The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-12
New Y ork
Stock Market

New York, May 1.-THE persistence
with which stocks were absorbed al
the various price levels to-day had an
influence in stiffening speculative con-
fidence and formed the tone of the
market. The sources of the buying
+ were not always manifest, and II was
met at times by effective selling,
prompted by an obvious desire TO real
! ize profits on the recent advance Such
( conspicuous market leaders as the
Hartman Pacific, Northern Pacific
z Chesapeake and Ohio and al time
United states Steel, were held back
4 by realizing sales OF this kind. These
! sales were renewed quite actively al
Z the last and unsettled the closing tone
considerably.
No striking new event occurred to
account for the strong undcrtone of
the market The quieter tone of the
wheat market to-day took the edge
off the effect of yesterdays sudden
slump There was realization that
speculative manceuvres in that mar
ket shared. with crop conditions. In
the causes for the action of the price.
The after effects OF the government
crop report have been. however. to
allav the most serious OF the anxiety
which was felt over the amount OF
damage done to the grain crops by the
severe weather of the latter part OF
April. Current reports also point to
constant Improvement in conditions.
especial in the spring wheat belt.
Besides the growing influence of the
agricultural general prospect. the Sc
curitieS market Is having the benefit
of other general considerations, The
passing of the depression caused by
the succession TO the British throne
,,.t. 4, of
relief, which. it was felt entitled.thc |
stock market to an upward reaction |
This influence was strengthened to- |
day by the easing of the money mar
kets The private discount rate In Der
lin was marked down q fraction. and ,
London cables pointed to the Likelihood |
Of reduction in the official discount
rate of the Bank of England to-mor-
row. In New York, demand sterling
touched 4Se35. the lowest price of the
year. with some subsequent recovery.
The prospect of the reduction of the [
Bank of England official discount rate /
affected exchange. SO did the appear
ance of further bills based on the plac-
ing of American securities abroad BY
small additional details, the main con-
tention as to the Importance of the
foreign sales of r6w securities is COM
Ing to lie verified This forms a con-
tinuing influence in favor of the whole
financial situation. A good deal of at
tention was paid to the COPPER metal
market. and there were many rumor,
current OF DEVELOPMENTS In that trade.
official information of copper trans
actions beyond the periodical publica-
ton of the statistics of the Copper
Producers Association. Is not to be
had The price of the metal advanced
o;,,l a-a 49, fAf1 i,, T py,I fy,
Last months large accumulation was
attributed mostly to the leading in
terest. and its control was said to have
Increased sufficiently a consequence
TO enable it to exact the better prices
from some of the recent buyers.
somewhat better tone also was said to
re growing up in the iron market. The
The record Lake shipments of ore for
April came into the discussion of the
trade position. Brooklyn Transit was
the subject of dividend rumors. Wa
hash was affected by revival of old ru-
rors of new control Adjustment of
the trunk line dispute over import
freight rates and proposed increases in
suburban passenger rates out of New
York were factors in the days market.
Bonds were steady. Total sales, par
value, sS,144.00O. United states SIS de-
clined IA per cent in the bid price on
call Total sales for the day, 693,4oo
shares.
New York. May 11.-Money on call
steady, 3 1-2@24 per cent; ruling rate,
37-S; closing bid, 3S+; offered at I.
Time loans softer: sixty days. $40
per cent; ninety DAYS, {; six months
4@41-4 Prime mercantile paper. IL
to : per cent Sterling exchange weak.
eli In
at s4.S3S5@ s4.S350 for slxty-day bills.
and at s4.sS5o for demand. Commercial
bills. s4sSG s4.s3 IA. Bar silver, "a is.
Mexican dollars, "A.
RICHMOND STOCK MARKET