The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-04-14
New York
Stock Market

New York. April 1s.-Tradins was
again of an altogether. perfunctory ma
tore on the stock market to-day. The
dency in either direction. and prices
moved in an unusual downward range.
With three days intervening before the
do not wish 10 commit themselves to
new enterprises especially in view OF
the fact that next Monday. when bust
ness is TO be resumed. is the Supreme
Court decisions day" ana may bring
rulings in the antitrust cases
Prices al the end Of the day in mos,
the close of the preceding session, and
the total number OF shares traded in
was close 10 the low point Of the
year. Missouri Pacific fiuctuatcd more
widely than any OF the other active
stocks, and made q small net gain on
the day The short interest in this
stock is believed 10 have been eX-
tended largely OF its recent severe de-
cline, ana covering OF contracts doubt
less was largely responsible for its rail-
~. United states Steel showed distinct
heavincSS ut times and there were in
torvals OF weakness in Reading, Union
Pacific and other leaders. Pennsylva-
MIA was sold freely and lost sround
on the day.
Speculation was not influenced by
the course OF events al Washington,
although the work OF Congress is bein.:
Watched with keen interest by Wall
dence in the House OF Canadian reci-
procity postponcs action on tariff re-
vision. and since given schedules put
forward for reduction thus fer have
little influence on the larger affairs
OF the financial community, little APP
prehenslon is felt III present as TO de
velopmeuts from this quarter. Ii is
realized. however, that uncertainty as
10 tho ultimate outcome OF the session
constitutes deterrent force which is
making itself felt in speculation
Interborousa Metropolitan stocks
were heavy OH account Of selling in
duced By the latest competitive bid for
construction of subwayS.
American Wooden preferred was one
OF the few stocks which moved more
than a fraction. its gain of a point
being due TO the belief that opposition
70 the management's action in pur-
chasing 81 large block of the common
stock was subsidins, and that no divi-
oend OH the common would be declared
il; The near future
april returns OF gross railroad earn
ngs began to come in to-day. Gross
earnings of seventeen roads for the
first week of April showed an increase
spending period of last year. Combined
reports for the month of March show
Cd decrease in gross Of less than 2
per cent, Reports Of net earnings in
March are awaited with more than
usual interest. since they will show
The results Of operations in the first
the decision against them in the
freight rate cases The reports will
therefore. reveal the effectiveness of
measures taken by practically all the
tlansporta ton companies TO reduce ex-
penSeS.
The weekly report OF the Bank of
England made rather 4 meagrc show
ms for the first time in a long period
The drop in the proportion OF reserves
10 liabilities from +5.2% per cent to
1876 per cent brings the percentage
below that Of last year and compares
with ten-year average of 4T.70 per
cent There was Il further loss in bull
lion, partly in connection with the
movement TO Paris, which is drawing
or its credits in London. III spite Of
this, however. to-day's statement of the
Bank Of France showed a decrease OF
$l,2iO,00O in gold in hand. Call money
was somewhat irmer. in this market
to-day IS result of the demand from
brokers for funds for the unusually
long period over the end OF the week
Bonds Were. steady Total sales, par
coupon declined Ia on call
Total sales of stocks for the day
We're ll5,600 shares
New York, April l3-Money on call
steady, l412 IL per cent: ruling
rate SIS; closing bid . Ia offered
at . SIS. Time loans very dull and
steady; sixty days . l-aG2 ga per
cent: ninety days, . S-4@3; six months.
s. Close: Prime mercantile paper s l-2
a. per cent. Sterling exchange firm.
with actual business in bankers bills
ct S+,S4l5 for sixty-da bills. and at
*i,S6+0 for demand. Commercial bills
S4.S3 SIS, Bar silver 81 rs NIcyicnn