The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-24
New York
Stock Market

Y 3 4 b. l. [
y New York, May 2s.-An open con-
fiict Of speculative sentiment unsettled
the stock market to-day. and prices
moved irresularly. The most agrees
eive operations were In the shape of
selling movements directed against the
market leaders. particularly United
States Steel, and after an early de-
cline. followed by a rally an I'M
m'stakable reactionary tendency de-
velopcd. Trading was almost the
highest in a week until the final
hour. Absence of the investment de-
mand, which was for several days the
markets most encouraging feature,
4. " ca encd the position of bull traders,
aud process of many active issues de-
ciined poin; or more. The downward
movement was not decisive. however.
lis was shown by the quick rally which
was effected shortly before the close,
when supporting orders were distrib-
ntcd and a large part OF the days
losses were recovered.
The weakness was most pronounced
III United States Steel. which fell off
sharply in the face of severe pres
sure. The movement against this
stock was especially heavy in the
afternoon. when some $4,000 shares
we're sold 81 T91S he stock HOLDING,
firmly at that figure however. in spite
OF every attempt TO force a further re-
Cession. BLOCKS of 1000 TO 5000 shares
were thrown on the market but they
Were absorbed readily. and the stock
rallied with the rest OF the list be-
fore the close. Reports OF iinpen,i-
ing reductions in prices OF iron and
steel products were circulated widely,
and were associated with the hcavi-
ness @; United States Steel but they I
seemed 10 receive little consideration
In he hest informed fiiartnrS
To-day's reaction may reasonably be
attributed TO the professional traders.
many OF whom have taken profts on
the rise which followed the Standar I'd
Oil decision. and now advance the al
gument that the technical conditions.
including the partial elimination of
z large short interest favor a halt.
rather than further advance.
Amalgamat ted Copper was the
strongest of the active stocks. The
demand for this issue presuma bly, was
based In large part upon the improved
condition OF the copper metal market.
In which a decidedly frmer tone de-
veloped to-day. American Smelling
also was in good demand 1t was
reported that this company had ar
ranged 10 take over the remaining
SlS.oeo'eoQ Of stocks OF the American
Shelters Securities Company from me
Guggeniieim Exploration COMPANY q,
the total of $4,000. 900 OF this issue,
Inc American Smelling already pos
sesses SlI.THl,00 The Hill stocks con-
corning which there was much gratut
1iuus information of bullish nature
showed further. strength TO-DAY as
aid Western Union, which has come
INTO demand OF late. The fertilizer
si'H res mace some recovery from their
Previous weakness. The lessened a.
nan
ascTiped IN part to the approach of
the hnal sitting. on Monday. of the
supreme Court before the lonr sum
mer recess. The decision In the Amer.
lean Tobacco case is looked for IN
mat day by many traders. who pra.
Ter 10 reduce their operations until
me nnding is handed down. Ameri-
can Tobacco rose on the curb 10 the
highest price in It's history
iiae money was easier to-day, rul-
me at the rates which prevaileu ias,f
week Rates for sixty and ninet,.
nays accommodations We're cut a per
cent Thus far ...ie week, local hanks
nave gained In operations with ths
Subtreasury. 'ie
Bonds were irregular with de-
c .ine OF IS per cent. in United States
IL lotal sales, par value, agra
Saleo sS.66i,ooo Total sales for 7tbe
49, o''''vV sHdreS
New York, May 2s,-Money on al
steady 21-+a2 l2 per cent, ru,,nr
na,e, %; closing bid, 2l-4: offered q,
80 per cent Time loans easier on
aailng on In demand Sixty DAYS
sa.-2q FL per cent; ninety DAYS
81 81 SIX months, s1-4 per cent
.."e mercantile paper. al-a 10 her
en. sterling exchange steady. Win
eis.- business In bankers bills =,
sa'si9o for sixty-day bills ana
$500 for demand commerc,al hpls
49, - Bar silver. 53s-s. Mexlcan