The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-20
..New York.
Stock Market
UPWARD MARCH OF PRICES
Is LED By STEEL COMM ON
Hulk OF Days business Occurs In First
Hour mud Last Fifteen
Minutes.
AT srANDsTli.L REST Or TINT
Drop In c. * o. Encourages Sumo
Tr"d"r> Ia Take Turn ON short Side.
Foreign Markets Dull md Apathctic.
ny nRoApAN WALL.

New York. May le.-StecI common
was the drum major that led the up
ward procession OF prices In ,o-days
stock market
The bulk of the days business oc-
Cured in the nrst hour ANA the last
hitvcn minutes, with dealings prncti-
cally al standsti!I in thu interim
Uncertainty marked the opening
prices, and a drop in Chesapeake and
Ohio from 81 10 about 40. encouraged
sumc OF The traders to take u turn on
Ga. short side The rest OF the list
remained unaffected. however. and
Chesapeake ana Ohio that had been
sold ON rumors that a reduction in the
tiNidcnd would bc made In Thursdays
meeting recovered all OF its loss on
statement that the regular dividend
would be declared
Alissouri-paciho slipped down 10
u 5-S. tut this. too, failed OF effect,
lnd the price rallied later. Union
Pacinc and southern P&cinc were firm,
but neglected, while Rcadinr made a
smart gain, closing at the ton. ISSi-a
Steel common sold at 63 IL, q new
high in the first hour, dropped back
into extreme dullness md FOR hours
there were not haF-doaeu brokers
IN the crowd. In the last twcnty min
utes buying orders appeared from n
dozen points, and the STOCK had an cx-
c4tins close ~ the nigh figure of the
day.
steel manufacturers look FOR a
quick change Ia business following
the settlement OF the rate question.
and premiums will no doubt be cxact.d
Tor prompt delivery OF steel products
when the Hood OF buying orders breaks
loose. The placing OF a largo order
;or Kin plate by the Standard OH Com
panE helped sentiment materially.
From the stock market point OF
View. brokers la
ply Of steel common Is very small. and
any large orders for, say. 10000 or
"c'ooc shares, would probably bring
Il swift advance.
Foreign markets were dull ana
apathetic. There were buying orders
at thc opening. ana Just at the close.
Aito%eiher. some 5000 ahares were
taken steel common ana Amnlga-
mated Copper predominatcd.
STERLING exchange advanced To "a new
nigh point ana the engagement of
S2.oOO.0c0 gold coin for export 20 Paris
had tao effect on the foreign exchange
rate. nor was IL considered In the stock
inarkct or reflected to any extent in
the money market, although call loans
renewed NJ the slightly higher rate
OF per cent.
The APRIL trade statement showed
- decrease Of some $4,000 GOO In cx-
PORTS and AN increase Of about s26.
100000 I'm imports--au unpleasant
showing, not easily explained by tariff
rciormcrs.
crop news was mixed, but the oman
ciai markets are ia no hunor 10 take
reports OF damage seriously at this
carly date. The iIcssian hv made ~,
appearance In the days news. and
more viii bc heard OF Its ravishcs as
the season advances.
Bonds showed greater activity with
strength n Brooklyn Rapid Transit
- and Wabash ;efundins Is. the lat
ter advancing from - - TO o.. THIS
issue Is very attractive speculation.
and VIII 40 doubt fare very wen un-
der The reorganization plan about to
be announced.
'or some time past stocks havo
failed TO reHct on what is usually con-
aidered uufaNoiable news. The tech
nicM position OF the market IS prob
ably stronger thau Al any time fer
years Even ~ SLIGHT revival OF public
interest, OF an attempt To cover a
large amount OF steel or Union IA
citc, would likely hring q three to livc
point advance.