The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-26
New York
Stock Market

SS New York. May 25.-Events which
followed the action of the Republic
Iron and Steel Company yesterday In
reducing prices were the predominant :
! Ing influences to-day In the securities
market. Traders were confused as to
the exact meaning of the move of the
Republic Company, which was soon
followed by similar action on the part
OF other independent concerns and u
subsidiary OF the United States Steel
Corporation. There were sharp diff
ferences of opinion 5 the effect upon
the steel and iron trade and upon
the general industrial and financial
situation.
Various indefinite reports OF prob
able further price cutting by many
or all steel and iron producers and
the confusion. and il seemed doubtful
whether this phase OF the situation
could be cleared until it is apparent
whether reduction OF prices has exert
ed favorable influence in stimulating
business. Some steel interests take
the view that the poor condition OF
the trade is not concerned with prices,
but rather with general Industrial con-
ditions. and that price cutting will
have little effect. II the experiences
OF manufacturers who have cut prices
confirm this theory. the movement
said late to-day that the revision had
not resulted in the placing of any
large orders.
Y The political aspect of the situation
received considera BILE attention espe-
cially in view Of the fact that the
Stanley investigating committee be-
gan its work to-day II was said in
some quarters that the reduction of
prices might be referred TO lin the
effort to demonstrate to the nations
lawmakers that prices and output are
United States steel shares we're
naturally the target OF most specula :
tive narksmpn Tha off
rather sharply in large blocks to 73-4
during the first hour, in which time
transactions In the stock aggregated
more than $4,000 shares, rabout 40
per cent of the total transactions for
the period. After g decline OF a point.
the stock rallied, and showed a degree
OF strength which was surprising to
sues held at slightly below 3yester-
days figures, and Sloss-SheRield. an
other independent company, fell a
point Elsewhere the list showed
s.ro ne ,a eupP9rt such standard shares
rlined only frectionally at the time
when United States Steel was being
battered relentlessly by the bear
! amerIsan Certain 1ts specialties, such as
the highest point IN It's history, show
60 distinct frmness. In fact, after
The first outburst the market settled
oown 10 guinness; business after the
IN the last hour trading became more
active and prices which had recovered
from the small losses earlier In Tho
day, receded slightly Net changes IN
most cases. however, were without
significance.
The sale by the Oregon ashineton
Ralirosd and Navisa tion COMPANY
aauosiaiarE OF Union Pacific. OF sc5.-
opV;o0o per. cent. bonds to an Inter
Ialionai syndicate, which Will ofrer the
bonds here and in London. was sn
cepted as further indication ~.
oankers have no serious misCiyinre
as 10 the immediate future. n lie ~,
cderstood that the Issue alroedy ~.
been oversubscribed 7'- "Hs
Tho April report OF the Atch,.o,
hoan excited much attention, on ac.
Gount OF the large decrease In oparaf
'nE expenses, amounting 10 .7Ion Mo
az adioehough gross earnings fell off si7s
~ the ieducton in expenses resulted
IN gain of 1921. 900. IL
bonos were irregular Total eaIe.
par value s2.5IS,oOo. United states
ZONES were unchanged on call. Tnt.i
safes safes Tor the day. 4ol.4o0 shares Il
New rork. May 26.-Mon.y On can
eiestry. !sfI l-2; ruling rate, 2Ss.
GTiio 1g DID 2S-s: offered all 2i,
per cent; ninety days 80,
cent; six months 3a31. ner
EMercantile paper. 3I-2 10 1 n.ro arie
SterHnE exchange easy. 1vith o.n';
business In bankers Bills at s!s.,n Iai
slS.y Gay bills, and at s4.ssss for 40. LOT
l1; ana. Commercial bills. s,ss7s p
SILVER, 90 Ia SIsxican "a 5oIIo - bar