The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-05-13
..New York;.
Stock Market
ABNORMAL CONDITION
Is By NO MEANS LOCAL
Transactions of New York Market
Hardly Exceed 100000 shares
During bay.
40 SPECULATION IN LUNDON
Encct of Unexpected Announcement OF
Freight Rate Incrcasc Is Problem foI
Moment.
NY BnoApAN WALL,

Sew York, May Ito days mar
hct came very near 20 standstill.
transactions hardly exceeded 100000
shares. Many OF the leading issues
were not dealt i'm at All. and those that
were. barely moved.
such a condition Is abnormal. al
though by no means local London
5us, escaped a serious smash BY tho
prompt assistance Of leading bankers
who carried over load of unsuitable
canadian stocks for a prominent firm
iu that city. This was enough 10 XIII
speculation there.
broker sends work 10 his partners
that distress i universal among the
members OF The Bourse.
Not in our worst period or dcpres-
SION" ne said. have we ever cXpe-
rienccd the poverty that is shown by
our fellow brokers here. Trading is at
a staudstill. ana loss from the Balkan
War. the South American collapse, and
an, Canadian reaction enormous.
prices were steady at the opening,
and AN undcrtone OF nrmness WAS the
single feature OF unintcrcst!ng
day. Spectators short OF Missouri
Iacinc express surprise that the stock
does not decline, falling TO realizing
That their own anxiety to repurchase
Is the lnainstay OF the market.
70 the one real sellcr who comes in
N'tu SNoSh' iHi tC SHpi 10 ONlOiu eNcI
other. and this no doubt will continue
TO keep the price we'll above Intrinsic
values. Selling other peoples stock
s always 4 dangerous practice. and
when the price Is below SEQ a share
The rick Is materially Increased
Consolidated Gas took fresh dip.
the price dropping below 13o. share
holders DO not take kindly to the new
issue OF per cent debenturc notes.
These We're heavy on the curb. with Il
drop Of more than points
Union Pacific maintained its lead
among the railroads, and steel COM
mon displayed frnncss around 30
,hn, misht easily turn into pronounced
strength Reading was unusually nc
tive tor duil market, although the
fluctuations failed To- shed any new
light tendcncy. Copper stocks were
unchanged with reports OF trade more
encouraging.
sends were strong with trading
nearly double the volume of the DAY
before. Rock Island Collateral As rose
from 30 - to 36l-s. United States
steel sinking fund 10 were strong al
lo3, and southern Pacific convertible
- active. at 1Ui.
Within the day after they were is
sued the S.O.0oc.orc New Haven notes
were taken by investors. and another
favorable Item of news WAS the gov
crament weather bulletin, disclosing
favorable condition for winter wheat.
~" further cHEagcments OF gold
We're announced, although sterling cx-
'nausc ruled very strong ana ;,ddi-
it"naI exports arc looked for shortly.
rs the supply Of gold bars at the
Treasury has been exhausted. future
shipments eau only be made In ca.les
aud this would mean II slightly higher
rate Of exchange for profit.
Just what effect would follow an
unexpected announcement of an In
'reas" In freight rates rs the problem
Tor The moment. Short covering
would no doubt force an advance. but
whether this would lie Followed bv {,
renewal of public interest. and carry
prices further, is the question