The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-19
New York
Stock Market

New York. April tS.--T'he demand
Tor stocks to-day proved disappointing
10 those who organized tho upward
movement of prices last week. Conf
dcncn was manifested al TIE end of last
week that the new week would bring
in buying orders for stocks from the
country at large, attracted by the
rise in prices last week and by the
belief that confidence was being eN
pressed in that way in sttll higher
prices. On the contrary. the events
overthe weekend brought In some sell
ing orders through commission houses
leaving small opportunity for the buy
ers of last week 10 distribute their
holdings to the expected new buyers
-Nn exception was found in the Hill and
Gould stocks, which advanced in The
early dealings on the strength of re-
ports that a working agreement had
been made by which traffic from the
Illi roads would be shipped over the
Gould roads west of Denver, The ben
oi1t Of this arrangement TO those
stocks was more than offset by the
fear OF harm TO other competing roads,
whose stocks were sold for that rca-
son.
The wintry weather in the West
since the stock market closed on sat
urday and its continuance to-day were
;
10 fruit and vegetables in those re-
gions There was some selling of
stocks on that account. Assurances
that no serious harm had been done
to the grain crop mitigated the effect
of the news.
The further downward course of the
price of wheat was evidence of satis-
faction with the new crop conditions.
1T was regarded as proving also that
holders of old wheat were inclined TO
itouidate their holdings and not wait
longer in the hope OF higher prices.
New York bankers have looked for such
n development for some time past.
Large Humiliation of Western bank
loans now at high figure. Is eN-
pected to accompany tho movement
Revival OF the foreign demand for our
cereals and provisions is another re-
suit looked for, helping to correct the
abnormal conditions III the country
foreign trade OF no less Importance
will be adjustment of the much COM
plained of nigh level of domestic prices
and Of the cost of living. The economic
advantage OF such an adjustment re-
ceiyes definition in banking and imam
cial circles.
A mixed Impression was caused
however, by the steps taken by the law
officers of the government agalns'
members OF the cotton pool for seeking
to control the price of that commodity-
The influence OF the decline in wheat
was not effective in the foreign eS-
change market to prevent lurIier sH
cagements of gold for export TO Lon
don this week The easing of the To-
cal money market, with the strength
ching of the bankS condition last
week. seems to have facilitated th'
further outgo of gold. Estimates OF
the probs Bile total outgo have beer
moderated with the stronger positlor
attained by the Rank Of England. 90
DAYS engagements were an influence
against the stock market.
The duh and dropping tone of the
iron market and the steps being taker
to curtal the output give turn OF
dcpression TO speculative sentiment
public expressions OF confidence II
the trade position by leading corpora
lion officials and persistent prediction
nj coming increase In the dividend Il
United states Steel do not avall
cure this sentiment. Copper trao
movements also were regarded as uil
tisfactory.
minor cause of disappointment wa
failure of predictions which wer
made very positively last week tina
Tho corporation tax law would be de
clared unconstitutional by the Suprem
bonds were Irregular Total sales
mar value, sl,S26,Ooo United State
bonds were unchanged on call Tota
sales OF stock for the day were o'''lo'
shares.
New York, April 1S.-Money on call
steady. 21saS per cent; ruling rate. );
closing bids. -, offered at Is. Time
loans somewhat easier; sixty and nine
~ DAYS. A per cent; six months ~.
prime rrercertile paper, a 90 per cent.
sterling exchange steady, with bust
ness in bankers bills a s4.S43o@ i,S49 90
for sixty-day bills and at Si,suo to OF
demand. Commercial bills si,so = ~
s4S4h. Bar silver. 1895 Mexican COL
lars, 81.