The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-04-22
New York
Stock Market

New York. April ai--The stock
market to-day was relieved To come
extent from the weakness which sent
prices rapidly downwards the day be-
fore. The profound dullness which
overcane the dealings at the advanced
level of prices was more striking
feature than the recovery itself and
had its effect In hesettng distrust
or the recuperatiye power of the
market The demand which carried
prizes upward was 2scribed to the bear
element in the speculation, which had
been selling stocks freely since the
opening OF the week and which saw
profits accrued on the short side by
buying to cover. There was no more
positive factor discoverable in the
buying. a pause in the liquidation in
rubber shares in the London marke ct
relieved anxiety to some extent of
All immediate collapse in the unstable
position growing out oil the wild spec
ulation there. but the conviction re-
mains unaltered that the pricking of
that bubble must come and with dan
ger OF damage to othc. related tinan-
cial markets.
The rubber craze in London and
initiation of credits presumably accom-
panying 1t are believed to be related
TO the solicitude manifested by the
Bank of England to continue the ac-
emulation of gold reserve The great
~ strengthened position revealed by
the bank in the weekly return to-day
was accomplished by drawing in open
ing market resources as we'll as by I'M
ports of gold by payment of Il premium
over the market price.
The increased control of the money
market thus effected puts the bank In
t1,, - Lee n
rate effective should the governors
elect to advance the rate. The pri-
waite discount rate in London har- !
dened to-day, in spite of the notable
Incorporation of the Bank of England. /,
Furthermore. additional gold was en-
gagged in New York for shipment to
London on Saturday with prospect of
continuance of the movement.
The unresponsiveness of the NcwI
York call money rate to this move
ment is looked upon with some sus-
picion of a fostered ease. The con-
troller's abstract of national bank re-
ports as Of March 80 disclosed the
heavily expanded state of bank loans
the country over. The increase IN the
loan item since the preceding report
of January. 81 reached s2o2,5S9,7la. the
New York clearing house banks be-
ing responsible for but S23,336,iO0 loan
increase in that period Tile compare
son with that OF year ago on April
IS shows loans increased for the whole
country S4GS,9S2,325 while legal ten
der holdings have been reduced S43,-
66I.i01. on March 26 New York clear
ing house bank loans We're less than
S100,000,000 in excess Of those in the
last week of April. 1909. The heavy
requirements thus revealed on the in
terror banks are held to account for
the spirit of reserve manifest in the
New York money market at the pres
cnt time.
a factor in holding the speculation
in check is a desire to await the re-
sponsc of the market to the dividend
action on United States Steel next
TUESDAY. The market response to the
action is considered of more import
ance from speculative standpoint
than the action itself. Conservative
dividend action and support for the
stock in the market might reassure
sentiment where a liberal dividend
coupled with free selling of the stock
would be regarded as a highly un-
propitious omen.
production was responsible for u
break in Great Northern ore certifi-
Gates in to-day's market.
Bonds We're heavy. Total sales, par
value, sl,9os,oOo.
United states bonds were unchanged
on call
Total sales for the day 10000
shares.
New York. April 21,--Money on call!
steady; l-e@3 per cent; ruling rate,
rs: closing. . 1-2 per cent Time
loans easy; sixty days. 1-2aS 10
per cent ninety days, 1924 per T
cent; sit months, per cent. Prime
mercantile paper, G-i05 per cent
Sterling exchange steady. with actual
business in htnkers.: bills at s4s425Gp
as45o for.' SIXTY day bills, and at
s4.SI7. for demand. Commercial bills. |
1883 S-i@S4.S4 Ia Bar silver, SO o. I
MeXican dollars a