The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-30
New ork
Stock Market

'sS New York. May Misunderstanding as
to the outcome of present conditions
u in the steel and iron trade. and as TO
I, the decision By the Supreme Court
81 IN the American Tobacco case. held the
Z stock market In check to- duy. The re-
5straining influence OF these factors
was not removed during the session,
ms at the time The MARKET closed no
definite word had been received whc-
.her further cuts in steel prices were
TO be made, and whether the to-
bacco decision would be announce
s ed. Traders hesltated u take u
positive stand under these condi-
'e lions. particularly in view OF the TACT
that Ii holiday interviewed between the
next session. The stock market moved
slowly and sluEgishly and The amour,
of business fell OF to small proper
lions.
/, News OF the day seemed to confirm
the belief that reduction Of steel
prices had not stimulated business AT
Pittsburg il was said :hat the trade
was waiting Tor developments. ami
that consumers were not SATISFIED that
prices had reached their minimum.
Chicago sent word that the business or
the Western steel companies was no
better There were reports OF further
price reductions by various concerns.
While it was thought that conditions
seemed 70 indicate additional cuts.
doubt was expressed whether such ac-
ton would be successful in getting new
business. The condition in the steel
trade mas assumed such Significance
that in the opinion of the financial
community upon them 10 large eA
tent depends the action of the stock
market at present. I
Moderate pressure was directed
against United States Steel at the
opening of the market by traders who
sought 10 make capital from present
prospects, The stock gave way near
Iva point, but the attack did not lead
) to any appreciable amount of linuidu-
ton, nor did 1t cause material heavi-
ness in the general market. Although
traders We're unusually conservative.
no uneasiness was apparent, and the
stocks that lost on the earlier trans
actions gradually recovered. Among
the active issues Union Pacific and the
Fries were especially strong. Changes
elsewhere were for the most part
without significance. the chief gains
of the day being made by specialties
Canadian Pacific advanced Ia to
a3S IA. high record. The electric
group of stocks and Pittshurg Coal,
preferred, displayed marked strength
American Tobacco. common, advanced
more than % points on the curb.
n The outflow OF gold to Canada con-
tinues. as is to be expected IN View OF
the high rates for money obtainable in
the Dominion and the almost low re-
cord figures prevailing in New York
on collateral loans. There was for
warded to Canada from this centre to-
DAY S2,500.000 gold, bringing up the
total for the year to over 100000 900.
Neither this loss nor preparations for
the June interest and dividend dis
bursements. estimated at between $50,
100000 and ss5.o00,o0o have caused
ripple In the money market. The de-
mand for investments securities to
which the low money rates gave rise
is still maintained. although somewhat
less vigorously. 1t was announced that
another bond issue was to be made
soon. an issue Of s3o,oo0.O0u having
been authorized by a subsidiary OF the
Michigan Central. of which $4,000, 600
is to be placed on the market soon.
The bond market was irregular. To,
tai sales, par value. s2.ooo.ooo. United
States bonds were unchanged on call
Total sales to-day 2ss,70o.
New York. May 2s.-Money on cali
steady. 1902 l-2 per cent; closing
bid 49, offered at. 2 as per cent
Time loans dull and steady; sixty days,
2 1-2Go 81 per cent. ninety days,
z $40 per cent; six months, ga ia
per cent. Prime mercantile paper, s1-2
to per cent. Sterling exchange easy.
with actual business In bankers' bills
at si.S4i0 for slxty-day bills. and at
s4s63Oa s4.ss35 for demand. Conner
cial bills. s4.S3 7-S. Bar silver, 53 is.
Mexican dollars, 45.
ri RICHMOND STOCK MARKET.