The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-28
Neue 70 rk
Stock Market

New York, April 27.--Thc stock mar
ket put in an active forenoon In ef-
forts to appraise the Significance Of
tho increase OF the United states steel
dividend yesterday. without having
come to definite. conclusions on that
point, a rise In the call loan rate d.
verified attention to new element In
the situation
There was no CONSENSUS of opinion
on the differences to be drawn from
&c United states steel quarterly re-
ttort and the increase in the dividend
rate. Operators who bought the stock
argued that the confidence in the
business outlook implied that the In
crease was to be taken as skilled
Judgment that was bound to Impress
the financial world at large. The chair
mans statement to directors was cited
as making direct opening for re-
current reports. with the approach Of
future dividend meetings. of an inten-
tention to distribute an extra dividend
The bull party in the speculation an
swered the contention that the quar-
ter's earnings were disappointingly
small by citing the fact that the sue
cessivc months of the quarter showed
progressive increase in earnings the
March earnings rising to a record for
my March in the history of the cor
poration.
The bear party made much OF the
current reports of subsidinE demand
for steel products. the talk of accumu-
1ating stocks and falling demand for
iron. The bear party had asserted its
determination beforehand to sell the
stock in the event of the dividend
being raised. on the ground that the
action would exhaust the available
helpful factors towards advancing the
price. some Of the selling of the stock
was attributed to liquidation seeking
to take advantage of the favorable
effect Of the dividend action. This In
ference hurt the stock. and, in fact.
the whole market.
The action OF the banks In calling
loans aggravated the selling pressure
OF the market. This action offered no
occasion for surprise In view of the
cash movements of the week. surprise
rather being called for by the almost
total exemption of the money market
until to-day from any effect from
the gold exports The shipments OF
gold by to-day's steamer brought the
Weeks outgo to sl4,50O.000 Sub-Treas
nry operations also are taking funds
from the banks with the subsistence
OF the monthly pension payments, the
gain of that institution for the week
having already risen TO sl.444,0Oo.
This total of nearly s1s,0oo.0on
withdrawn from the banks compares
with a surplus reserve of Saturday OF
but slightly over s15oOo.o00 on the
average statement and considerably
less than that by the actual statement.
Means have been found often in periods
of Influential stock market exploita-
ton TO avoid pressure on the money
market under such circumstances. The
fact that they were not employed dis
credited the powers and influence OF
the supporters OF the market. and as
sraVated the pressure upon Il from
professional speculative sources,
Tho foreign exchange market show
ed persistent strength In spite of the
large exports OF gold and of an easier
tone to-day in the private discount
rate in London. The rise in the call
loan rate here reduced the price OF
high price of the morning. but dis
cusston was kept alive for possible
further exports of gold. Londen
joined in the selling OF stocks in the
New York market and tho carry-over
rate on American stocks for the Lon
don stock market settlement was ad-
vanced from IL to 6 per cent.
The fall in prices of wheat and cot
ton relieved anxiety over crop damage
TO some extent and helped 10 the
morning rise in stocks This did no:
avail however, TO sustain prices
against the late selling pressure.
which closed the market weak and at
declines OF from ! to points for the
principa! active stocks.
Bonds were irregular Total sales
par value. s2ls3,OOo.
U. S. IS registered declined is per
cent. on the bid price.
Total sales for the day, $4,000
shares.
New York, April 27.-Money on call
higher: 7-S04 per cent; ruling
rate. L.; closing bid. IL: offered at
3 IL. Time loans firm, sixty days.
3 "a per cent, and ninety days 3-4G
4 SIX months. 4Gl4 Ia. Prime mercan-
tile paper. 34a5 per cent. Stirling
exchange steady at the advance. with
actual business in bankers bills at
sisi.50d 50 for sixty day bills and at
sis6 for demand, Commercial bills.
s's+G1-2. Bar silver, 81 is: Mexican
dollars A.