The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-29
New York
Stock Market

A'S0 ~ EtBiti s9s--i ilt s'pi III VI
liquidation which broke over the stock
market to-day was elimination OF
influences which have been gathering
for some time past. Professional senti-
ncnt has been bearish, bat operators
on that side OF the market have been
tir1id because of their fear that the
most powerful capitalist groups were
opposed to them. The suspicion that
these groups were no longer agrees
siyely supporting the market embold :
ened the bears to pursue their advan-
iage to-day. The presence in the
market of liquidating orders gave
them the advantage and carried prices
rapidly downwards, when they got
started,
The position of United states steel
was accepted as typical of the whole
market. 1t was this that gave that
stock its strong sympathetic effect on
the market Evidence that liquidation
was In progress In United states Steel
was considered conclusive. The fact
that so favorable a development as
the Increase In the dividend on that
stock should he taken advantage of TO
push the selling demonstrated over
extended speculation in 1t. This SELL
Ing might be prompted by the pres
sure of lenders of money to carry the
stock or by fears over the trade pros
poets on the part of holders. Signs of
both motives were discernble in the
calling of loans by the banks and the
rise iii the call loan rate and in the
movement amongst iron producers to
curtail products and thus check the
excessive supplies which are forcing
prices downwards. The weekly re-
views of the iron trade by the accept
ed authorities in the trade centred
on this tendency to-day and made n
strong influence in the days trading
The Importance attached to iron trade
as a barometer of general trade con-
di,ions made this news influential in
increasing the feeling of anxiety over
a possible trade recession. This feel
ing has arisen by reason of reports
of hesitation in various lines of bust
ness and of the high prices OF COM
nlodities.
1t is felt that these high prices
have involved difficulties in all direc-
tions This strengthened the condition
for increases in wages, which arc be-
ing conceded in all departments of in
dustry. They have tied up large
volume of credit for the purpose of
holding commodities out of the market
in the effort 10 keep up prices They
have increased the need OF money ir
the ordinary exchanges and so have
reduced the supplies available for in.
vestment and are thus responsible
partly for the lethargy of the bono
market They have paralyzed tho for
eisn demand for the leading agricul
tural products and thus piled up TIL,
country's debit balance, for the pay,
ment of which gold is going out. Fo,
these and kindred reasons, it has beer
felt that speculative deflation was &
necessary preliminary to the re-es-
Enlistment Of sound conditions
Anxiety is felt, nevertheless. over
the conduct of this deflation. The
solicitude expressed to-day over the
situation in the cotton market is an
example of this feeling Tomorrow
being first notice day in the cotton
market. involves the obligation of
buyers of cotton TO accept deliverie:
Of May cotton contracts. The late,
settlement to come when May cottol
sellers are called upon to deliver 4
still more dreaded.
The approach of the May money set
Elements conversing on the week
heavy gold exports complicated HI
money position. Loans were Gale,
by the banks, and the resulting pc
cent. money rate was the highes
touched since the first week in Jan
nary. "A sharp reaction in foreign
exchange showed one effect of III,
higher money rate. The stock Inarke
itself showed the relief offered by The
days liquidation in the stronger tone
that developed before closing The
covering of shorts, of course made a
large element in this recuperative
power. The closing itself was de-
cidedly unsettled
Bonds We're easy. Total sales, par
value, s9.SSS,oo0. United States bonds
were une hanged on call. Total sales
for the day. 1,27S,6oO shares
New York. Aprl .2s,-Money on
call strong aud s,igher, 21-2@7 per
cert; ruling rate, A; closing bid. per
cent; no offer. Time loans firm; sixty
days, i@4 Ii per cent, and ninety
days, Ia; six months, Ia. Close:
Prime mercantile paper, 43.iGl5 per
cent. Sterling exchange weak with
actual business in bankers bills, at
S4.S4S5 q s4.S4i0 for siXty-day bills and
si..7S0 for demand, Commercial Hills
siSs 1-2@s;.Si lis. Bar silver, "a ia
Mexican dollars. "A.
RICHMOND STOCK MARKET.