The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-28
LITTLE CHANGE|N
STANDARD ISSUES
Market Quiet, Although Some
Specialtes Make New High
Records.
HEAVY SELLING OF STEEL
Reduction in Prices Means
Big Orders From Rail
roads.
HEAVY SELLING OF STEEL

Especial 10 The Times.Dispatch.l

New York, May 2I.-ln quiet mar
ket o-day the standard issues showed
but little net change. although some
specialties did make new high re-
cords. Prominent among the latter
We're American Feet Sugar and West
inghouse Electric. Reports were cur
rent OF general cut in steel prices
to follow The conference OF steel men
nAIondaS In New York 1t is ex-
pected that rails Will be cut along with
other things. In expectation OF such
thing railroads are preparing 10
make heavy purchases The .aissouri
Pacific and Union Pacific have in the
last few days put themselves in post
ton 70 make purchases and the Michi-
gan Central plans 10 issue $4,000 900
OF bonds based on the Detroit River
tunnel.
We The bank statement was not sig
aihcant
paramount, OF the DEVELOPMENTS in
Che stock market the past week was
steel follow announcement BY the
Republic Iron and Steel Company that
It would reduce prices and make an
aggressive campaign for business
Cuts made by the company were
quickly met by other independent and
the United States Steel Corporation so
that for the frst time since Febru-
airy, 1903, the public seems convinced
that no agreement exists among steel
makers to maintin prices.
Following the establishment OF an
open market for steel there was heavy
selling of Steel common that caused
some apprehension lest the fight TO
get business destroy the foundation
laid for the return OF prosperity
through the Standard Oil decision
me ease with which the market alb
sorbed the large blocks of Steel sold
was reassuring, and skeptical finan-
clers began guessing at the real In
tent OF the steel makers In reducing
prices There are certain Affiliations
between the controlling interests of
the Republic Iron and Steel Com
pany and q group OF stock market
operators who have recently sols
stock heavily, Il, was thought this
might explain the altitude OF the Re
public Iron and Steel Company IN cut
tins prices. but this view VAS suc-
ceeded by one ,hst the who,s s,o,.e
ment vas a manoeuvre for the beneft
OF Congress. Toward the end Of the
week hnanciers expressed satisfac+ion
al the open marke, for steel. because
~ is an Initial step in the direction
OF prosperity. and will encourage tho
railroads to put in their orders for
material which have been so long de-
ssgsa, -
resumption OF improvements that Wara
stopped following the interstate com
MERGE decision on freight rates Mis-
souri, Pacific took the Initial stan 81
this direction. and gold SEQ, 600, 900 of
three-year per cent. short term notes
70 Speyer 6; CO., who resold them very
a qe The Union PaoiHc quickly
.olioweo with the sale of $4,000 900
OF Ore on Washington Railroad AM
Navigation Company per cant srst
1au reiunoins mortgage bonds 70 Kuhn.
Co. Lid.
4 decision In the American Tobacco
company case more Favorable than that
handed down In the Standard OH 'is
expected by Wall Street. and the STOCK
discounted IL the past week by advanc.
ihs 70 me highest price in It's history
In the Street
Number Of shares sold today. 49,
oSS; scar ago. holiday, Par value q,
PONDS sold to-day, s2.o41.00o: a year
ego. holiday ->N
On the Curb.
llsclng in the outside securities
market ~ the close was mora aciiv.
end generally frmer. American To
Saeeo scored further decline early.
bu' near the close recovered. Copper
ena!es we're more active and generally
nfiner' Inspiration copper was the
leader OF this group Precious metal
shares were Guiet and about steadv.
Bonds were fairly active and .irmer. 4.
New York. May o7.-AIonev on car
nominal. Time loans dull: sixty. DAYS
AaeI ninety days, %. Six months
"hn$7s per cent Prime mercantile
change steady, with actual businses i,
Banners bills al 81 si35 for sixty DAYS
and az si.S6S5 for demand Conner.
eial bills. s4S25sa Bar silver, 53i.
Mexican dollars a. -