The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-20
New York
Stock Market


stocks fell off largely to-day after
three days OF heavy dealings. and the
enthusiastic buying movement appear
ed to have spent itself, for the time at
least The reactionary tendency which
appeared in the latter part OF yes
tcrday's session was extended to-day.
and the market was uncertain. With a
heavy undertone. Stocks moved up
and down within a narrow range, and
closing prices showed small losses FOR
the market leaders 5
Traders on the long side made every
effort to sustain prices at the high
point ached by the weeks advance.
and gave support ito the market when
It became heavy. Stocks sagGed back.
however, whenever buying ceased. The
weakness was attributable largely 10
tho lessened demand from the short in
ierest which had covered extensively
earlier in the week. and TO the fact that
the higher prices had the effect OF
diminishing the outside demand. AL
though a large amount of long stock
was distributed during the rapid adj
vance of TUESDAY and Wednesday. the
supply, which is seeking a market At
present levels, is large. and realizing
proceeded whenever opportunity Of
fered Sales from THIS source consti-
,uted another depressing influence.
The most extensive movements OF The
day among the active stocks were In
Reading and -Amalgamated Copper
both OF which rose q point, only 10
fall back gain Amalgamated Copper
attracted large following by reason
of the continued reports OF a sub
s;antial Improvement In Tho copper
metal'trade. and the belief that there
still existed a large short interest in
This stock. which was attempting to
cover. The fertilizer stocks were ex-
cep;ioHally heavy, Virginia Carolina
Chemical. American Agricultural Chem
ical and American Cotton OIL ell fall
Ing back, apparently on account OF the
belief that the terms OF tho settlement
Of the potash dispute with German IN
been hoped for.
Al unsettlins factor was the be-
ginning Of government suit under
the Sherman Law against various .l,..,,
her cosapanies, which served as re-
Eiinderto the financial world -ha, anti
tTaSt suits were not a thing OF the
past and onset the effects of anti
siPsted dement's from the Standard
Oh decision, News OF the governments
action was reserved shortly before the
close OF market, and was used ettec- |
lively as bear weapon In the fnalI
dssNngs I
i becaHie known to-day that the
aEst financing protects of Missouri Pa
ciHc, IN connection with the rehabilita-
ion OF the property, would be an
Aouacec shortly, and probab bly, would
take the form OF three-year note is
sue OF s2o.o0o,0oo or $4,000, 900. The
notes are expected 10 provide cash for
improvements and bettermen,s for
me oehi OF between 100000 and S.
10000 The street displayed no en-
1nustasm over the project. and Missouri
iN ID. "a, 4
oi ne market. Indications of better
trade conditions continued to be re- |
celVed although they are not sf,fficI |
emily general TO justify definite eynec-
tauons Of widespread activity making
much more favorable comparison
with last year than has been the casa
for lons time.
4 Over year money showed
hardening tendency to-day. The ~
cent large bond market and that of
the last few days in stock created =
demand which is the primary Reason
advanced for the sitter rates III
these factors may be added the forth
eoAiihs Ianama bonds and hnanctne
OF q corporate character. m
The bond market was firm cars. -
inc day. but later became trregi,lar
iotal sales par value s3,oS3, 900 ITnlted
states rs coupon and is counon DO.
on call. '4tu
i. Total ets !, sales for the day. 577 600
New York. May lo-Money on cal,
sieaoy. l-S92 3-s per cent; ruling
rate II; closing bid. . ii; offerad
~ 81: Time loans strong. but bor-
DMfs as yet Won't pay asking rates:
sixty days, 2l-2@2 IA perH ccn,'.
ninety days, s-4@s. six mon tbs all