The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-03
New York
Stock Market

# New York May 2.-FollowinG |,
week OF almost uninterrupted I'D
vance. the stock market to-day be-
. came mildly reactionary, and gave
some indications OF an ovcrbonght
4 condition, Just as for weeks before
+ II had shown contrary symptoms.
4 Prices reccdcd quite generally through
the list OF speculative stocks although
in most issues a large part OF recent
gains was retained There was no
severe pressure in spite Of the losses
which were sustained. but the sup
port offered was of so Indifferent a na
ture as TO indicate that the market
II had been filed with stock to It's all
: sorptivc capacity. In the effort to take
the profits accruing from the rise of
the past week. The reaction might
, also he ascribod in part to the extern
sive reelection of the short interest
which ondeavorcd with more or less
success 10 dcnrcss prices during the
previous month, Covering bN this elc-
incnt. resulting in smart all around
recoveries has restored stocks TO 4
level from Which il may be disturbed
again rs renewal OF bear activities.
Married exceptions 10 the backward
tendency nj td-days market We're the
cualers. particularly Delaware and y,
Hudson and I,chigh Valley. both Of
which advanced sharply as result
Of reports that these and allied con-
Germs are considering reorganization I
Of their coal properties alter the man
ner OF the I.acakawanna. Although |!
tile circulation az these reports !
+ brought forth official denials that such
step$ wrre nj present under way, The
Stocks we're marked up materially on I
tile theory that. Should such action i
he taken, shareholders would receive
valuable rights" The appearance. of 4
strength which the advance in these !
Issues gave 10 tho market early in 4
the day was used to good advantage to ,
distract attention from realizing in "
Tho moro prominent stocks American ,
Cotton Oil which has been weak for
some time in anticipation of possible
dividend reduction. moved upward /
quickly to-day when the directors de- i
clnred the usual payment on the +
shares
Il Bearsh sentiment was fostered by
/ The official statement that the orders
Of the United steel Corporation during
April average about 10000 tons day
less than III the previous month, and
We're the lowest of the year Ship
ments are believed 10 have been con- i
tiderahly i'll excess of new business in
April, so that II appears not unlikely |
that the untitled orders at the end Of
the month were lower than at the last
of March.
Some OF the local hanks we're again
extensive buyers Of bonds for Western
correspondents The plethora of
money in that section has almost
reached the point Of embarrassment.
dnd may he expected 10 give further
stimulus tn the bond market. a few
INA ncial plans of no mean proportions
IRE reported 10 be in the making. but
their exact form has not vet hecn de- !
ternined These issues probably will 4
he marketed to n considerable extent /
IN London and Paris. The French !
capital. according to adviccs received /
To-day Is more kindly disposed at
present toward short term notes than |
bonds Sales of two bond issues. ar
Eresattng about $1,000 600, we're re
ported to-day The output OF railroad
bonds, notes and stock in the month |
Just closed was more than $3.50. 600, 900 /
+ whereas, in March the total was placcd
~ only slightly above $40. ooo,oOo.
Practically all of the local trust
COMPANIES have reduced their interest |
rates rates because OF large money supplies |
some Of these institutions have Al |
lowed as much as per cent, and his
rate In many cases has been cut to
while others have reduced the amount |
70 ! per cent. The bond market con.
'3lill active to-day. and prices were /
urn. Total sales. par. value. Ss.7sl 900 /
United States bonds were unchanged !
on ca.i. Total sales for the day, ISL |
New York May Money on call
steady. 2l-ia'a per Cen, ruiins
fats 2l-i Closing bid, 2l-s. oTere1
~ 2l-l ner cent Time loans siigr,.
y iirmer; sixty days. 2l-e per cen, /,
ninety DAYS 2a-i: six months Der |
fi.nts niercAntiie paper 3 2 TO
pr cfn5. Starring exchange steady
win actual business in bankers MI |
AZ si.sii5 for sixty-day bills. ana !,
si-ss55 for demand Cominerci.i ~, ~
sftHs ..S. Bar silver, 53i-2 Mes i,,,s,
RICHMOND STOCK MARKET