The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-12
New, Y rk
Stock Market

New York. May IA hrmer tone
n developed to-day IN tho securities
market. and prioe movements. though
small. were in the main upward Trad
ing was of the same listless character
as on the previous days OF the week,
SUIT operators who had been persist
sntly hearish reversed their position
to-day and supported the market The
demand. which wus chiefly for the re-
quirements of professional traders
was most pronounced In United States
steel, Reading. Union Pacific. I.ehiyh
Valley and Erie. The change In char
ucter OF trading was attributed chief
Is TO the attitude of the professional
4 element. the day having passed with
out developments which affected stocks
n to an appreciable extent. The resist
Il nnce OF the market to unfavorable
news has been one of its most strik-
,iiS characteristics OF late, and FUR
nished perhaps the strongest reason
for the preference shown for the long
side. @ nh
United States steol seemed to be
the sustaining force OF the list Theo-
retically its position was vulnerable
on account OF the unfavorable show
Ing made by yesterdays report of UNI
filled orders and the continued poor
character OF trade ndvices The man
ner in which the stock resisted attack
acted as stimulant for the rest OF the
market. An attempt to force Il break
was made at the opening. which OF
the large blocks OF the stock were
thrown on the market. but the price
barely warered, and bear traders were
forced to cover at rising prices. Some
Improvement in the steel trade was
reported from Pittsburg, although the
change is too slight to relieve the
situation. Tho United States Steel
Corporation, IT was estimated. is
operating about 81 per cent of its
blast furnace capacity, q decrease or
II per cent from the high level OF
the year. reached late In March. The
movement of iron ore has fallen off
In consequence, despite the recent re-
ductton in prices. Apr shipments OF
Lake Superior iron OPS from the upper
lake docks were little more than one
hfth of the amount forwarded In April
of last year. The copper metal mar
kct was somewhat easier to-day, prices
here reflecting tho weakness In the
London metal market. Sales OF severn,
million pounds to domestic consumers
are reported.
Trading in the bond market was
somewhat heavier to-day, and the CON
tlnued good demand In this department.
eNerted favorable effect upon specu-
iative sentiment. Calls for bids for
the governments Panama bonds are
expected within few days In view
! OF the plethora OF money and the pres
ent low rates which prevail general
( ~ at the large centres. It is appare,,.
mat the government could hardly have
chosen more opportune time fof is
suing the bonds Tho success of This
issue which Will bear per cent in.
ferest. but Will be without tho oirculn.
lion privilege. Will be watched vim
unusual interest since 1t Will mace
government bonds In competition With
other investment securities
reports OF the gross earnings OF
thirty railroads for April show thn.
the roads were still falling behin,, lac,
year, inc combined receipts being $40
$4,000, as compared with S4s,6SJ, onn IN
1910. S''H'' ''i ~
Foreign markets We're rs feature
iesS as our own. a large gain In
ne proportion OF reserves to liabili-
ties Of the Bank of England was
saoWn IN the banks weekly statement.
Inc Bank OF France reported substnp
tinl additions 10 its stock OF gold ana
silver eV'u ana
The bond market was strong. Tota,
safes par value. ss.olo, 600. JJnitod
states government 2s declined is on
chil. Total sales for the day, 24s. 400
New York. May ll-Money on cal
steady. 2t-+@21-2 per cent. ruiinn
rate 2l-4; closing bid, els; ofrorei
~ 2l-i Time loans somewhat stron,-.
10y Gays 1-2; ninety days. 21-eSs
49,; SIX months S@31-4. Close.
hIiihe mercantile paper s1-o ner
a n. s'eriins exchange easy. with
stlual business in bankers bills M
ior sixty day bills and M
s4.sGi5 for demand. Commercini hi,is
-" Is Bar silver. 533 as. NIeXira,
Moiiars IL. Government, bonds nnsv5
isailroad bonds strong. 'AiS''