The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-17
York
Stock Market

New York, May 16.-The professional
operators in stocks rescued the mar
ket to-day from idleness by only Il
narrow margin. There were dealings
Individual stocks, which were respon-
sible for whatever semblance of activ.
ity the market had. The principal of
these was Reading, that stock taking
The leadership away from united states
Steel. The only news on Reading was
the revival of the reports OF an m
tended change in the form, OF capitall-
zation, which have done duty IN specu-
lative movements often before. THESE
reports hinge on the authority Tor en-
change of the second preferred stock
into half first preferred and half com
mon stock, a development which would
simply serve, at the present time. to
extend to half the second preferred
stock the privilege of sharing with the
common stocks in dividends in excess
of the 4 per cent. to which the pre-
terred stocks are now entitled: inc
movement had a considerable follow
ing amongst professional traders on
account of their belief in the person.
atty of tho leadership. The closing OF
foreign stock exchanges IN observance
of the Whit Monday holiday, and the
prospects of a further interruption this
week. by the funeral ceremonies for
the late King of England, were called
responsible in large part for the IN
tense dizziness OF the market.
lIIe IdbiI u VI s''
to be due TO the expectations that
london would buy at the higher level
upon resuming business tomorrow.
influence was ascribed TO expectation
that the supreme Court would act on
the corporation tax case to-day. Prices
rose to the best of the day, after 1t
was announced that there was no dc,
cision in the corporation tax case, and
that the American Tobacco and stand
ard OIL cases had been set for re-
hearing in November. The approach
of new trade in London acted unfa-
vorably on Canadian Pacific, which rel
rumors of an intended Increase in the
dividend. The declaration of a divi-
dcnd on Wisconsin Central, preferred,
a subsidiary company. equally ialieu
to hold Canadian Pacific. The heavy
tone of Chesapeake and Ohio was due
to the receivership for the Hooking
Valley in the suit to prevent its sale
10 the Chesapeake Ohio.
Such news as there was seemed to
have little effect in moving prices. The
strong bank statement Of Saturday was
favorably commented upon, but there
was little change in the cautious at
titude of money-lenders in putting out
funds. The sustained rates for foreign
exchange left open the question of the
attitude of the London money market
towards any attractive force of gold
on the part of New York. The failure
of a Philadelphia city bond Offering In
Wow OF the 4 per CENT. ihtelcSt id.t,
did not surprise New York bankers
other similar bonds being quoted on
an income basis OF less thar 4 per
cent. -
The withholding of details of the St
Pau bond sales in Paris kept up some
feeling of suspense in regard to tina
transaction also.
Crop advices were mixed as between
the benefit of rains and fears of an
other drop in temperature in thu
Northwest. Iron and steel trade ad
vances seemed to have a similarly con
fusing influence on the speculation. In
creased demand for some finished pro
ducts contrasted with the failure OF
contracted output of pig iron to steady
the price as yet. The depressing ef-
feet of the Hooking Valley r~eceivership
was in force when the market closed
with the effect of having wiped out
gains and leaving net changes insig-
Bonds were irregular. Total sales
par value, Sl,451 900. United States SIS
declined Ia per cent. in the bid price
on call.
Total sales of stocks for the da,
were 1896 shares.
New York, May 16.-Money on cal
steady, 3 SAGA per cent; ruling rate
3 81; closing bid, . rs; offered at 4
Time loans easier: sixty days and nine
~ days, 4 per cent: six months, q
Ia. Prime mercantile palsIr, 4 Lea
3 per cent. Sterling exchange firm
with actual business in bankers bills
at S4.S3S0@ Si.S300 for sixty-day bills
and at s4.S7 for demand Commercial
I { q 90 va - n q a 90 - -