000 shares
changed hands.
Bonds We're easy. Total sales. par
value. s1,1T5,ooo. United States bonds
were unchanged on call. Total sales
for the day. oi5,20o shares.
New York, May 1s.-Money on call
steady, 31a@t per cent; ruling rate,
%, ciosiis sWut pA' olisleu dt ISL
Time loans easier; sixty days. $a per
cent. and ninety days. 81 al per cent.
six months, 4@AA per cent. Prime
mercantile paper, 4&M5h. Sterling
exchange firm, with actual business in
bankers bills at s4.S3aQGs4,S4 for
sixty-day bills and at s4.S72O for de- /
mand. Commercial bills, Sassy q
si.S3I. Bar silver, 53#. Mexican !
dollars, ~. =
RIcHJoSD STOCK X :