The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-07
Ne w Y ork
Stock Market

New York. May G.-Explanation for
tho action of the financial markets
turned 10 the principal news event OF
the day. the alarming illness of the
King OF England. The marking down
of prices at the New York stock EN-
change was intended obviously as an
adjustment to an expected shock. The
actual volume of sales was not large,
but tho proportion for London accoun,
was greater than usual. and was sur
iicient to give clear notice of the DIS
position OF the London market 10
avail itself of New York facilities for
turning securities into cash.
There is no clear reason why the
passage OF the English succession 7.
the throne should affect the value or
AMERICAN securities, or, for that mat
ter. English securities. The death of
Queen Victoria unrutiied the markets.
The selling of stocks for London ac-
count in New York al that time wa,
over in day. and made no effective
Impression on foreign exchange or
money rates. The present situation
differs in some respects. both polltlcal
and financial.
The effect Of passing Of the pres
cnt King Of England on the strained
political conditions in that country
received considerations for its possf-
bic influence on financial affairs.
Views in Wall Street on this matter
were vague, and probably not too well
informed. but their influence in beget-
was none the less on that account.
As 1T happens the money position In
london is extraordinarily strong, owing
TO the measures of remuneration re.
in preparation for the strain of pay
ing the deferred taxes. which nav.
been paid in yet only in. small par,
leaving the central hanks pTs,t'o d,
practically unimpaired at Its point oil
greatest strength.
The sensitiveness of the New 1ork
market to bad news was increased oy
the fact of tho shardp advance, WHEN
previous days Sufficient profits had
accrued to offer inducements for sell
ing to realize There was disappoint-
ment perceptihle over the lack or con-
tirma,ion OF the reports of bond sales
10 foreigners The subsistence of large
offerings of bankers bills in the Tor
eirn exchange market did not help TO
sustain confidence In the outcome VI
pending negotiations ~,
The stock market was not lett WIN
out support and an effective mid
session rally resulted from these OPP
erations. 1t was accompanied by spe-
cial strength at ono or two points,
Especially Brooklyn Rapid Transit
THAT stock and Chesapeake and ONO
were influenced by rumors Of dividena
Increases rally also +, followed w os the
mates of the weeks currency move
ment.
From these II appeared that tle
banks have been gaining large sums
in cash by receipts from the Interior.
AS no gold has gone out this week
and the Subtreasury has taken but
small sun from the banks the prob
ability. Is that they have added between
holdings this week. The money mar,
ket was easier to-day. both on eau
and on time, in consonancc with TINS
promise.
Bonds were irregular Total sales,
par value. s2,3s1,ooo., United States
bonds were unchanged on call. Total
sales for the day. 7l6,S00 shares stocks.
New York. May S.-Money on cali
easy. 3l-26l. per cent. ruling rate.
49, closing bid, 3l-2 offered al at a.; "a.
Time loans easy: sixty days and nine
" DAYS, per cent. six months, ar
41-4 per cent; Prime mercantile pa,
per. 3-4@ 5l-4 Sterling eNchange
steady. with actual business In bank
ers' bills at DISTINGUISHING for sixty
~ bills. and at s4.s6e0. for demand
bills, s43S S-Sd s4SS 80
Bar silver, 537-S. Mexican dollars "A.