The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-27
New York
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- Now York. Msy 2s.-The underlying
& strength of the stock market which
TOhas been apparent through the week
Patixn spite of the unusually severe pres
Paiiysure that was exerted. led TO an adj
|unrance in prices day when the pres
HeeSure vas relaxed. Since the beginning
4 Of tho week the selling movement has
% been conducted on a large scale, and
I,. although some substantial recessions
were brought about. the support which
|Uswas offered was so effective that fur
Their operations on the short side were
patldeened hazardous. Speculative selling
hatiyras halted to-day, and the opening or
undertaking brought general advances
which We're later extended to full
Enpont or more for the greater part of
!, the active list Much of the recent
+,esFellinG was said to be for the short
account the extension of which is be-
lieved to have strengthened the posi-
|-tion of the market Bear traders who
attempted TO cover found that IN spite
OF the weeks heavy selling, the supply
Aof stocks was almost the smallest OF
l, the year.
IS The volume of trading diminished
ftoconsiderably to-day. Total operations
10 aggregated about 100000 shares. which
CT is considerably under the recent aver
ages. The electric stocks extended
|netheir recent gains largely. but changes
hefor the day in most cases were small,
bar the early gains being cut down before
Il, the close. The elackening business wa
Il attributed to the uncertainty attend
no Ing next Mondays Supreme Court de-
Developments and the general state of
he tlndecision respecting the steel and iron
/ trade. The Supreme Court decision in
|'a.the American Tobacco case is looked
6iSfor by Wall Street on Monday. and in
korview of the fact that the decision may
{ !, throw further light upon the courts
of the Sherman law,
|natraders are disposed to be couserya-
hut tive in their operations in the interval
!, before the court convenes
Steel interests We're able to form no
TEdefnfte ideas day of the effect Of
| the reduction in prices. On behalf of
1 h.some compa nies 1t was said that orders
for bars were coming In more freely
EuiIt was reported that more definite news
Pf1as to the situation might be had fol-
h lowing meeting OF steel makers early
next week. AS factor in speculation.
the open market" seems to have miss
f9ted fire., to the chagrin Of large and
iii aggressive bear party. M
III, Advices from abroad intimate that
con sidera BILE financing of an important
Pc character will be taken up In London
ETinnd Paris following the approaching
10 holidays a t those centres. 1t IS under
stood that some of the proposed bank
ting has TO 90 with American securities,
pr and in this connection 1t is again re-
| III ported that another output of Harrf-
I,gmnn issues may soon be announc ed
C'}The strength of Atchison may nave
been natural outgrowth of the latest
bf Paris dispatches, which assert that ar
arrangements for listing the shares OF
,fthat system on the Bourse virtually
n have been completed. 1t was also re-
pc ported that application has been made
b, Il list American Telephone and Tele-
graph in the same market
/ The April reports of the Hartman
b ! roads showed that the retrenchment
% 1dn a6 n -.
:, early in the spring had been pursued
effectively by these companies Gross
earning of each road fell off about
Il 100000. but decreases in net we're re-
ouced by cuts In expenses which
amounted to 100000 for Union Pacific
and $4,000 for Southern Pacific The
eh Colorado and Southern converted
b loss in gross of 100000 into gain in
met Of $4,000. by reducing expenses by
IT, S254.o0o l'
r The movement Of gold to Canada as
! u sumed larger proportions to-day ship
\ ments aGgregating $1,000 ooo' The
k;3totai for the year is now $1,000, 900,
whereas less than 100000 had been
PS forwarded up to this time last wear
hi Bonds We're Arm. Total sales par
value s2,735.ooO United States bonds
were unchanged on call. Total sales
re for the day. 3oo,7oo shares,
New York, May 26.-Mo1t,y on call
\, steady. l-4d2 l2 per cslt: ruling
r. rate, 3S, closing bid. as: offered
|e at ~ Time loans dull and steady;
II sixty days, 1-2 per cent; ninety days,
sos; six fonths. sos IA. Prime
mercantile paper. 3 l-o to { per cent.
n Sterling exchange steady, with actual
Is business in bankers bills at s4S44o for
sixty day bills. and at s4S6s0 for de-
III mand. Commercial bills, s4s3 rs Bar
|a' silver. 80 -. Mexican dollars. 40.
+