The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-17
New York .
Stock Market

New York. May i6.-WaN Streets i'm
4 mediate response TO the decision OF the
Supreme Court in the Standard Oil case
~ns Il strong and insistcn; demand for
securities, such as had not been Wit
messed since the dissolution of the
Pearson Farquhar syndicate last July.
Tho decision WAS interpreted MS a most
important bullish factor. and stocks
were advanced with n rush. the inn
portant issues gaining from TWO to
four points
The great increase in the volume Of
business was perhaps as important a
feature OF the market as the advance
In prices In the hrst hour three times
as much business was done as III yes
terduy's entire session. Trading there
after WAS not on 50 large a scale, but
The market remained active. The days
total was 1,on2.60G shares.
Among the important gains were
Union Pacific, United states steel.
Westinghouse Electric and Utah Cop
per, three. and Atchison. LehiGh Valley
New York Central. AmalEamuted Cop
per. American Smelling and a number
OF other active stocks. two or more.
Standard Oil fiiciuatcd back and forth
on tho ''curb,'' selling n, one time five
points above Yesterdays close. but los
Ing more than fifteen points on the day.
+ american IIoeacco was similarly up
set, closing with ve-point gain. after
having advanced twenty points.
The demand for stocks was more than
local. 1t began last night in the many
orders sent from this centre 10 London,
and was supplemented AT the latter
riaca by home and Continental pur-
chascs. Operations tor the European
account may safely be pu, ii not lass
than 5000. larger part or which was
later sold here. The domestic demand,
aside from local buying. camc mainly
from such centres as Boston Phlndel
phia, Pittsburg and Chicago. and com
mission houses reported considerable
amount Of absorntion by Investors
Relief that the uncertainty witch
had restricted business for so long was
ended at last was perhaps as much OF a
market factor as the nature of the de-
cislon itself. The Immediate effect Of
the courts ruling wae lost sight of in
View of the broad principle which is
enunciated. which Wall Street viewed
as Enthusiastically favorable to corpora
lions that fall into the class Of the
so-called trusts.
The effect of this view upon opera
tons in the stock market is seen In the
Tact that many OF the largest advances
were made by stocks of corpora lions |
which are at present involved in pro- |
ceedings instituted by the government.
or have been in the past, on account
of the nature of their activities Union
Pacific. which is involved in the HarrI- !
man merger suit. now pending in the
courts made the largest gain OF any Of I;
me active stocks. General Electric,
which was chiefly concerned in the suit |
recently brought by the government
against various electrical companies.
was one of the strongest stocks as was |
United States Steel, although a resolu- !
ton for the appointment of a commit |
lee 10 Investigate the steel corporation
was rassed by the lower branch of Con
Eress to-day Bankers. brokers and
speculators We're disposed to view the
result OF this and similar cases with
equanimity. Although a general I'M
provement IN the economic situation is
now hoped for. the outcome cannot be
torstold Rt the present time H
otner DEVELOPMENT were subordinat-
Cd 10 consideration n tho Standard OIL
case and had virtui Ally no effect on the
ma ket There were further reports
of impending reductions in the price Of
steel bars. Whether II eadjustmcnt of
prices OF various steel products Will
be decided upon as a stimulus to trade
hpnarently has not been determined
there being n sharp diversity OF opinion
as to the advisability OF such stem
The fortnlghtly statistics of European
stocks OF copper disclosed a moderate
decrease In the supply. which is now
below that OF the corresponding period
OF last year. Ii-a
The increase in activity in stocks re-
suited in heavier demands for funds.
and the money market was firmer.
Trading in bonds increased with that
IN stocks, and tho bond market vas ac
tive and strong Total sales, par value.
sa,267.ooo. United States bonds were
Unchanged on call
Total sales of stock for the day.
1,o0a,6oo shares.
New york. May ls.-A1onev on call
sicadF. 2'i7a@h per cent. ruling rate.
2'i closing bid. per cent: offered nj
Time loans nrmer: sixty days.
4iafa "a per cent? ninety DAYS. es,Ma.
SIX months, 2G3A per cent Prime
mercantile paper. BE to Der cont
X Sterling exchange easy. with ac,nnI
business in bankers bills at s4.S44o for
si%ty-day bills. ana al s4.S625G siSsg0
tor demand. Commercial bills s4S&75
Bar. silver 53ts Mexican dollars TX
RICHMOND STOCK M.REEr