The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-27
Ne w Y 0rk
Stock Market

New York, May 2s.--Thc recovery Of
stocks to-day was owing, in large
part TO the disproof OF the runiors OF
dangerous developments. which came
into circulation while prices were fall
ing yesterday, The quality of these
rtimors in itself stamped the source OF
them with operators seeking TO force
q decline In prices. With the realiaa
ton OF this fact there was no further
effort on the part of holders OF stocks
to let them go. The bears, on the
other hand were nervous over being
left in an exposed position, and were
inclined to cover shorts
These conditions were sufficient TO
account for a natural rebound In the
market. Superimposed upon them
were number of favorable develop
inents of more positive character.
OF these the violent break in the
wheat market was the most consid-
cred. owing TO the far-reaching lmpii-
cations carried with it.
The technical side of the specula-
tion in wheat was not lost sight Of in
taking account OF the price movement
there, especially tho reports that pri-
vate settlement had been effected with
the shorts in that market Such settle
nents. OF course. would remove a po-
tcntial demand for wheat calculated
to afford important support to prices
and would incite corresponding ur.
seney on the part of the longs in
wheat to realize. Even from such an
incentive. foundation in the wheat
snsrsct has an important bearing OH,
the money position and on needed re-
lief of an expanded loan position by|
the banks of the country
The effect OF this course of events is
already felt in the increasing. demand
by interior banks for commercial ma
per, of which reports are coming ,oI
.iand from Chicago. Besides this. opin
ions o. the crop prospects are growing
much more confident, as shown by the
hopefui views. expressed by the Price
Current Assurance OF abundant har-
vests and with a price adjustment
which would revive foreign demand
and correct the iislocated foreisifi
trade position would clear up practi-
cally all doubtful points in the pres
ent outlook. Stocks. therefore. make
ready response 10 all definite devel- !
opments promising good harvests.
Engagements OF gold to-day for
shipment to Canada emphasize the. i'm
portance of the harvests. The Cana |
dian banks are expanded in their
loans in quite as striking degree as
the banks on this side of the border
and from almost exactly the same
conditions. The principal reserve
banks of Canada keep large resources
In New York and have corresponding
power TO draw on New York resources
10 meet their home requirements.
The further recession in foreign ey-
change rates to-day marks protec
ton from further inroads on the New
York banks on another side. This
movement Is attributed to the effect Of
bills against the American bonds
which have been sold in France.
There was renewal Of rumors to-day
on this subject which pointed to large
extension of the sales effected and
the belated official announcement of
the st. Pau sao.oooO0O bond sale was
made "'As'
There was discussion of the nronos,,
TO reduce the rate interest 70 Wea,
YORK savings bank depositors. If this
movement could be accepted as an in
neA OF railing investment return 70,
,n np,eaa ~ might promise a forward
,,.ooNellent IN prices of bonds and fyed
hterest-bearing securities. Bur. tho
snrinkage In bond prices which arc
sasihss bank investments and the con
ssHuent reduction in book value nf
me surplus of these institutions Is tba
more evident motive Ii was Gov
lenoed that reduced interest allowance
might PROMPT some withdrawals = :
savings banks deposits for direct in.
Vestment In securities which now sail
on q higher investment return than
Mheh the hulk of savings bank hold
1ngs We're purchased
The suspension for wear of a stoc,
exchange member as measure ~
discipline was supposed TO be responsj.
ole for some Of the liquidation tia,
came upon the market Yesterday.
bohds were steady. Total sales ma /,
value, Sl.22S,000. United States bonds
were unchanged on call. Total saies os
stocks for the day were 363,3Oo shares
New York. May 2s.--Money on cal,
firm 3 i,4aS lie per cent; ruling rate te.
II closing biz, 3. SIS; offered at 40
ner ceaf s'rime loans quiet and dull. |
siSty days. 3 1-2m3 ga per cent. and
ninety DAYS. S-4; six months, Ana Ia
Close: Prime mercantile paper, IA
40 Ia per cent. Sterling EXCHANGE
easy with actual business in bankers,
bllls at S4.S4l06si.S425 for sixtv.dav
hills, and at s4S135 for demand. Com.
lherciai bills, sass 1-2@s4.s4. Bar sill
Yer, 90 3-4 Mexican dollars. "A.
RICHMOND STOCK MARKET.
= rsy-l ~, ~