The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-05-14
GENERAL TENDENCY UPWARD
Especial to The Times Dispatch.)
4. B. a

Especial to The Times spatch.)
NEW YORK, May 1s.-The week opened
with full-sizcd war scare on in London,
and that center sold stocks heavily in
our market. These sales. coming at q
time when transactions were at a mint
mum and sentiment considerably. depress-
ed, caused general reccsslons, in some
Instances quite considerable. throughout
the active list. and the market showed
no tendency to rally until after this
pressure ceased.
On the following day, however this
war scare subsidized, and from then on.
although good deal OF irregularlty was
manifested, the general tone was, as =
rule. fairly hard. In places the list con-
tinued to show weakness. Consolidated
( Gas and Peoples Gas were both infiu-
enced by the prospect of adverse action
In regard to fixing the rate which tho
companies would be allowed TO charge
for their product and these stocks. to-
gether with Brooklyn Union. were decid-
eddy weak, a tendency which was further
accelerated during the week when the
Consolidated Gas and tho Brooklyn Union
Gas Companies reduced their. dividend
ratio from 10 per cent. to mn per cent.
basis. Tho local fractions were also
weak, because 1t was rumored that tho
matter Of the franchise tax cnsc had
leaked, and that It WAS sweepingly nd-3
verse to the companies
Tn spite Of this however, the tendency
Of the general market was upward, al
though dealings were almost entirely
confined to professionals until Thursday
afternoon. A. buying movement then
started up In the so-called merger stocks.
and Northern Pacific, Great Northern and
Northern Securities all advanced rap-
idly. The large short interest began to
take alarm and the strength OF thes
stocks soon spread to tho general mar
ket. Union Pacific, as has been the case
so often before, very shortly assumed
the leadership in the advance, and on
very large. transactions ran up some $
points above the low Lowell reached last
week. rho strength continued all day
Friday, with marked advances In spe-
clnlties like Locomotive, smelters, st,
Louis and Southwestern, and very gen
orally sharp rallies throughout the en-.
tire list. Sentiment, as Is always IN
case In Wall Street, changed rapidly as
prices advanced, and Is now much more
optimistic than It was a few days ago.
The Steel stocks, after being depressed
temporarily by what Wall Street was
pleased TO consider an unfnvornble week
~ report by tho Iron Age" became
active and strong. keeping well up with
the EenGral pEOCeSS'OH f1Ne 6ONS' 'AHS''N
CROP report on winter wheat was most
favorable document, and gives reason
to expect one Of tho largest crops that
the country has ever seen. Railroad
earnings continue most satisfactory, and
money. both on time and ON call, remains
extremely easy.
Tho rapid advance which the market
has had for the past two days Is UNI
doubtedly duo moro to n paucity OF Of
ferlngs and to large demand from the
short interest than to any other cause.
but 1t Is evident that on the decline
stocks were well bought and passed
from weak into strong hands It would
seem that the, people who bought them
last week are ready to hold them for con-
sIderably higher prices than have yet
been reached OH this rally. Wall Street,
which few days ago was IN a most IN
credulous mood is already beginning to
lend an attentive ear to rumors or m
creased dividends and railroad deals.