The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-20
New York
Stock Market

New York, April 1a.-There was a
lack OF decisive tone in the stock
market to-day which reflected a good
deal OF uncertainty in the c,p.ulation.
The market was not active, but i'm
portance was attached to some very
large individual transactions. cspe-
cially in United States Steel The
selling of this stock by the stock En-
change firm, which was revealed as
the largest owner on record of the
coinpany's shares of any of its class.
by the statement given out by the
corporation itself yesterday, gave rise
to much comment.
The influence OF those selling on
continent was due TO the widespread
belief that the firms holdings repre-
sent the interest of some of the So
called insiders In the corporation The
conclusion was suggested that inside
selling was going on. AS the amount
of the sales by this firm Represented
a considerable proportion on its local
holdings as shown by the record of
the looks, the action constituted
weight on tho whole market. The fact
that the same firm is leading factor
in the cotton market suggested the
inference that cotton spectators were
liquldating stock TO protect their posi-
ton in cotton The nervousness of the !
cotton market, which has followed the
action of the government against the
market pool in that commodity, makes
the necessity for protective measures !
for the price of cotton. 1t was re-
ported to-day that there was buying !
of cotton for the purpose of supporting
the price.
The source of the selling of United
States steel was regarded none the
less as ominious. The effect was TO
give rise TO doubts of the accuracy of
previous predictions of a coming in
creased dividend, Rumor was given
currency also that the quarterly state
ment of earnings to he published next
Tuesday would prove disappointing
The heaviness OF United states Steel
was supplemented as an influence by
the depression in the coppers 1t was
reported that the publication of
monthly statistics of copper produc-
ton, deliveries and stocks would be
abandoned, and the Copper Producers
Association dissolved The effect on |
sentiment was to suggest return to
secret methods and feeling of dis
trust Of the actual trade condition. Al
denial OF the report rallied the cop
pers.
The volume of the gold engagements
for export proved somewhat discon
certing the total rising to near the
s5,000.o00 mark, of which 100000.
was for London and sl,S50.000 for Bra
iii. Part of these were aI~nitted by
special transactions, meaning that en-
ira inducements had been offered to
make up what would have been a loss
on the operation, but others were
transactions The action of the mon
ely market offered no bar to the move
nnent, the call loan rate ruling below
per cent In London, the money mar
ket showed the relief caused by this
movement of golS in the lowering of
the private discount rate. The Lon
don stock market nevertheless, was
depressed by the prospect that the coll
lection OF the income tax, which Will
follow the passage of the budget, def
fnitely fixed by yesterdays parliament
tary vote, will denude the money
market and cause stringency.
The prosecution of the cotton mar
ket pool would have several phases in
the Wall street view. \ breaking up
of the artificial conditions surrounding
cotton and a price adjustment which
would revive the foreign demand
would be welcomed by the financial
community. On the other hand. legal
procedure against the market opera
tors in another commodity suggests
analogies for the stock operator that
are not grateful,
The unreasonable weather condi-
tions in the West made an unsettline
influence None of the days factors
was constant in its operations and
prices ended the day little changed.
Bonds were easy. Total sales, par
value s1,7s5 600,
United states bonds were unchanged
Total sales for the day. 51e,soo
shares.
New York. April 19.-Money on call
steady, . 3-4@3 per cent: ruling rate,
rs; closing bid . 81: offered at
rs Time loans very dull and
heavy: sixty days. 3 S-4di per cent;
and ninety days 4@4 Id: six months
4a4 Ia per cent. Prime mercantile
paper, 3-465 per cent. Sterling eS-
change strong. with ACTUAL business in
bankers bills at st.S5S5@ s4Si5o for
so-day bills and at s4.sTsO for demand.
Commercial bills at si.SS 3-4@si.S4 Ia.
Bar silver, SO SIS; Mexican dollars. AA