The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-25
New York
Stock Market

New York, May 24-Intercsts In
)tocks to-day converged around the In
dustrial shares, BY reason OF the UNI
settled conditions In the steel and iron
markets. Various reports of readjust-
ments OF prices disturbed speculation,
and the stock market was feverish and
lost ground. Announcement by the
chairman of the Republic Iron and
Steel Company that the company
would disregard the so-called official
prices at least so far rs iron and steel
bars are concerned. on account of
price-cutting by some of the smaller
companies, was regarded rs the pos
sible forerunner OF more general
movement. It has been suggesteI.
however. that certain large manu-
facturers would cooperate TO maintaI
prices OF some products and prevent q
general reduction, bu, ii is TOO early to
forcsee the extent OF the movement.
This view seemed 10 be taken by the
executive head OF the United states
Steel Corporation in statement issued
to-day.
The stock market interpreted the
move toward lower prices as a bearish
argument II is known that the view
OF q ma jority Of the large steel manu-
facturers has been that price reduc-
lions would not stimulate business suf-
ing of rates. Trade conditions have
been admittedly unsatisfactory for
some time, however, and 1t has been
felt that some impetus was needed TO
bring the industry out OF It's present
position, The weekly reviews of L
steel trade o-duy said that no meas
ureable dement's had been derived by
this industry from the Standard Oil
decision. although expectations of tan
gible betterments have grown.
Stocks We're under pressure during
The morning. but later the market re-
covered slowly. After announcement
OF the action taken by the Republic
Iron and Steel Company prices fell
away 10 the lowest point of the day.
and at the close there were many
losses of point or more among the
market leaders. United States Steel
dropped to 1S,Sos. loss of three points
from the high price of Monday. Re
public Iron and Steel common lost
as, and the preferred points. The
losses were due to large extent 10
short selling which seemed TO be par
ticularly large in United States Steel.
Ii Is now apparent that the bull cam
paign. which was begun early last
week. has not attracted public support
TO the extent which was hoped for.
and it is largely OH this account that
the professional element has been
swerving to the bear side.
Some specialties showed pronounced
strength. Both Western Union and
General Electric were established dur
ing the day at the highest figures
reached in the last two years. Amert-
can Beet Sugar was strong, and Under
wood Typewriter advanced five points.
June disbursements OF interest and
dividends by railroad Industrial and
traction corporations are estimated Ut
ss4,eS2,ooo. as compared with sS6.949,-
600 in June OF last year.
Bonds We're irregular. Total sales.
par value, S2.6o2,o0
United States bonds were unchanged
on call.
total sales for the day. $1,000
shares.
z New York, May 24.-Aioney on call
steady, ia to . les ruling rate. 2l-2
per cent: closing bid 2l-4; offered at
2 ga per cent. sixty days, 2l-2@
2 s-4; ninety days. . 3-4mS per cent,
Sterling exchange steady. with actual
business In bankers bills at S4.s330
for sixty-day bills, and at s4.s4so for
demand Bar silver. SO 3s. Mexican
dollars, As.