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

New York, y. y. May "A definite
Z movement toward lower. prices gained
considcrab bic Roadway to-day in tho
stock market. The curious apathy
which the market has displayed re-
Gently In the face of unsettled influ-
ences disappeared to-day. and stocks
no longer received such staunch sup
port as 10 render them immune TO
these influences. Tho market seemed
to be laborrg under the strain OF both
short selling and liquidation OF long
stock. Prices rallied from time 10
time and the manner in which large
offerings were made on each recovery
suggested that the influence of liquida-
ton was The preponderating one.
Beurish activity Increased later i'll the
day, however, and in the last part OF
the session seemed to be concentrnt-
ed on United States steel. large blocks
OF which were thrown on the market
In rapid succession Reading. which
has been the most active stock dur
ing most OF the past week, was sold
heavily again to-day. with more tell
Ing effect. the price declining SIS
points. One explanation OF the move
ment In this issue which was accepted
widely was that large pool holdings
were being disposed Of
Bullish operations In specialties We're
continued to-day. but failed to impart
strength to The standard issues. Inter-
national Harvester was again the
prominent feature of this division. ris-
ing 10 a price OF nine points
above yesterdays low figure, hut
yielded later. Buying OF the stock
was reported 10 come from brokerage
interests. commonly associated with
inside Knowledge OF the conpany's af-
fairs. and The belief that the stock
may soon receive benefits of an in
creased dividend gained further ground
to-day.
With the increase in hearish senti
ment the market was more inclined
TO take cognizance of such adverse in
fluences as the proposed congressional
investigation of several large corpora
tions. increased labor unrest and the
Mexican situation. Official adrices
from Mexico. pointing the conclusion
of peace arrangements. did not offset
the effect of disturbing information re-
ceived In the last few days
Sales of bonds to-day were the larg-
est OF any day in many weeks, The
period of activity in this market" has
now been in progress about fort
night. and shows no signs OF dinin-
fishing. Purchases by individuals. bond
dealers said to-day, have been large.
but the great bulk of buying has been
for the account of moneycd instltu-
lions The extremely low rates pre-
vailing for money in the open market
have virtually forced institutions OF
this character to purchase bonds.
Time money rates are now frcm to
per cent under those prevailing at
this time last year
Another cut III the price of nails,
the second in the last fortnight and
meeting OF the leading sheet steel
makers for discussion of the mainte-
nance OF prices were the only side
lights thrown on the steel and iron
situation to-day. 1t is increasingly
evident that some o. the smaller inde-
pendent companies are growing restiTe
under the restraint imposed by pre-
vailng conditions. and that something
in the nature OF remedial measures
may be for Il necessary. Some addi-
tional March railroad returns were re-
ccived, and most OF them showed de-
creascs in earnings. Contrasted with
the recent experiences of American
railroads is that of Canadian Pacific,
whose unabatcd prosperity was indl-
Gated o-day by the statement that in
the third week of April Its gross re-
ccipts Increased 100000. After its re-
cord brea king advance. the stock re-
lapscd four points to-day.
Bonds were strong. Total sales. par
value, $6,o27 900. United States gov
eminent IS declined is on call. To
tai sales for the day, 1880 shares
New York, Nay s.-Money OF call
steady. 2i-.G2 IL per cant: ruling
rate 2i-4Ge3s; closing hid, a.i-i; Of
Tered II gas. Tine bans dahl sixty
days 2l2 Per cent: ninety days -
'zo3-. SIX months. per cent Prime
mercantile paper si- 10 iper sent.
Sterling exchzare 4asy With actual
business IL hs..ers bills :; ss.iit FOR
siai5 -dzy ti!ls and q sis5:5 Tor d.
r-eud. ,.o.n-ns-ci.! bills ss.57s Ear.
s.iTeE. 5s- 4eI;c=n doiizrs 80
EIcHMoND STOCK MARhET