The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-04-30
DECIDED ADVANCE
IN STOCK MARKET.
Business Done on Much Larger
Scale Than in Several
Days.
MONEY IS VERY CHEAP
Railroads Take Advantage Of
Low Rates to Finance
Future Needs.
MONEY is VERY CHEAP
special to The Times. Dispatch !


ket made q substantial advance this
morning, and business was on much
larger scale than usual. Leaders were
Union Pacific. Reading and United
States Steel. Canadian Pacific made Its
usual high record and several special
ties were marked up. New Haven ad-
vanced 3 rs points on single trans
action. Lehlgh Valley. American Can
preferred, and st. Paul went higher
international Pump became active, ad
vancing more than point
The close was at about the best
prices OF the session. with the demand
still active in all departments of the
market placing OF orders for about
10000 tons OF rails and the remark
ably good outlook for crops were chicr
among the reasons for the markets
good tone.
The bank statement WAS satisfactory,
giving assurance of continuance Of the
supply of cheap money.
Facts that stuck out In the stock
market the past week were the I'm
proved demand for bonds. tho revo-
lutionary reform of selling methods by
the Amalga mated Copper Company
and the bad report OF earnings made
by tho United States Stee! Corporation.
The result OF these Influences was
slight improvement OF prices, and
very great Improvement Of market
tone. The Steel report helped scnti-
rnent on the theory there must be on
improvement. and the recent selling of
the steel shares had been directed BY
some nsider having full knowledge OF
the unfevorable nature of the report.
Some remarkable things were done
in the attempt 10 break Ucel. but tho
stock was SO quickly absorbed on the
day following the quarterly report that
free covering OF short contracts fol-
lowed, The short interest in steel Is
large and is in blocks from 1000 TO
as high as 10000 for the account OF
rich INTERESTS many Of which have
sold the stock. honestly believing 1t
would be good hedge against other
stocks they did not care 10 part with
Tho entire copper market both for
metal and for stocks, was toned up by
announcement that the United Metals
Selling Company which is now owned
hy tile AmalSanatcd Copper Company.
had abandoned lis disastrous policy
OF maintaining prices OF metal re
E.rdless Of production.
owing TO the chcapncss of money.
several railroads have sold bonds aud
notes in the past week In greater
volume. than had been expected. Tho
belief is general that this is a good
time for railroads TO finance future
needs, even though they don't Intend
10 spend the money Immediately. Any
revival OF ,sincss. such as is iianle
TO come at any moment. would cause
such demaEi for money that the rail-
roads would find IL dlncult to obtain
funds the present low rates. The
Interstate Commerce Commission has
let It be known that II intends TO
permit the railroads to earn enough
10 keep them solvent. and a splendid
foundation is therefore laid for a mar
L.,
eigners are taking lively interest in
them Just now.
In the Street.
Number OF shares sold to-day, 232.-
991: year ago, Ila.SI0.
Par value Of bonds sold to-day, s2.-
oS0,6co; year ago. sl.37l.0o0.
The Tennessee Coal and Iron Com
pany, which is a subsidiary OF the
United States Steel Corporation. orders
til some time in June. throwing $500
men out or work. The shut down is
explained by the announcement that
the company had completed It's rail
contracts available for Immediate roll
ing
John D. Ryan, president of the Anal
gamated Copper Company. has been
elected as the head of the United Met
ais Selling Company.
On the Curb.
Standard Oil stock continued TO lead
the industrial stocks on the curb mar
ket day, and made further gain OF
50 a share. closing at the best price
OF the session. Realizing sales. how
ever. made their appearance in Amer
ican Tobacco. causing It to decline So
a share.
Copper shares were strong. under the
leadership of Ohio, which. together
with GirouN and Inspiration, rose one
and a quarter points each.
New York. April os.-Nioney on call,
nominal; time loans easy; sixty days.
2h per cent; ninety days Pa; six
months, per cent. Primo mercantile
paper. 315@ "a per cent. Sterling en-
change steady. with actual business
In bankers bills at s4.S44o for sixty
day bills. and s4.s645 @S4.S650 for de
mand. Commercial bills. sis3A. Bar
silyer. b3A. Mexican dollars, IS.
RICHMOND STOCK MARKET.