The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-26
New York
Stock Market

New York, April 25.--spcculative
sentiment in the stock market to-day
was more depressed than ever after
tho failure of the momentarN rniiN
during the day to hold. The tone was
acutely weak and at severe declines
at the closing. The reouperative power
OF the market proved extremely moder-
ate and shortllved.
The action of the wheat market was
taken as discrediting the worst fears
of damage to grain by the cold wave
Account had TO he taken, though, or
the known disposition OF holders of
old grain 10 liqutdate their holdings
and 20 take advantage of strong spots
to do so The firm closing in wheat
was partly neutralized also by the en-
cited strength in cotton, and the
alarming Views OF damage current IN
that market support centred on
United states Steel, to the accompani-
ment of renewed predictions of great
positiveness that the dividend would
be increased to per cent rate at
to-morrow's meeting of directors. The.
formidable dimensions of the week s
agements of gold for export had
q responsive effect on speculation.
New York bankers would regret any
development that would encourage de-
ferred liquidation OF interior bank
loans for Withholding grain from the
market The extended loan position
OF interior banks is a feature of the
situation that is not likely. Shipments
of currency which are coming from
the interior are said TO be due to scare
ity of New York exchange and to low
deposits here for account of interior
banks Meantime Chicago bankers re-
port that country bank deposits are
being drawn upon to meet land pay
ments, including large sums for Cana
dian lands. Canadian paper is IN
small demand. as 1t is here. Bankers
admit an irregular tendency in inte-
rior business.
The chaotic conditions in the cot
ton market have their disturbing SIDE
from both the stock market and the
financial point of view. To protect
the position in the cotton market there
is liquidation of stocks Tho difficult
position of the cotton shorts has IN
duced repurchase of cotton in LiVer-
pool and reshipment here at loss.
on top of this complication comes a
rush OF Liverpool brokers 10 New York
TO make fresh purchases, influenced
by the appearance of cotton bills oil
lading abroad for which no cottof
shipments exist. Paralysis of the cot
ton industry is a dreaded consequence
The belief that cotton sold for Ma!
delivery is guarded against becomni
available for July threatens Ito extern
the period of anxiety and unsettlemen'
Gold engagements to-day amounte
to 100000, to which is to be adde
s1.51O,0OO engaged last week for ship
ment tomorrow. Ten millions of I'll
aggregate goes out tomorrow.
The S5,O0o,0Oo by the Guaranty Trus
Company exceeds any known prece
dent for an individual gold export TO
morrow;s s1o,000.0oo aggregate seem
to be a record outgo by a single steam
ship. but s1o.36t,150 arrived here o
November Z. 1907, for the relief of tn
currency famine growing out OF IN
panic. The fact that the sterling eH
change rate refused to yield in fac
of this prodigious replenishment o
supplies in that market, while the pri
vate discount rate in London rose to
level with the bank rate, and gave a
ominous tinge 10 the transaction
Money rates in New York We're unai
fected.
The insistcnt assertion that tt
United States steel dividend VIII
placed on a 5 per cent basis to-morro
seemed to be regarded as of doubtful g
ficacy as a supporting factor for II
general market. The renewed uptur
i'm wheat also conduced to the losing
ground partly recovered in the stoe
market.
Bonds were easy Total sales, p;
value sl.s5a,ooo. United States bono
were unchanged on call. Total salt
for the day. 10000 shares.
New York, April 25.--Money on ca
steady. 27sda per sent, ruling rat
and closing bids. 27s offered at pc
cent. Time loans easy; sixty day
3h@3Ss per cent; ninety days. ga
six months, 1 per cent Prime mercan
tile paper, ~. to ) per cent. Steriin
exchange steady, with actual bushes
in bankers bills al $4.S425m s4.s4S
for sixty-day bills, and at Si.S7So 70
demand. Commercial bills. S4.SSSs
s..s4ls. Bar SILVER. .aSs. Mexican dol
lars, IA. Government bonds steady
railroad bonds easy.