The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-14
MARKET MOVING
ON SAFER LEVEL
Traders Hope Recovery, Begin
During Past Week, Will
Continue.
THE GENERAL SITUATION GOOD
Decrease in Tonnage But In
crease III Earnings Reported
BY Railroads.
fsncc,al to rho Times Dispatch.

t#t Especial 10 InD Il11eS- lJlspalCn.) 5#
NEW YORK. May IA stendy and
large recovery In prices has been tho
feature OF the past weeks stock markets.
While this movement has been Irregular
at times, every session except yesterday
since week ago last Thursday has been
marked by general advance over tho
preceding closing.
A more bird s-eya and Significant view
OF tho price movements TO be obtained
from the average price changes of tho
active stocks. This last shows that, while
tho average Of prices dropped about Il
points from the day Of the Frisco dis.
aster until May Sd. just about 7 points
Of this has now been recovered. 1t Is Of
interest to note that the average Of prices
Is still about II points below tho high
level OF the year made In tho latter
part OF January e15
This recent good recovery is freely ac-
ceptcd as connrmatory of the banking
opinion that tho Frisco disaster would
have caused only q temporary setback
had it'-not been for other and more Inn
portant faotors-largely, the strained
monetary situation. the extended bull
for all securities.
Future Of Market
Professional opinion as to the markets
Immediate future Is very mixed. Tho 10.
markable ralylng power exhibited, with
gains Of S to 50 points from the recent
low level by the leading stocks, has en-.
couraEed hopes that tho recovery win be
further continued. In trading circles, the
most bea rlsh views are expressed. Many
Of these operators are still short OF the
market. althoughsthe past week witnessed
n large reduction in the bear account,
and 1t was this covering that largely ac-
counted for the good and steady gains.
An advance in prices based SO largely
on bear covering has very unsound and
temporary foundations. The only hone Of
the movements continuing is that the
advance will attract public cooperation
and support This has not been in eyi.
dence recently. In fact commission
house and investment buying has stead-
~ decreased as the market has advanced,
and In notable contrast to the. demand
from this source during the previous
week and when much lower prices pre-
vailed. 'r.sbg.
General trade and business conditions
show no Indications OF any widespread
slackening. Railroad officials report a
moderate decrease In tonnage, but re-
ports OF earnings are nearly all good
including such exhibits rs Lackawanna S
best annual report I. al ti5 7, IS IN
1tepo'ts OF gross earnings made so Tar
for April show an Increase OF 9.54 per
cent, while for March gross earnings
Increased 1920 per cent, and net In
creased 1913 per cent. While 1t is true
the pig iron production for April was
2O73,645 tons. III against 2,16563O tons for
March, It Is we'll to note that the latter
was the highest monthly toal on record
and Aprl's ouput Is the second highest
The coal labor troubles were also an adj
verse factor. Despite the expected cut
of the Brooklyn Union Gas dividend In
half. \or from, to per cent. for the
quarter. the improved speculative con-
f1dence has found its usual outlet in bull
run1ors Of deals and dividend increases,
and even including as possibilities re-
ports Of n resumption Of the United
States Steel common dividend next fall.
as we'll as first payment by Brooklyn
Rand Transit