The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-19
..Neu York;.
Stock Market
QUIET HOPEFULNESS
KEYNOTE OF MARKET
Prices Arc Firm ut Opening, and There
Is Fair Amount of buying
by the Public.
UNION PACIFIC Is IN LEAD
II Tops other tailronh shares With
Advance Above DISTRIBUTING stu
Puzzles Traders.
ny BuoADAN WALL.

~ w Ntt'-
Now York. May ls.-ouiet hopeful
ness was the keynote of to-day's stock
market
Vrccs were firm at the opening, with
"a fair amount Of public buying. Spec
ulatiou WAS largely centred i'll steel
common. brokers with buying orders
found few sellers. and :ho price rose
rapidly from 81 rs to c. 81. mostly
q; the expense Of the shorts. TIE rise
WAS too rapid 10 hold, however. and
the price slipped back TO 81 3-S, shoot
ing up again ia the afternoon TO G$ IS.
Part OF this gain was again lost. but tho
stock was firm at - rs ut the close
II is believed that the large bears have
thus far made no attempt 20 cover their
contracts in this stock. and y further
rise j. expected. Improvement in trade
conditions is the substantial back
ground FOR optimism in the steel bust
ness. Union Pacific led tho railroads
with au advance above lbs. 81. Paul
ana Canadian Pacific gained more thar
a point each, aud Great Northern pre-
forTed displayed quiet strength
lndustrials were firm, with Wcstng-
house active AT an advance from 10 TO
&c 3-S. Copper stocks moved unevenly.
.Amalgamatcd touched IS rs, and
then dropped Il point OH ceiling by
Harry Content. Chino Copper gained
SIS, and Utah lost u fraction.
Ucntins stiIl Puzzle.
Reading continues TO puzzle the
ioOr traders. iriUlnS Is active, bUt
prices were unchanged. There is a
fairly large short interest open in this
stock, perhaps Just enough TO encour-
age insiders 10 mark UP tho price four
or five points.
Chicago Great Western issues were
strong. The preferred gained is
The prospects FOR good business with
Increased earnings are encouraging.
fuck Island issues were neglected.
IT Is understood that the rcorsaniza-
..u,f 81.
scs9mont on the collateral trust bonds
and the common and preferred stock O;
Tie Rock Island Company. When the
first and refining per cent bona
'nori%"2c of the Chicago, Rock Island
:iid PaCiii" hallway Company was
drawn UP in 1903, clause was insert
cd presumably by W. H. Leeds. who
was then president of that road. as
follows:
"rho railway company shall not. ANA
VIII not create or sInar TO he crcutco.
wMlc amy OF tho first und rcfundiug
mortgage bonds are outctandirE. amy
iuori.aSc pledge on other lien or
charge subsequent to the lien OF this
indenture. upon tho mortgagcd ana
pledged promises or any part thereof ..
rms very unusual provision Will pre-
vent the placing OF another MORTGAGE
upon tho railway property. and those
who pay the proposed assessment will
40 doubt, be compelled to take income
bonds, dchcnturcs or Il preferred stock
Tor the cash that they put up The
aforementioned clause gives the first
ana refundnS Is a strong position, but
i source OF embarrassment TO the re-
organization committees
tumurs Of Damage.
fsunorS of crop dalnarc have made
th"ir annual appearance. Little attcn-
ton WAS paid to tho first edition Tim.
inoH"N rates hardened n quarter OF |
Der cent. sterling exchange was strong
ana slightly higher.
Tho ready sale OF $4,000 GOO United
Fruit per cent four-year notes pro
uuceu - good impression. y stool; OK
change seat sold at $4,000 a drnn OF
5000 from the previous ,ransuciion.
II il Understood that four or i've more
arc FOR sale
Confidence in security valuca is slow
~ hut surely gaining strength. out
ol-toWn orders were noted duV in
SuiiIcieni volume TO encourage a hopc
Tor E" broader inquiry. steel common
ana Union Pacific arc the best OF lead
orS, Tor without strength in thcs. is
sues the present market would soon
lose it's snap.
o. HSM ~, 9Srk ,. N"E is,There Va broad IN
u,p4ren, that Wii street Wa ,,r.s l.ii,,}
%: better conditions In j,iis.,' !.
conditions existed. ana there wtt a r,,ir.ttd
advance. hut confident cVueciatious ,i,eii ,u
i'rtained Of ~ revival OF business were dis.ii-
pointed.
Prospects Tor hunpcr crops constitute pcr-
Zap, inc uost tangible basis tor optimism.
80 ;"r az actual Improvement IN business
conc Noue zoe, There ~ ass yet Nttlc to loo
pointed out as JUstlty!us expectations al an,
e"T cuisines revival bUt reports o: trade
authorities arc hopeful.
Ho-slp of iAe stree, ,o-day dealt chiefly
Nit tne prospect Of q speedy decision "a
-ao trtcs cla,. aud thc iurthc. reports iron.
Washington eouccnius thc outlook for IA
iH''irr thc NeNi,ut uvoblcfn throuEh media.
iioi- lia iirm TOM az TIC cairpuirr uurkots
DIS" Wt= ioNoring Influence. Cable :tdviccs
Ns.c "poF'"Ht' unt i-undon took ia.ooo or
'o1c utr"- lc-c after marking up prices
COZ American shares there
ho uac.pcgtea!y poor bank statement a;
saturday had some effect on the money
fn-rArt. itttes for short term loans Mo-o
-HAor. ,nd mcrsuutiic discounts were GA :,
Bonds wore irregular. United states bonds
0"rc unchanged on cai-
%ev York, May IS Money on call steady
H i'sH- ruling rate. Us. closing. i'-N2 Time
oaH-. stronger; tiNty days. -G-... ninety
.a:s. -. az; six months. 5I3i4. Primo uicr-
rat-l." paper. 3a.Ti sterling exchanges nrin
g -" Tor sixty days and ~ s. $50 FOR DE-
slua Commercial tilia si.S5. Bar silver.
p HcNicIn dollars ~ Government bonds
steady railroad bonds Irregular.