The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-09
..New York.
Stock Market
STOCK MARKET RESiSTS
AVALANCHE OF BAD NEWS
Prices Are Heavy. aud Bulk OF Days
Trading Is Wholly Pro-
fcSSionul.
CONTINUED GAIN IN IDLE CAR!
Renewed Liquidation In &. a. q. Makes
IL One of Weakest on List, Touching
Lowest Level Since 1909.
by BEOADAN WALL.


New York May S-Pr!ccs were heavy to-
day and declines general. with a budget of
news wholly unfavorahic
published pessmiStic review OF Canadian
Pacific, ana this induced selling through
Berlin and London. which carried the stock
n,epoFts from Tompieo that TWO oil wells
brought a 2-pOini reaction in Mexican Petro-
lcum
Renewed liquidation in Chesapeake and
the ASK. ~ 1875 the stock touched the low
though the Ccpper Producers' statement
showing an liner ease OF $4,000 pounds ON
hand MaE wa somewhat better titan OK,
for TWO years Shis due selling from
Paris. Rutor hau il that the decrease in
earnings of tais corr pany. shown In the am
rGai report, was due to the closing O; the
mines FOR elecirii!cation. This has now been
operating expenses. When an oncial was
9Sled why stockholders had not been in
formed oi ;h!s the reply was. "Why give
GA, good news IN dull market If the facts
shares can be understood.
Utah Copper was strong. closing with Il
sdn. Union Pacific ana steel common We're
comparatively n.in, losing fractions in the
late dealings New York Central was heavy
On t"e ehb , G5 ,.S oi inc Lake shore to
dehen;ure bonds of 1903 and 1906
Heavy trading occurred in Missouri Pacific
between lSA and i6@.. The sellers were con-
Hpicuous. and the buyers unrccordcd Humors
not finance tho notes. due on June i. and this
was officially confirmed by is
sued after the close OF the market. Missouri
Pacific financing has been hawked around
'he street from one banking house to an
other to the disgust OF the public and tho
distress Of security holders. The appoint
nent Of "a receiver. the evident aim OF some.
Foreign markets were heavy With inter
exchange touched a new high level. but no %
gold exports were announced. Local money
markets i are entirely unaffected SIX months,
ii'ne funds were loaned at ~ per cent. and
eight months money 20 carry brokers over
Idle cars continue to accumulate. on may
there was a total of sidetracked equipment
If -:Ss cars. greater number than at any
All things considered. the stock mnrkct
news; The bulk OF the day. trading was
Wholly professional and while prices may
the neNt extensive move Is expected TO Sc.
eur on the upside OF prices.
!ay di.regarded tho old axiom Of Wall
market The ast few S ay s' were re 50 sS unns @nl
y dull that speculatorS were eager Tor
non ana as condiS lions favored the short
pulling away tho list from its dead level.
erous declines OF les points. While there
was no change Of first Importance In tho
nniav"tahiy by various considerations. Fail
are ot the market 10 respond 10 Yesterdays
eye Was lille kS S r%" q, n Sva sh@
from the prevailing level. and spcculators
reasoned thht i! Inc market would not
l. might 90 down.
London prices for American stocks were
i"wer. ana there was some selling Of Cana
dian Pacific for foreign account. although
European operations here were no; on q
large scale. Continued weakness AZ few
stocks. particularly Missouri Pacific aud
these pouHe ana Ohio disturbed the whoir
market. Chesapeake ANA Ohio broke TO the
lowest price since 1875
Another depressing feature was tho Mex
Jean news, conveying iutimntions OF IA more
serious situation. Thc combined result OF
these influences was Increase in activity
with periods a; the livelicst selling since the
severe decline OF fortnight ago
The copper producers monthly figures. al
though representing an increase IN supplies
"i 1.s.1Tfl pounds, made rs good ~ Showiu;
~ hNd been expected. Copper metal prices
SaSced both here and abroad. An increase
ia the number OF freight disclosed
IN the for;nightly statement. whiCh fitted
ness of business conditions
Another cash gain T. expected a result
90 the week currency movements with an
increase In holdings Of the New York banks
~ about tit"pp'p. Time money rates again
Welded. Demand sterling reached another
ttEh point. and further engagements OF gold
M"rc predicted. Bonds were lower United
states bonds We're UNCHANGED oh call.
nag ruling rate. Ia; closing. la.1? Time
lnan- weak, sixty days. :isn2i.; ninety days
-: s;N months. g Prime mercantile paper
.4Eat,- sterling exchange strong at 81 s5a5
for sixty DAYS and At slS,?5 for demand.
Commercial bills. $L>is.. Bar silver. $50. (:
Mexican dollars. ~. Government bonds
steady; railroad bonds easy.