The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-04-28
FURIOUS UPRUSH
IN READING STOCK
Movement Not Believed to Have
Done the Market Any
Good.
PRICES CLOSE AT LOW LEVEL
Financial World More Pcssimis-
tic as to Outcome OF Rail
way Strike.
Especial 10 The rlmcs-Dlspatch.l

New York, April 21.-It was the
consensus OF opinion Ia the financial
district to-day that the furious rise
In Heading common stock on the DAY
before had not done III" stock market
any good. and in the absence of amy
definite indication to the contrary. tho
general belief WAS that the rise repre-
scented either reckless speculative buy
ing or frightened short covering. aud
that neither development was to the
best interests OF the financial situa-
ton. There was therefore. at the
opening or business to-day a good
deal of liquidation Of stock. This only
carried prices down moderately, and
the market soun recovered But they
huctuated irrcgulariy during the day
and closed pretty nearly at the low
est level. 1T was obvious tina, the
market had received it shock. l'innn-
Sial comment was perhros 81 trifle more
pessimistic regarding III. possible out
come OF the negotiations between the
railway engineers ana tie railway
managers, and also REGARDING the up
shot OF the Massachusetts primaries
elections to " held next week. The
bank statement showed that the gen
eral position III which affairs had fallen
last week was maintained. According
10 the average figures, there was an
Increase Of s2,I0V,pOO IN the banks
surplus. In both forms OF the state
mont there WAS au increase in cash
but Il slight increase in actual loans
as compared with IA decrease IN aver
age loans, gave AN insignificant de-
crease 10 the actual reserve.
The most notable fact concerning
the weeks stock market has been the
rise in prices to a new high record
level Tor the period tina has interview
ed since the great downward move
inent eliminated on September % last
year. There was an early recovery
from this decline. which reached it's
maximum point two months afterwards
Then second recession occurred
which b. the end Of February had
wiped out half the previous advance
AZ this time a renewed advance be-
gan with the result as stated This
observation, OF course, proves that for
the last six months the general COURSE
OF the market has been upward and
there seems at the moment little in
dica,ion that It's course IS in any way
about 10 change. Nevertheless the
market has been admittedly some
what more feverish OF late. and n
number of violent advances have been
made in special stocks. which natur.
ally tends To inspire caution among
conservative operators. one such
development was the furious uprlish
III Reading stock at the close OF tho
week, which TO all superficial appear
anccs seemed TO represent mere
gambling transactions. At the same
time II is the opinion Of many COM
petcnt people that Heading stock has
on general principles been selling
lately at altogether too low price
in view OF the known equities IL con
iains. livery row and then there is
4 story that these equities arc about
to be distributed. which has thus
far proved to he untrue. The equities arc
there, nevertheless. aud viii al some
i!mc and in some way be received by
the stockholders.
Wall Street paid little attention 10
tho rise in wheat prices during tho
week. and which has in fact been
carried on throughout the present
month largely because II has been
convinced that tho rise was mere
main force movement. There is not
the slightest doubt that considerable
damage has been done winter wheat
and Yet il seems impossible that this
carly III the year so great an amount
OF damage has been done as has been
indicated in the advance in wheat
staples. The general truth has 20 he
remarked about the current wheat
market, that speculation in IL Is Just
as chronically bullish as it was bear
between the supply OF wheat in the
country to the consumption of tho
article has narrowed very much and
there are many good Judges Of the
grain markets who believe that wheat
may be considered TO he on stand
ard basis of dollar bushcl.
The settlement OF the coal strike
was universally expected 1t is less
clear that the engineers ana the rail-
u-il
ties as easily. principally because the
railway managers evidently will in
FIST upon an Investigation OF the en-
tire matter in some such thorough
way as will afford ground for plea
Tor an advance in freight rates il the
demands of the engineers are granted
or AT least Will protcct the railroads
In future from the arbitrary threats
OF different classes of employees To
close down if their demands are not
accedcd to. The railways have in
other words. come to the parting of
tine ways on this question. and they
feel that they must now stand be-
tween the ceasolcss demands for more
wages by their employees and the con-
slant refusal of the Interstate Com
mcrcc Commission to allow thcm 10
charge increased freight charges.
Activity in the iron and steel trade
seems to he increasing. ana as the
price OF steer products is higher in
the present month than in the last.
presumably larger profits arc boin.
reaped by the iron and steel COM
panics.
Money has been easier through tho
week. and the bond market has been
hrmer. the expectation being general
mat the new issue of city bonds will
be taken nj a price that will reflect
confidence in the Investment situation
Hallway earnings for the month of
March as they have thus far been re-
ported. have not made as good a show
ing as those for February first be-
cause the February business was en-
larged by the extraordinary movement
Of freight that had previously been
held UP by winter storms and. sec
only, because in March nearly all tho