The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-20
STRENGTH SHOWN
BY STOCK MARKET
Leading Stocks Firm, and Several
Show Gain in Days
Dealings.
nY RRoADAN WALL.

| New York May ITO days stock
| market gave good exhibition Of
! underlying strength st. Paul and
Reading gained a point. and Union Pa
cific continued it's showing of firmness
that is considered in many quarters
indicative of II higher range of value
within the coming week 1t Is now be-
lieved that there will be no announce
ment on the Union Southern Pacific
segregation plan until Wednesday,
Confidence is expressed that n hapt,y
solution has been reached and the plan
of tho detail will be pleasing TO both
sides.
Lehigh Valley was strong, and New
York Central touched par for the first
time in many days. Further details
in the plan for refinancing this COM
cation to the Public Service Commits
sion for authority to issue S1O0, 000. 600
mortgage to cover properties. recently
acquired This announcement. however,
had an unfavorable effect on the New
York Ccntral-Lake Shore 31-2s, which
dropped TO 81 on rather heavy trading
Canadian Pacific. after touching
235 .. closed at 237 SIS on the execu-
ton Of buying orders from Berlin and
London. Brooklyn Rapid Transit con-
tinues to improve, and Amalgamated
was firm, with Al fractional rise
The early trading was enlivened by
a precipitous drop in the st. Louis and
San Francisco issues. The common fell
TO IL and the first preferred TO 3d. a
loss of twelve points. The most ac-
tivity was in the second preferred
which fell within the first hour from
is ga to ~. These declines had little
effect on the general list. although the
opinion is expressed on the street that
an announcement regarding n readjust-
ment of the finances may be expected
at any moment.
Rock Island issues were weak the
common selling at 10 IA and the pre-
ferred at "a 1-2 while the bonds were
also pressed for sale These two prop
critics are controlled by different in
terests but the heavy increase in taxes
and operating expenses. caused by adj
verso legislation in the Southwest
is no doubt partly responsible for the
present heavy increase in charges.
In the case of Rock Island the COM
mon has long been considered without
intrinsic value, and the earnings make
a wretcned showing considering the
funds provided by recent bond sales.
Steel made gain on the day and
closed firm at so. The evidence of C..
NJ. Schwab reflected the constructive
po!icy OF the corporation. and although
the trade reports that came to hand
pointed To- a further slackening of
business and falling on in new
orders the public are not disposed TO
part with their shares, and the shorts
are worrying
London bought our stocks moderate
ly, taking some 5000 shares. which
consisted largely Of Rock Island. Ca
madam and Union Pacific.
Tho foreign exchange market was
fairly strong, ruling tritie over sat
urday's prices.
Trade reports continue to show re-
markabie figures. Exports OF merchan-
disc for April show an Increase OF
s2o.5oo.ooo, while imports fell $1,000
900 from year ago This is tn.
largest April business on record.
Notwithstanding the good bank
statement OF Saturday. money rates
were firm
Railroad earnings for the second
week OF May were favorable Ca
madam Pacific Increased l-2 per cent.
Missouri Pacific about 20 per cent.
southern ss per cent. and ST. Louis
southwestern 3 per cent
The undertone In the stock market
FOR the leading issues Is distinctly arm.
The market Is oversold and prices as
a rule no longer respond to unfavor-
able innuences 4 better market is
expected probably under the lead OF
Union Pacific.