The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-18
MARKET PRICES
SHOW FIRM TONE
Condition Due More to Short
Covering Than to Favorable
Developments.
ny BnOADAN wALL.


by BROADAN WALL.
New York. April Ito days prices
on the stock Exchange showed Il firm
cont as %n to to nS cSSsrng Of short
prices were made in London before
rtanccs failed to stimulate business for
ioreiEli account. and aside from the
strength i'm Canadian Pacific, which
carried the price to the new high level
or "a? 3,S, there was little feature TO
t Inc i9,re ei trading, London houses
sold Steel and Amaigainatcd. Reduc-
sion In the Bank of England rate from
om 70 - per cent had 10 Immediate
erect on the speculative markets. AL
tnough international houses contend
mat ii indicates q further relaxation
OF money rates abroad
PrlceS were strong in tho enrlv
dealings. with activity confined to
Such Sn. IN, stocks as Amalgamatcd. Steel and
Trading rcIapsed into extreme d,u-
ness at midday. The covering move
inent before noted brought some sharp
i,erred ana Mexican Petroleum. The
latter advanced from IS 81 To- CT a. y
G @rm,m , me publication OF a statement
10 INC effect that IL is reasonable 10
oNDect mat gross earnings for the
fehr VII be large enough to leave a
common stock, after the payment of the
preferred dividend. 1t is perhuns M
,oruunate that other optimistic state
, , issued some six months apo
proved sadly out Of line with the an
, nn"i report. which showed less than 6
pc, eEmt on The common for 1912
~ snafp break in the subsidy stand
ara OH shares on the curb roliowin,
me me passing of the dividend by the
chccK Tor a time at least optimism
:, e Union and and Southern Pacific were
General would aid the company oil
Gals In obtaining from the S,iprcme
Sourt an extension OF lime for the
cation. ' VI Scerc-
~ Amaleamated Copper was strong
= m nere wa wa1 an improvement in tho
III me local market that the metal is
on me way TO 10 .cents.s Steel was
G6 Tosd and md IS s +, There has been
o. and 60. This in some quarters is
called accumulation There is still
a a large, uncovered short interest in
Prices eased off somewhat i'm Tho
1r, eie,r,!.,', WIN = drop in .Amcrcan
are rumors OF renewed activity against
the corporation by the government
the new St. Paul 1 Tas b GGmired on
disappointment is felt that this issue
was not fully subscribed for 1t was
announced shortly after The close That
subscriptions had been received for
S24.o0o.oo0 out of the $4,000 900 Of
,ereu, and that All bonds sold went
anu sayings banks. and that the bank :
ers viii hold the balance in the en-
pcctaiion that they will he placed
New DIRK City bonds were weak and
the ~ touched % rs, Other bond
Issues continue to decline. with a par
ticuiarlN poor market in MORTGAGES for
the second and third grade
ltimore and Ohio convertible 4 1-es
We're heavily traded in at the lowest
point they have touched, 90 Ia
The condition Of the crops received
favorable comment, with Indications
high average.
International trade for March shows
= siieht falling of. Imports decreased
81 ~, l2;ooo ana exports Ns,o56,ooo be-
The Bank or England showed a
ratio OF reserve 500 per cent. with n
reduction in loans Of nearly $1,000
600
There was no reduction in the Ger
man bank rate. hut discounts in the
cent The bank made n favorable show
ing, with an increase of gold and a
decrease IN discounts and note circula-
The cha irman of the Chesapeake and
ohio board stated after a meeting to-
reduce the dividend rate. This state
mcnt can hardly be construed as con-
servativc. in view Of the narrow mar
gin earned last year over the > pcr
cent payment and the poor returns
shown recently.
There are many rumors OF new hota-
tons coming to make. Perhaps the
most notable WAS that New York Cen
trail Will bring out an issue of some
S70000.000. This could not be con
lirmed
The local money market failed to
reflect the congestion in the bond mar
ket. Call money ruled between . and
3 per cent and time funds were easy
at to IL for sixty days, l-o 10
> for ninety days. one loan was made
for one year on railroad securities at
= IL per cent.
The stock market is somnolent The
cries Of tariff revision. income tax
and new issues fail TO arouse it.