The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-20
Ne w Y ork
Stock Market

New York, May fn.--The professional
element in the stock market defined IL
ms sold ont To-day meaning that
practically no stocks were offered for
sale The buying was lneagre TO the
point OF starvation but bids had to
be advanced nevertheless to secure
stocks. Dealings fell to lower level
even than yesterday. reducing the rec
ord for dizziness since July of 1908 cor
rcspondingiy. but the facility with
which prices rose changed the aspect
of sluggishness and stagnation. What
was rather remarkable was that the
trading element took small advantage
OF this price movement TO deal In 1uc-
tuations. The neglect was partly due
to the fact that the Stock Exchange
will open tomorrow not until noon,
and the London Exchange not at all
in observance of the funeral day of the
late King of England
The days small dealings were con-
Eested in few stocks. and some spe-
cial causes were assigned for the
strength shown by these. which had a
large sympathetic effect on the dull and
narrow market Reading was most
conspicuous, and the operations in that
stock were ascribed to speculative par
ties lately active in the Wabash and
Rock Islaild. Claims We're circulated of
large concealed assets in the Reading
treasury in the form OF equities in Sc
curities held which are said to be un-
deryalued in the company's balance
sheet No new facts We're adduoed to
account for the movement. The Cana
dian Pacific rise was accompanied by
rumors OF intended increase in dis
bursements 10 stockholders.
Some of the general developments
were in favor OF the advance i. More
confidence was felt in the success of
negotiations for the sale of bonds
abroad. Positive announcement of the
placing of s1o,oooooO of Cincinnati,
Cleveland and Chicago debentures in |
France conduced to this feeling. There
were intimations also that official an
nouncement was to he made regarding |
the st. Paul transaction. An easier
tone in the foreign exchange market
was corroborative of the opinion. At
the same time the rate for call loans
ran off to below per cent. although |
the almost total lack of demand for
stock market use left this showing
without much significance. The banks
are gaining cash both from the sub
treasury and on the interior movement
The retention OF the Bank of England
official discount rate was in accord
ance with expectation. The feature OF
the weekly return again was the growth
OF s22.S35,000 in government deposits
through the inflow of tax payments and
the drawing downof Other deposits" to
the amount of s1S.6S0,o 900 to meet these
payments. Unless the hank shall turn
back part of these collections to the
market by the purchase of government
treasury bills from private holders, the
money supplies in the market will be
kept so far depleted by this condition
that the bank will easily enforce its
own discount rate on the outside mar
ket.
The fact that gold continues to go
out from London to various destinations
makes it likely that the Bank of Eng
land will maintain it's control of the
money market rather strictly. Re-
ports from leading authorities in the
iron and steel trade showed an inn
proved tone, which was due more to
belief that turn in conditions for
the better was imminent than to any
actual change New orders for rail-
road equipment We're amongst the
news items from the trade The bet
ter sentiment in the copper trade was
sympathetic. The days crop advices
also were hopeful. The postponement
of the Chesapeake and Ohio dividend
meeting and rebound in foreign en-
change rates were Instrumental in the
rather heavy closing tone of the mar
ket.
Bonds were irregular Total sales.
par value. s1,l52,ooo United states
bonds were unchanged on call Total
sales for the day, $4,000 shares
New York. May lo.--Money on call
easier 3@Saa per cent; closing bid, |
2aG3 Time loans easy and dull sixty
days. 50 per cent and ninety days, |
3H4a 4; six months, i@lh Prime mer-
camille paper, y rs per cent. Ster-
ling exchange firm. with actual bust
ness IN bankers bills at $iS4ms4S425i
s5for siXty-dsy bills and al s4S725 for
demand. - Commercial bills, $i.S3A a |
$685. Bar silver. SO Is. Mexican dol
lars. a