The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-04
MEXICAN COMPLICATIONS
ARE SECONDARY FACTOR
They Arc Not Exercising Any Material
Influence on Course of Prices
in Stock Market.
MAY is MONTH OF OPTIMISM
New Upward Impulse Probably Comes
From Expected Increase of Freight
Hates.
NY nnoADAN WALL.

New York. May Stock market
conditions indicate q higher range OF
prices during the week Mexican com
plications arc now viewed as n sec
cndary factor in the financial situa-
ton.
During the past seven days prices
mnao normal recovery from the low
point of decline that lasted two
weeks. and the new impulse Will prob
ably be found in an effort to discount
an expected increase in Eastern
freight rates.
II cannot be said that any bullish
activity rs yet has resulted from tho
rumcrs that the roads would win
their case. The recent advances were
largely due to such incidents as tho
successful placing of tho New Haven
notes, The favorable decision on the
announcement that the New York Cen
trai would be permitted to carry out
Its plans OF reconstruction.
Rumors of Distress.
From several quarters come rumors
OF distress among bear operators, who
having overstayed tho market now
lind II difficult to keep up their mar
gins. Perhaps too much emphasis has
been placed on the budget OF bad news.
selling stocks short is prccarious at
best, and the public. rarely successful
in speculation. invariably mako I'M
successful bears.
The regular dividend has been de-
cl'rec ON steel common, at the usual
rate. and the company could stand
another bad quarter. but this appears
unlikely. The placing OF steel orders
IL far below normal, and the mnrket
Tor steel products is in n position for
Il sharp advance with the placing of
monts
Orders aggrcgating moro than s1e.-
100000. now in sight, would be quickly
booked, should the Eastern roads he
allowed TO advance rates. It is I'M
dorstood that steel manufacturers. an
ticipating this food Of orders, viii not
quote prices for future deiiyorv at
the current figures.
II the expected Increase Is granted.
mo steel stocks should be among tho
irsi to improve and the equipment
ISSUES WILL no doubt, respond PROMPT
! ~. HALLWAY steel Springs would come
IN Tor large share of business,
rcsssu steer Car. American Car and
oundry, and American Locomotive
"iii get their quota of new business.
copper stocks, too, Will be benc0ted
"ut not 10 the same extent
MISSOURI Pacific. in declining below
No. discounted in price events that NAV
not happen for some tine to come
senior bond holders Will prabsb,v und
it to their ndvantase to tnkr c,ro ". ~
me notes falling duo June /. A
| chanse of financial control might do
Ter receivership, but bankers will
haruly advance funds except OF terms
I unpleasant to stockholders.
No Cause for AInr1n.
mo announcement of the details of
tile Wabash reorganization or tho OK
tent Of assessment on Rock IsInnd
shares. expected shortly, would he
moro In the nature of rolicr than
alarm. as present prices do not per-
init OF further drop
Union Pacific. probably will be nj
lowed TO carry out plans TO distribute
baltimore and Ohio, and the 3 per cent
cash, during the next thirty DAYS
This stock will no doubt be one OF
the first To benefit from n moro fay.
orable attitude on the part Of the pub
Tic. for, so far. tho public has no,
been encouraged to take hopeful
view, and speculative interest did no,
increase materially during the pas,
| two weeks.
Traction stocks were firm, affected
by foreign complications, the revised
tariff and outside tho influence of the
Interstate Commerce Commission
brooklyn Rapid Transit, Interborough-
metropolitan preferred, and Third Av-
enue are all considered cheap.
Plans have progressed so that divi
preferred are nearer to view. Brook
Ign Rapid Transit Is always benefited
by the opening OF the Conoy Island
season. and Third Avenue was 30 sue
ccssful IN its recent bond sale that a
new issue OF S2,0o0.000 viii be made
shortly This company Is ably man
aged. and the stock IL we'll thought Of
Southern Pacific was bid on rapidly
! by the shorts. This stock does no,
I promise we'll. Baltimore and Ohio Is
IN need OF funds. and Eric is poorer
/ than usual. Canadian Pacific has u,
last begun To show some resistance
! or support. The shares are largely =
: barometer OF foreign money markets
/ hut fluctuations are too vide and toe
+ rnu!d for the average trader.
y short account, both large ant
/ weak. lends strength to prices. Money
B Is ahnormally easy, and crop condi
! lions above tho average. May is {
! month Of optimism.