The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-08
New York
Stock Market

Y New York, .itiiie IA spirited buy
Ing movement toward the close OF the
4 day OF listless trading on the Stock
Il Exchange caused a substantial advance
In prices to point well above yestcr-
days close, During most OF the dsy the
market showed the effect OF th4,,ie-
preston. which set iii early III the
week and stocks moved slowly within
\ q narrow range. There was n gradual
increase in strength, however, ana To.
ward the end OF 1.-THE day trading was
the lircliest OF the week The move
ment appeared to have no definite de-
relopment as basis, and opinion was
divided as to whether IL indicated a
stampede on the pa II of the short In.
terest or Il resumption OF bulltsh cper-
atoms following the complexion OF
pront-takinG. 1t was generally be.
lieved. however. that short covering
WAS Al least considerable factor. as
the commitments OF the bear party
have been increased largely during
The week without resulting in CORE.
spending increase in the supply OF
stock. Attempts to cover In every
case have resulted in II rise i'll prices.
The strength Of tho Hill stocSs
which led the market throughout the
Session. WAS so pronounced as TO at
tract n,pch attention. These stocks
rose 10 new high prices for the year.
following their recent scries OF adj
Nances. Great Northern preferred
gained more than three points. ana
Northern Pacific, two. The movement
gave strength TO reports that plans al
great Importance We're under consid-
Grafton By the management of these
roads, but no deinite and auiaorta-
tive statement was forthcomnl. The
Erie issues shared the leadership OF
the market With the principal stocks
showing substantial gains throughout
the day.
United states steel showed the ef-
feet OF persistent pressure, although II.
more than recovered lis loss In the
final rally Reports of possible action
by the government against the United
States steel Corporation and some un-
certainty as to what will be the out
7 come of the congressional investiga-
( ton which was resumed to-day af-
fected the stock adversely The
monthly statement OF untitled orders
of this corporation to be issued at
the end of this week. is expected 10
disclose a considerable decrease Ship
ments are believed TO have been main
tained ut about the Same rate during
May as in the previous month, and
indica tons arc that new orders we're
somewhat below the April average OF
$4,000 tons day 1t Is not unlikely.
h however. that May earnings will show
an increase. 4 trade authority, in It's
weekly review OF the iron trade to-
day reported a further restriction OF
cperations 4i
Trading In bonds. " hich has been
relatively more active than in stocks
this week. was somewhat smaller than
yesterday, although the total was we'll
over si.ooo.ooo, Heavy buying of the
Wabash Pittsburg Terminal bonds
continued. The recent dcmnnd far his
security has been so steady Of late as
TO evoke much speculation us to It's
source. Ease OF money rates which
has stimulated the demand for bonds,
continues. although the market has
recently been slightly nrmer. There is
no suggestion of m apprecable change,
however. until hear the end OF the
month, at tho earliest when July in
terest and dividend disbursements and
Panama Canal bond preparations may
exert some influence.
Bonds were rrm. Total sales. mar
/ value. si,16o0oo. United States bonds
were unchanged on call. Total sales
for The day, l6S,5 500 shares.
New York, June Mooney on call
rate. 23S; closing bid, SIS: offered
al 23-s. Time loans steady: sixty
days, o1-2d2S4 per cent: ninety
days. eS-4 "a: six months, 3l-s.
Prime mercantile paper. 81. to per
cent Sterling exchange easy, with
actual business In bankers bills at
si.Sio5 for slXtyday bills, and at
si.sa9o for demand. Commercial bills.
s+s3s-i Bar silver. SO lii Mexican
dollars, IS.
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