The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-02
New York
Stock Market

u New York, May For a fow hours
4 to-day the advance in stocks which
X progressed briskly in the closing DAYS
r OF last week was halted while the
4 market awaited word from Washing
\ ton a. to whether decisions were TO be
= announced by the Supreme Court in
the antitrust cases There was somo
irreSulnrity in prices. but the market
held more firmly than on many other
OF the supreme Courts decision DAYS,
K When It became known TINT the de-
Z clsions were not TO be handed down
p to-day the buying movement was re-
snmed, and prices moved upward Trad
4 ms grew more active toward the end
or The day, and at the close a number
/. or substantial advances were dis
I trihuted through the list of active
4 Issues. Stocks We're in scant supplv
even at the higher levels, a fact which
encouraged bull operators TO extend
their activities. The buying move
! ment apparently rested ON the same
broad basis of Improving sentiment IN
regard to the general outlook which
was noted last week. Trading con-
tinued TO be largely professional. how
ever, the enilish demonstration ap-
parently having attracted comps rat.ve-
~ little business from the public.
Adverse March reports OF the two
largest Eastern, railroad systems had
no effect upon the market The Penn
sElHanin, by reducing its operating ex-
penses more than Se50.0o0. fulfilled ex-
pectations as 10 the result of its re-
trenchment policy. but the amount thus
saved offsets less than half of the de-
crease OF Sl'G'a0oo in gross receipts.
The New YORK Central line propcr re-
ported a gain in net of 100000 bui
losses OF subsidiary companies were IN
some cases heavy, the report for all
companies showing decrease of $685.
600 In net ckawanna, New York
New Haven and Hartford, and North
ern Pacific also reported shrinkaEes
in net returns. Although the March
reports present many contrasts, and
although many of the transportation
companies have succeeded III reducing
their expenses largely. 1t is apparent
that the reports as whole do not
fulfil the most sanguine expectations
as TO the results of economies which
We're put In operation following the
refusal of the Interstate Commerce
Commission to grant higher freight
rates.
Metal stocks were we'll supported.
and their advances reflected the more
cheerful sentiment in regard to the
outlook for both the copper and steel
markets. The fortnightly report of
EUROPEAN cuppcTl STOCKS showed an
other decrease, bringing up the total
shrinkage in April TO nearly $500, 900
pounds. the largest monthly decrease
reported since last October. The out
look for the steel trade is made some
what brighter by the disposition OF
the railroads to re enter the market.
Preliminary estimates Of the April
earnings of tho United States steel
Corporation suggest an amount not
far from tho total of about Sl0.50o,oOo
reported for March. H
Canadian Pacific continued Its rec
ord breaking movement, rising la
points. Unusual activity and strength
OF Reading second preferred, which
gained points. was attended by a
revival of the report that the issue
would be retired. The company is
empowered to cali in this issue, re-
placing It with so per cent each of
the first preferred and common stock
Denver and Rio Grande issues moved
against the market. tho preferred
being especially weak. with a maxi
/. mum drop of SIS points. In cxpla-
nation of the movement 1t was said
that the semi-annual dividend on
which action is to DO taken the latter
part Of this month, might be reduced
or possibly suspended. similar depres-
sion preceded the dividend meeting the
latter part OF last year.
The bond market continued active
and prices were irregular Total sales.
par value sS,7ol,0Oo.
United States government 2's de-
cline6 one-eighth.
z Total sales for the day, $4,000
shares
New York. May l.-Money on call
HteadV o1-J as In