The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-12
MARKET DECLINES
TO LOWER LEVEL
Late Trading Sees Another Vic
lent Break in Prices of
Securities.
CANADIAN PACIFIC HIT
Extensive Offerings in Steel
Common Carry 1t Below
SO Mark.
PACIFIC HIT
by BROADAN WALL.

New York. June li.-ro-day.s stock mnr-
i ket turned decidedly weak in the late trad
trading l7s to so This Rl,'S wa Is" accom- nsaxy
mon which broke this stock to 1871. the low
est price 1t has touched since II became a :
has sold below so since 1909. '':' ''"e II
The stock market was quiet and firm in
for recovery from the extremely low prices
that have ruled. Later. brokers rcported -
soarc'tS 9i buying orders that left an un-
,i There has been great seurryins for al
Grnph and cable and as the response Il.
slower than usual brokers demanding
Banks and financial institutions are insist,
ing upon full margin. and there is a heavy
,i M's'm , Oh loans AT advancing rates for
the mercy Of call money. with rates ms All
whai ir w as ~, ,ney nre to.day !, is some
Wal! STREET procedure to understand the
rnr' mat line ni,, money is hard to obtain at {
per cent. with call money freely offered at
liz. This Is Il danger signal to the exneri
enced bankers and prevents the stock broker
from encouraEing purchases except on the
widest margins. " W.
:. only few weeks ago Baltimore and Ohio
to-day s20.o0ooo0 one-year per cent moi los
were sold TO bankers figures that surrns,
per cent rate to the company This Dor.
rowing was made necessary by tho currcnt
situation which has made 1t advisable to pay
Dayton notes maturing July l.
1t did not Improve sentiment any either 10
confirmed the sale OF $40 900 eqmipment :
per cent notes although tho statement was
oco.o9o cash. and that no new nnancinp is
; ,S II was but yesterday that
has sold 35OoA.oOo trust notes TO mr. for
equipment ordered In May ''
SUCH misleading statements discredit rail
roAd officials and Justify the investor i'm
hesitatinE TO part with his funds. In such
-
throuEh frankncss on tho par, of cnrporn,
ZION OFFICIALS to security holders is essential.
means Federal supervision OF shor, ,cru,
notes Will become inevitable
Foreign markets showed "A nuirter ton.
transactions Tor London account were small
In volume and on balance on the buying
outcome of the London settlement and tho
market for Canadian Pacific will be closely
l ,. Tx, innternhti1nhl issue with both Lon
don and Berlin Earnings FOR the nrst week
"sa ,.S oon gain for the same week Inst year
o The Denver stocks were again weak tn.
,";ni"oh closing ~ laf+. a loss 81 over
point; and the grcferrci a; % &. decline II
a Tn" boz bends tni!ed 70 show any raiyins
ing mt "A price which (. about half IN. eos,
per mile of the building OF the road
th'on Pacitc made low level ,yher
II touched !3'A.. and southern Pacific shsJ.J
us previous iow. price at say. The street
now fears that the segregation Will include
rcccivership. ami TINT this will he both
lengthy and costly. Reading fell 10 i5lS on
rum"rs or fresh government suits and
Lehigh Valley declined in sympathy. Jcr
sey Central lost points
Can stocks were weak. and Atlantic Coast
Line fell points further TO H. Mexiran
petroleum dropped 10 ~ on unfavorabie re-
ports OF the conditions In Mexico Sears
hoebuck. 500 common and Loose Wiles an
lost points or more light trading
keen disappointment was felt amonE COM
mission houses that the very sharD declin.
hhd brought so little public interest into
the stock market. II appears to be tho
r EflF lNa !,
tsiration Mt Washington is rather unwilIinr
or unable to protect the value Of securities
ana until confidence Is restored by "A change
OF attitude. liquidation will proceed whnt.
ever the outcome may be.