The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-01
Will millennium
COME WITH WILSON?
Those Who Have Read Inaugural
Speech Say 1t Justihes
That Belief.
ny BROADAN WALL.

New York. February 2S.--To- days
market was exceedingly dull with
prices fairly steady on trading mostly
Of professional character. This
means that while liquidation has ceased
on one hand no new buying force has
come into the market. The rally has
the appearance OF having run out.
TO call the market professional is
equivalent to saying that without the
operations OF the traders there would
nave been no market at all. but for
many stocks
The oit-e%pressed hope that the for
eign situation would right Itself over
night Is LAID on the shelf for future
use. London houses did nothing in
our market. This may Indicate that
the recent activity which came from
that centre was engineered on this
side.
Tie probab!li,y of the Supreme Court
decision on Monday is the most Inn
portant market factor at the moment
Mr.. Wilson's forthcoming speech had
been described by those who claim
10 have seen advance copies as justi-
fying belief that the incoming ad-
minisiration viii produce conditions
nearly approaching the millennium II
the suggestions OF the chief magistrte
can be carried out.
From the Wall street point OF view
the disasresable feature that con,
fronts the financial community Is the
absolute stagnation In business The
recent decline did not produce any
renewed buying worthy OF mention.
and the subsequent rally seems to
have checked all inquiry The situa-
ton is best described by a CONVEX
sation overheard between two brokers
on the floor to-day. Said the younger:
What do Your customers think Of
tho situation?' The answer came
ni omptly. Il am little perpiexed. ne
has not been in the office for week.
anG today ne sent his boy for his
umbrcila-which makes me think the
outlook is ambiguous"
While prices are low compared with
other periods. they do not look so
cheap when compared with tho average
price OF representative bonds for the
past four years. Many bonds give
returns ranging we'll over per cont
with Wild margin OF earnings that
insurcs safety OF principal as we'll as
interest This comparison Will, of
course, first be made with the preferred
and then the common shares. These
viii he found high. This illustration
cniy includes railroad issues.
No comparison can be made with
the newer industrials that incot porated
since the last business depression. and
where in many cases. good will has
been capitalized at absurd figures.
Tho drop in American Can shares to-
day shows the evil effect of having
insiders trading on their actions at
directors meetings. II will he a long
time before IL Will he possible TO run
the public in on the same kind of a
deal III tho same kind of shares again.
y sharp break occurred IN Corn
Products preferred. carrying the stock
10 ga drop or over four points.
There arc rumors that tho government
will institute proceedings to dissolve
this corporation. This is result OF
the investigation that has been ear
ricd on during the last year ana a half
by tho. department. al Washington.
There was a rise in call money rates
AND "a further bidding for money here
by Berlin bankers who are already
preparing FOR the April l dspursc-
ments.
The undsrtonc of the market does
not appear to be strong. Tho standard
issues. that is, The better class rail
road stocks may be cited as cNccp-
tons, hut any attempt to lqudate
line Of industrals would no doubt
bring fresh decline in the general list,