The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-16
/. MARKET HEAVY
BUT RI [: 0 Err
Met Changes Small, Owing to
Rise Before Decline and Late
Rally.
PENNSYLVANIA NOTE ISSUE 7. !:
Discrimination to Enter Upon
Commitments Until After
Congress Adjourns.
f1,y Associated Press. J

1. 40. G.. il
NEW YORK, May 15--To-dny's stock
market gave signs OF falling into the dull
and uncertain state which Is the rule ar
ter the first recovery from such sharp
break as that which followed the San
Francisco property losses. a variety OF
explanations was found for the heavy
tone Developed The fact Is that much
has been accomplished toward covering
lup the contracts Oh the short side OF the
market which were put out during the
period OF acute depression of sentiment.
The element Of restricted capital re-
sources TO meet the heavy requirements
prssng to secure the supply was brought
into prominence to-day by the announce.
ment of the Pennsylvania note Issue Tor
$51,OGO,COO. The fact in itself that resort
to this form Of financing WIS considered
by the most powerful ra urond corporation
i In the country was OF adverse erect on
ntIment The terms OF the issue also
were unfavorably regarded. While the
interest rate on the notes was called a ~
per cent, the understanding Of the price
ut which they were sold pointed to q yieid
up to fivc per cent, while the SUPPOSE
& ton OF d commission in addition TO the
bankers bringing out the Issue opened
the way TO an assumption thht inc com.
pany was paying a still higher rate LOT
the use OF the money. The money market
gave no reflection OF scarcity OF funds
and rates for time loans continued TO be
shaded under the influence OF offerings
from out of town sources. The market
showed some relief on the announcement
OF the prompt placing OF the Pennsylva-
MIA note issue and the Intention to keep
4 the proceeds on deposit with the banks
The falling off In the activity OF the
market was. ascTbed In part to a dlsin-
+ clination to5cnter upon stock market COM
mittnents until after the adjournment OF
Congress. Something was made also OF
= lot . 1No1nrIti0n.
which was at the same rate as Tor the
corresponding period OF last year, but less
than for the preceding quarter OF TINS
year. Bearlsh traders attempted to couple
this with yesterdays reduction III the
dividend OF a small subsidiary company
i of the Amalgamated Copper Company 70
form an Inference OF a continent against
q rise In the market on the part OF the
powerful financial group Interested IN
these companies. The market had the
ADVANTAGE OF considerable rise before
the decline set in and of q late rally again.
so that the net changes are small as
rule. The closing tone was firm.
Bonds we're irregular; total sales. par
value, S2..75.oco United States IS de-
cl!ned IA per cent. on call.
The total sales or stocks for the day
amounted to 1,1l6,4O shares,
MONEY AND EXCHANGE: CLOSE
Money on call easy, sac IL per cat:
ruling rate IA; closing bid. 8; offered
at IA. Time loans easy; sixty days,
u per cent. 90 days, 4 1-2a4 ID; six
months. 3-.pI6.
Prime mercantile paper los 81 per
cent: sterling EXCHANGE soft at t.sa % @
4&53s for. demand and at Sa.sz.2sGp p -. ~
for sixty-day bills. Posted rates. A.s3g
s4& 1-2. Commercial bills. s4.sl SAG
Isl rs Bar silver, c. IL. Mexican dol
lars, 20 3-4.