The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-21
CAMPAIGN BEGINS
FOR BETTER Times
Union Pacific and Steel Will
Be Leaders in the
Movement.
PROSPERITY IS ASSURED
West Is Pessimistic, but Finan-
cial Sun Rises in the
East.
PROSPERITY is ASSURED
Especial 10 The Times-Dispatcb.1

Especial to The Times- Dispatch.1
New York. May 2o.-Just at the
close of the market to-day bclated in
0estors became alarmed lest they foil
to got tho stocks wanted and begun
purchasing freely, With the result
that the market closed strong, active
and at tho top figures OF the day, with
net gains for the session. Union Pa
CHG and steel were the leaders. and
they VIII be the lenders In the long
car,paign for better times that las
at last been begun In the stock mar
ket.
This campaign Will run side by side
with tho Improvement in business that
Is now an assured thing. The West
Is p~essimistic. but the financial sun
rises In the East. and the gray lnists
OF early dawn Will coon be dlspelled
In the West. The West Will wake IN
In a few weeks.
ono OF the most bullish Influences
was the action taken by Attorney
General Wickersham against the "lu,n-
Der trust" 1t proves that the gov
eminent In future prosecutions will
bring corrective ~actiona and not de-
structivo ones. Wall Street wants the
guilty punished. but not utterly de-
stroyed. vi
The bank statement was satisfac-
tory. but there is go much money that
little attention was paid to it
Notable Exception.
Ntrginih-Carolina Chemical was one
notable exception 10 the general mar
Eet. tho stock declining TWO points.
American Cotton OIL was somewhat
heavy In sympathy. Reduction of the
dividend on both these stocks Is ok
pccted.
Although the crisis Is passed In re-
6ard to the Standard OIL Company.
the National City Bank did not chow
IN Its weekly report any material
shrinkagc OF regerves. They declined
only three-tents OF / per cent. Prob.
ably tho bank is holding itself in
readiness 10 handle the rcorganiza tion
OF the Standard Oil Company. besides
making a large bid on the Panama
l bonds.
So great has been the juhilation in
Wall Street this week over tho victory
OF the Standard OIL Company In the
Supreme Court that all other news de-
~veiopnents have been oyershadowed.
NQthing else has really happened, but
preparations are under way for very
important developments. Perhaps the
chief of these IS the placing OF order
by the railroads. No orders OF i'm
portance really have been placed. but
from the inside Offices of railroads
comes the assurance that before long
the steel companies Will be receiving
generous orders.
Prices have advanced sharply since
the decision was made public. New
high records for the year have been
established in many of the standard
issues, Steel and Union Pacific have
gone IN the past week to prices 10
and is points, respectively. above the
low figures OF the year. Standard Oil
H ND a ~ a y iCa n T-nh.rnaI he, ~ -.l1 = 4. -
highest prices OF the year.
Entire Market Stirred.
The entire stock market has been
stirred to Its foundations. and the most
important feature Of the situation IS
that an unusually large percentage of
the buying orders are for investment.
Millions of idle money which have been
held out waiting for these decisions
havc finally been released Into the
market. Not half the investment or
ders placed With brokers following the
decision have been filed. because SO
many have been waiting for a reaction
that does not come. A reaction, OF
course. Will come. It always does az
ter such a violent rise, but when IL
comes the bargain hunters will be
there waiting to snatch socks in such
volume that any decline in the market
in tho near future will DO small and
brief.
The only obstacle to a renewal OF
general business and TO a revival OF
active trading In Wall Street is the
rear that the sweeping character OF
the decision will cause agitation for
a moro drastic interstate m
aaw than that Just interpreted. SEN
Settonel politicians are already busy
with such a measure. but the substan-
tian business interests ~disapprove any
thing OF the kind. believing that the
law as interpreted by tho court is sufi-
Client to protect legitimate business
against oppressive omblna lions.
On the Curb.
In a dull market on the curb 10.
day Hollinger was the favorite. SAL
ing up to 10 Id. Inspiration was ouie,
around Ia and Green Cananp was
Arm and unchanged. Nipissins vas
steady at 10 IA. Other mining stock
were neglected.
American Tobacco was active. and
rose 50 a share, while standard or
was neglected at a decline of IS 4
share. 4
In the sreet.
Number OF shares sold to-day. alo
7Ao; a year ago. 2S6.l15. Par value
OF bonds sold to-day. 1855, 900; a year
ago, Sl,006. coo. 4 trivial increase IN
tho number OF idle freight cars for
the two weeks ended May 10 Is re-
ported by the American Railway Al.
eociatlon committee on relations be-
tween railroads. On that date there
were ls..27s. or 272 more than on
APRIL 20.
New York. May 2o.-Money on call
nominal. Time loans strong, but yery
DUH; sixty days, 21-2d2 81 per cent:
ninety days, 23-4@s; six months. 3 Ii
@31-2. Prime mercantile paper, 8 1-2
TO J per cent. Sterling exchange
steady. with actual business In bank
t4 prS' hills n I vi 81 0Idn Go, e;St,, - Z,
and at $4.S635 for demand. Commnrcla'
TI ~ n