The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-02
New, York
Stock Market

New York. June 1.-The strong and
I confident tone OF the stock market to-
u ay seemed 10 indicate that the misgiv.
\ ings which were felt SO recently haG
4 givon way to u more hopeful view. The
) acute weakness of yesterday disap
peared. the recovery which began
Shortly before the close of the preccd.
ing session being carried forward
steadily. The announced plans for re-
adjustment of the finances OF the Hill
railroads was perhaps the most power
fun factor in improving sentiment. y
better comprehension of the signii
canoe of the American Tobacco de-.
cision. and some indications of inn
proved conditions In the steel trade.
aisn excited favorable influences OH til.
market.
M That The mana gement of the Hill
roads should have selected the present
time for announcement of such huge
financial transa ction was accepted in-
mediately as manifestation OF a CON
tidence that the present situation at
the bottom was sound 1t also WAS
pointed out that such a transaction.
leading 10 closer union OF the Great
Northern and Chicago. Burlington aud
Quincy. might have been undertaken
less readily before the rendition of
The Standard Oil and American Tobacco
oeci?ions. gave more definite idea of
the way In which The Sherman law was
f IL,
ferred, advanced three points. and
Northern Pacific almost as much. max
Ing new high records FOR the year
Chitaso. Burlington and Quincy joint
4 per cent. bonds advanced from ~ 10
neatly par. i'll anticipation Of theii
possible retirement through u new issue
secured by the S6U0.O0U,O00 mortgage \
The American Tobacco decision was
viewed in more favorable light in
the financial community to-day. chief
emphasis being pla ced upon the fea-
tnre of the decision which definitely
Stipulated that realiGnment of the va
rlous companies shall be accomplished |
under the supervision of the courts.
The attitude thus indicated on the part
OF the highest tribunal was regarded !
as distinctly reassuring to corporal e
Interests in spite of the sweeping
terms OF the decision.
Some further uneasiness was shown
by holders OF American Tobacco secur-
lues. although there was none of the
violence of yesterdays decline. The |
common stock fell points on the curb"
today, and American Snuff, q subsid- |
isry, sold seventy-hve points below
the previous transaction last week
nlted States Steel, which has borne
the brunt OF recent bear attacks, wasi
imnervious TO pressure and gained moro
than point on the day. While steel
oruers nave not reached large propor-
lions as a result of the cut in prices. |
conditions show some betterment il |
was reported to-day. In the conner
market there appeared to be better
sentiment. and substantial increase
In demand is expected shortly. The
1orsnightly statement. issued TO-DAY. |
showed further decrease in the Wis. |
lbie European supply. the shrinka &c !
ior April and May aggregating more
than c+,000.00O pounds.
several OF the large Eastern railroad
systems announced their earnings for
April that of the Pennsylvania being
especially noteworthy by reason of thc
decrease OF about $1,000, 900 in on
penses. Both the Pennsylvania ana
New York Central reported gains in
net earnings, although Readings protit
fell on p'o''
The time money market was f,rmer
,uaE, on account OF continued cash
ioss ny the banks during the weol,
PREPARATIONS for June interest and div
idend disbursements and increns sod ye
qulrements for stock market p,,rposrs
me bond market was firm. Total
safes. par value, s4.S55,O Initial
states government bonds unchnnrcI
on cal Total sales for the day. GO 800
New York, June Money on al,
:. q2Sa per cent. ruling rate. 9h.
closing bid 2l4; offered at so nor
GEM, Time loans firm; sixty DAYS ons
per cent: ninety days. az I3:
EN- months. BIZ per cent. Prime mar
,. ah.'le paper ~ to 4 per cent. Ser.