The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-18
New York .
Stock Market

Il New York, May 1.-THE advance
In stocks. which completely changed
the character OF the securities market
yesterday. was continued to-day The
volume OF business was almost as
large as yesterday. and gains we're as
general, although smaller. Trading nru.
ceeded on the same confident basis.
win strong demand, which came in
no small degree from outside sources.
Urgent short covering also was a
source OF strength to the market .Ihc
leelns WAS quite general among the
professional speculative interests carry
In the day that Yesterdays advance
mao been SO rapid that reaction
might be expected. These traders sold
heariiN al the opening, but the manner
III which their offerings were absorbed
proved that they had underestinatsd
the strength OF the market, Prices adj
vancei anew a:ter halting foi, time.
and hear traders were compelled 10
cover NJ losses
While The forces OF speculation were
responsible II large part for lu-day's
adveEce. the underlying cause APP
parentlH was confidence III the out
look due primarily 10 the manner in
which the market received Tie stand
ard oil decision. Predictions OF leading :
men OF industry and finance that il
trade revival might DC expected 10 fol 4
low The rendition OF the decision helped
TO Improve sentiment. The ease OIL
money facilitated expansion of purely
speculative operations, and. with the
present disposition TO view only the
encouraging features the excellent
crop prospects and the apparent hp-
preach .: pcace in Mexico were citel
as further factors which Justify ops.
ttmsm II was pointed out. however. /,
that the Standard oil decision removes
only one OF the unfavcra BILE features
OF the situation, that the Jesuit of the 7,
attempts of tariff legislation is stIll
10 be determined. and that it canno,
be known for some time whether the
predictions of better trade conditions
are 10 he borne out Ir
United States steel was again tho
most active stock in The list. and
touched so 1-2, its highest price since
early in the year. Standard Oil showed
further strength on the curb to-
Gay, the prospective dissolution OF the
corporation opening up the possibility
of allotment of assets to shareholders
greater than the present value of tho
stock
American Tobacco was conspicuously
strong. The common stock advance
twenty-siX points on the curb 10
900 the highest price since 1905. Lee
"'El y alicS WIS exceptionally strong,
on account of official statements that
the earnings of the road were large
enough TO continue payment Of The 10
per cent dividend. The r..ilway eouip-
ment stocks and Southern Railroads
also were buoyant Almost score Of
issues made new high records TOR The
year These include A,chlson Brook
lyn Rapid Transit, Delaware and Hud-
son, Erie Southern Railway preferred.
Fif. .
lean Beet Sugar American Agriclil-
tural Chemical, Utah Copper. Corn
products, American Tobacco preferred,
Westinghouse Electric. American Teie-
phone and Telegra PHI and Great North
crn ore certihcates.
Closing prices represented gains nj
TO 2 points, with a number Of larger
advances .4
Local banks We're preparing bids To-
day for the new Panama bonds. De-
spite their lack of circula ton privilege.
II is believed tina, they will be In de-
mand by investors. On the curb they
were quoted at 20. l-a when issued.''.I
The report OF a pending reduction
In the price OF steel bars was denied
to-day in responsible quarters Some
Improvement in the steel and iron
trade was noted in The weekly reviews
the most promising future being a |
better inquiry by the railroads. A
similar change for the better was re.
ported in the COPPER metal market,
With q better inquiry from both do
nestle and export consumers. j
the bond marke, continued strong
and active with a large absorption OF
spyeuia ,ive issues fetal sales, par
United states government, bonds
were unchanged on call
Total sales OF stocks for the day I
were o8e,4co shares
New York. May Money on cail
steady l-+@ l-2 per cent. ruling |
rate+12' 3-s.i closing bid, =. Offered |
ai...2 - time loans stronger. sixty !
GAYS i-2a2 So pcr cent ninety I
Gays = 'l-2T2 80. six months IL.
i,tlihe t1sf ,,..fi' pi.ier' 3l-2 to- per
cent S,e-hng exchange steady. viii
actual business in bankers bills all
s+,s+io for y-day hills and al
Sis625 9. s+Ss3o for demand CONNER
Gal paper, sass rs Ear silver. 53i.4.
Mexican dollars Is