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

New York. May 4-The professional
trading clement in the stock market
was inclined TO look with suspicion
on the manifestation OF strength to-
day. owing To the persistence with
which liquidation has been pressed
on similar advances lately, especially
yesterday. Nevertheless, the days de-
veiopments were important In the di-
roction of real relief from some of the
factors that have borne most heavily
on the financial situation Of late
Foremost place In these develop
ments is taken by the resumption of
foreign demand for bond issues The
days rnmors on that subject We're
varied. and embraced wide assort-
n1ent of reported sales in Paris. Lon
don and Berlin. While none of these
was officially verified, the corronorative
Indications were sufficient to warrant
the assumption that large TRANSACT
tiohs were being consummated In the
international market The most clear
" defined reports pointed TO New
York City revenue warrants. ST. Paul
and Cleveland. Cincinnati, Chicago and
ST Louis bonds and, in wagner terms,
other railroad bond issues. Estimates
OF the amount OF these sales ran from
s5o.o00,o00 to upwards of 100000 90.
The break in the foreign exchange
market which threw that division into
n condition OF decentralization offered
the corroboration OF these rumors.
The reopening of this source OF
supply for American capital require
ments constitutes relief of great im-
portance for the condition in the
American market. which has thrown
the bond market into lethargic state
and halted the progress of plans for
Improvement and extension. The DIS
location In the foreign trade situation
at the present time, owing to the
abnormal balance of merchandise im-'I
port. adds to the Importance OF this
RELIEF.
The LONDON money market gavcl
evidence to-day that the period og
strain In that market is definitely
over. Tie arrival in London OF last
weeks final and heaviest gold ship /
ment from New York conceded with
the decisive decline In money rates.
The actual carrying through of the
deferred tax payments In London re-
mains to be made, but evidently mol
further anxiety is felt as to the entire
sufticiencv OF the resources TO erect
this transaction.
Sales Of bonds abroad 3involve of
course. permanent addition to the
periodical remittances that have to
be made in interest payments, but this
consideration Is overweighsd by the
evident ability to employ additional
capital on advantageous terms In do
mestic enterprise, with the plain in
dication offered by the bond market
of scarcity of such capital available
in our own market The funding of
the country's Indebtedness on account
of commercial balances into mortgage
loans operates to afford relief from
demands on the money market to
meet these maturities
The new turn in the bond market
oeecurcd the topics which have been
wearing on stocks. Reports Of further
curtailment of iron production were
received and uneasiness over the cop
per trade situation was undated.
There is anxiety over the showing to
be made by the coming government crop
report. The resisting power OF stocks
to any remaining factors OF depression
was proof against bear attack, and
the gains of the day We're held almost
entire.
Bonds were firmer. Total sales, PAL
value. sc.354.n00.
United States bonds were unchanged
Total sales for the day 7ao4o
shares
New York, May 4.-Money on cal
steady; 3 S-4d4 IL per cent: ruins
rate, 1-2; closing bid 8 Ia; offere'
at IL. Time loans easier; sixt.
days. 46D4 IL per cent; ninety day
and six months, 4 IA. Prime mercan
tile. paper, 5m5 IL per cent Sterlins
exchange weak, with actual business
in bankers bills at S4.S4ds4S410 fol
sixty-day bills, and at s4S7 for de-
mand. Commercial bills, S+.S3 lea
Asa. Bar silver, 81 Is. Mexican dol
lars Al.