The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-04
New York
Stock Market

New York, May Stocks reboundcd
to-day from the depression which has
been forcing them to lower price lev
els, but the relief proved only tempor-
airy in the coppers and caused acute
weakness again. apparently the prln-
cipai relieving factor was found IN
the money market, where call loans
opened at 4 12 per cent, compared
with . per cent. opening rate yester.
say morning, This was partly the
effect of the temperance IN me
money market of the amounts disburs-
ed in interest and dividends on the
first of the month. Another influence
effect OF the large payments which
BAD to be made yesterday for the cot
ton accepted by purchasers in com
piiance with the notices from sellers
last Friday to the amount of lto.OVo
bales. This requirement for near Sl3,-
100000 must have been financed main
~ elsewhere than in New York. pre-
sElnably in Chicago and in New or
leans, and in the latter case, ultimate
~ in Paris
This does not end the disquietude
felt over the cotton market situat ton.
Reports of premiums being offered by
cotton shorts through the South for
cotton for early delivery in New York
arc compared with the enormous stocks
of cotton now on New York. as
result of the bull operations on the
Cotton Exchange TO-DAY $4,000 bales s!s
of cotton were in warehouses in New
York, compared with only $1,000 bales
at this time last year.
The process of distribution of this
great stock to mills will be watched
with some solicitude. in the financial
district. The poor holding power OF
the advance manifested by the stock
market may have been due in part TO
the strained and artificial situation In
the cotton trade. Call money also rose
to IL per cent. before the close. The
regular tone developed in the later
market found some explanation IN the
confused views entertained of the
technical position. Some pains were
taken to spread the impression that
Important inside interests in the great
corporations had set about buying
large stocks sold at higher leyel.
This was done by the insinuaton thar
large amounts of stocks. which had
been returned to lenders, represented
this process. the stocks having peen
borrowed for delivery TO conceal the
origin of selling a the higher levels
The first inference to be drawn from
this return of borrowed stock would
be that the short interest had been
reduced and the technical position
weakened, but this more more, subtle 9lie,, view
of the transaction would Imply
strengthened market position.
Similar confusion was manifest II
the reading of the political horoscope
The compromises proposed in the ran
were regarded, in the first view, as
possible presage of the defeat of tn
whole program of amendment of tn
interstate commerce law ~ revise
estidate of the proceedings seemed
accept them as a strengthening of tn
radical forces, working against corpor
ations. Increasing Importance was a
tached, also, to the proceedings by IN
Attorney General, in the matter c
wire transmission of quotations. Their
was seen in these suggestion {
intended measures to hamper specula
tive transactions based on price flut
tuations, which might encroach on tn
field of stock market activities.
The public reception accorded 10 tn
proposed advances in railroad rate
We're not reished in the stock marke
Fears were engendered that the move
ment would arouse an agitation ina
might embarrass this intended metho
of the railroads for reimbursement {
the increase of cost of operation whic
they are complaining Of
The wavering hesitation of the spe
ulation only needed the late stun
in the coppers to turn the whole ma
ket downwards again. Reports of WI
concessions in the selling price of co
per were the grounds of the drop
the stocks. The heavy demand at t
decline and the rebound in the
stocks pointed to raiding tactics by t
bears as probable cause for
slump
par value, s2.sl5,ooo, United Stat
bonds were unchanged on call
Total sales of stocks for -the d.
We're so4,700 shares
New York, May 3-A1oney on ca
firm, 465 12; ruling rate. IL: closir
bid. 81 oferedt at 1-2. Time loar
very dull and soft; sixty days. 4d+ l.
and ninety days, II: six month
l-4N4 12
Close Prime mercantile paper %
12 per cent. Sterling exchange easy
with actual business in bankers bill
AT s4s435@S4S450 for sixty-day bill!
and al s+.s740 for demand Commercial
bills. s4,sS 5S@S4.S+ Is. Bar silve
81 Is. MEXICAN dollars, ~.