The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-13
New York
Stock Market

:a New York. May l2.-rhe demand for
stocks proved too small to-day to
maintain prices at the level fixed by,
yesterdays rise. and mild eaction
I occurred. The market gave some APP
reaanee of strength at the openinS.
and stocks advanced moderately in the
4 first hour. The buying appeared to be
largely for covering of short con
tracts, and when the inquiry from
this source ceas ed as II did on the
advance there was virtually no de-
mand Although tho supply of stocks
was not .iarse.it was sufficient 10 bring
about recessions.
II To-day's losses We're slight how
ever. as bcarish traders were reluctant
TO follow the market downward Mon
day, with its possibilities OF Supreme
Court decisions in the antitrust cases.
Is too near al hand TO permi, of the
safe extension of speculative opera
lions. and traders on both sides Of the
market displayed more than usual con-
servatism. The market in consequence
was virtually at stancst!ll much OF
the day.
A significant Development OF the day
was the ready sale of the Sil,0oo,U00
three-year ) per cent notes of the
International and Great Northern Rail-
road. issued in accordance with the
!
the underwriters from large institu-
tons were sufficient to absorb the en-
tire issue. SO that no public offering
was mads. The rapid sale of these
notes was regarded as striking Illus
tration OF the large demand for snort
term securities Applications from
both London and Paris for part OF the
loan Nero received. although IL Is
understood that the bulk OF the notes
was placed here.
Another Indication OF the existence
of a large investment demand, despite
the dullness IN the stock market. is
found In the sustained strength OF the
bond market. Trading In bonds fell
of somewhat to-day, although the in
quiry was still Keen. Reports which
concerned proposed large bond issues
by several railroads were not con-
frmed officially. but 1t is generally
expected tina. several Issues OF new
securities will be brought forth in the
near future.
Local banks report unusual apathy
on the part OF interior institutions to-
ward the Forthcoming Issue OF $780,
900, 600 Panama bonds. Applications to
New York banks from their out-of-.
Town correspondents TO submit pro-
posas in their behalf for portion OF
the new issue have been small No
doubts are entertained, however. as to
the success OF the Rotation. II is
matter of some debate whether bids
from individual investors will be re
1eived to any extent but II the re-
turn of 8 per cent. is not sufFcient to
provoke an investment demand the
bonds doubtless Will he purchased by
banks for use as security for deposit
Of government funds. even though they
are not available as a basis for bank
note circulation.
domestic products was not n market
factor. although H. disclosed an un-
eNpectedly large falling on, OH ac-
count OF the curtailment OF the out
ward movement of cotton.
II is presumed that statistics Of Inn
ports when they are availa bile will
chow a decrease, and when a foreign
trade balance in our favor will be re-
corded
Bank exchanges at the leading cen
tres a reported this week present a
better contrast with last year, having
fallen of I per cent, while the de-
crease in the preceding week was NOR.
than - per cent. To morrow's bank
statement. on the basis of the known
movements OF money. should show
small cash gain by the banks
Bonds we're irregular. Total sales,
par value, s4,l04.060 United states
coupon IS declined lac on call.
Total sales Of stocks to-day. lSs,1oo
ehares. 8|i
New York, 4fay l2,-Money on call.
steady; 2l-44 Az per cent. ruling
rate. 2l-4: closing bio 2l-i; oncred
at 2 3 per cent. Time loans firmery
sixty days. 21-2 per cent. ninety DAYS.
q 81; six months, 3@sl-4 Prime mer-
camille paper. 3l2 to per cent.
Sterling exchange steady with actual
business in bankers bills. at s4.s4b0
Tor sixty-day bills ana at sis64o for
demand Commercial bills, s4.sS7-s.
Bar silver 5Si?, Mexican dollars
10.