The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-23
TONE OF MARKET
is HES|TAT|NG
Not Surprising, as Taking of
Profits Is Advised by
Brokers.
by nROADAN WALL.

New York. July 22.-rhe tone of to-dsy.s
stock market showed hesitation. but this
was not surprising. commission houses
generally advised the taking OF profit In an
ucipation of a reaction. The market as IL
whole, however did not develop weakness
shade below those of the day before. In
TACT the result OF the days trading proved
the strength Of the undertone. and Indicates
higher range OF prices.
Renewed weakness in government bonds
was the nrst adverse factor noted. and this
was quickly followed by announcement
OF the issue OF some s67 O9t. 900 New Haven
oebcntnres 70 take up maturing notes and to
provide capital.
Another slump In tho California Petroleum
Ihese adverse factors. however. We're prac-
teal, ignored by tho general market.
London was II buyer OF Union Pucific on
the preliminary annual statement. and the
report OF Republic Iron and Steel ala much
shares. This company + now earning at tho
rate OF per cent on the common stock and
equivalent To the amount of the bonded ia
dcbtcdness. At the same time the corpora
years. and II the 500 900 that was marked
81 Tor Hood damage had not been included
cent on tho common stock. This would sug-
E.st that the Unitcd states Steel Corporation
Is ais" probably doing well.
copper market and thai metal advanced to
domestic huyiug Utah Copper which is
earning about 8 per cent ana paying per
cont, iuNNS more attractive than AiaHlHa-
mated at present prices 81 the metal. paying
per cent ana earning per cent
IntcTbOro- ~ .tropolitau preferred was ac-
tive on rGnors 90 AN early dividend. and tho
bc!iei That u better market would b. made
FOR the shares prior to the floating OF the
new Rapid Transit bonds Third Avenue was
again active and rose over point IN spite
OF the statement q; President Whitridne
ti:ot he uesircd to conserve III. funds of tho
company for the next year or two until the
property could be placed secure
basis.
The Bethlehem Steel stocks advanced
sharply on tho Favorable" showing In earn
inEs. Tie company has been ably managed.
and the outlook IS considered highly prOn!s-
ing. The preferred shares particularly
attractive In view OF present business and
future outlook.
Canadian Pacific rose TO go on the clearer
Balkan situation but failed to maintain tho
full advance. This stock more closely repre-
scn;s foreign sentiment regarding American
shares than any other issue. and IL stil the
settlement OF the Balkan difficulty would
doubt bring about sharp rally as a fairly
laree short intercs, exist In this market
There was auuthcr break In the Express
stockS WclIs-Fargo losing points and
American Express = ON rumors from Wash
inEton thnt Tie Interstate Commerce Com
mission would shortly revise the express
tarir downward. There Was "A somewhat
freer Offering ~ time money by out of-,own
Lenders, and rates arc stil easy.
was slightly uniavorahle. but this vas not
considered = market factor
The undeTtone i strong and there is "A ten
deuCy among commit Ssion houses to suggest
tho taking OF profits rather than the In
crcasinE OF commitments. This is Il favor
speculation is one Of the strongest points In
IN" present favorable situation.