The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-14
4 ~.
FINANCIAL WORLD !.
TAKES HOLIDAY
Preparing for Excitement En-
pected to Prevail on Wall
Street Monday.
DECISIONS LOOKED FOR
Not Likely TO Create More Than
Temporary Break in
Prices.
DECISIONS LOOKED
Ispeclal 10 The Times Dispatch. ]

New York. May i3.-steci was tho
most active stock In to-days Wall
street market and only about IL
go shares OF that changed hands.
Total trading for tile day was about
20. 900 shares. and price changes were
Ci no Importance. All the financial
World took i holiday in prcpar atlon
for the excitement that Is expected
TO prevail Monday II the SuPrcme
Court renders It's decisions IN the "
bacco and oil cases.
Crop reports have been SO encour-
@ ging the past week that little alarm
has been felt over the POSSIBILITY OF
supreme Court decisions Monday IN
Tie oil and tobacco cases. Recent de-
c.sions announced By the supreme
Court have been fun OF legal phrases
that prove Beyond doubt mat inc
Judges arc working on the two sre1t
nacisions and nave their minds so fun
o, IL that the ideas escape into other
decisions.
With tho City Bank holding high
record OF cash reserves with thorousf
tinuidation in tho market. and no end
or cheap money for speculative
md Investment purposes. the
decisions should not cause any
thing more than "a tempor na
Ind unless the decisions are announced
hlonday. on the cad or 29th, they will
not come until October. and if theE
80 not come until October there is a
Ehort interest that viii create consid-
srable excitement getting under cover.
Tor tho crop outlook is SO good that
J, VIII not dare remain uncovered
Through the summer.
There IS no doubt that the steel
liade is in q condi,.on OF great de-
preston, but the Investigation BY
congress that vas expected 10 proouce
snci great results In behalf OF the
bears has already failed of its purpose.
Tart OF this failure no doubt Is due
10 The publication OF speeches made
6. the Gary ninner 10 members OF the
steel and Iron institute. In one OF
these speeches, President Farrell. Of
Tie steel Corporation, made II clear
That there Is n world wide steel trust.
and that prices will be maintained
regardless OF the tariff or other de-
Nclopmcnts. Tho Steel Trust reported
that on May Il It had about 10000
less tons OF untitled orders on Its
books than on tho trst Of the previous
month.
l;eduction OF the dividends OF the
Boston and Maine and OF the Van
oall;l. had ito influence on prices, CHIEF
IS because railroads as whole are
reporting earnings that justify cur.
rent dividends. One thing that is maxi
Ing the bears uncomfortable Is the
thought that II the railroads can earn
their dividends in these dull times
liberal surpluse3 must accumulate on
the first sign OF activity in business.
The Mexican situation continued a
disturbing factor. but the capture OF
.luarez was accepted as bullish
feature marketwise. because Ii will
tend to hasten peace negotiations. Re-
ports from Canada and from Wash
ington Indicate that reciprocity Will
fail this year In both countries. Or
Eani2ed opposition to the measure has
developed in the American Senate.
H On the Curb.
New York. May l3.-Tradins in tho
outside securities market to-day was
fairly active. but irregular. Copper
shares were fairly active and bout
steady. Some disappointment was felt
over the dividend declaration on NC
]iinley l,arraBh, which was 10 per
cent. in. against the previous dis
oursemcnts OF 10 per cent.
a8F In the Street.
. Number of shares sold to-day, TO-
1t3: Il Year so. co+.S53
Par value N bonds sold to-day. ST.
$4,000; a year ago, ss55.ooo.
New York. May ls.-Money on call
nominal Time loans. flrmer sixty
f DAYS. per cent; ninety days. "a :
six months. ; per cent. Prime mcr-
camille paper, 31-cGi peI cent. Ster-
linz exchange steady. with actual bus
mess in bankers bills. at sis45o for
sixty-day bills, and al s4ss4o for de-
r'and Commercial bills. s4.s33-4. Bar
rilver, a. Mexican dollars. as.