The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-29
LEADER|NMARKET
IS NEEDED BADLY.
Confidence Has Been Shaken and
Good investments Are
Going Begging.
BY BROADAN WALL.

New York April 2s-'rhe financial com.
nunity apparently needs n new leader to
restore public confidence. Among banking
houses the opinion Is expressed that the
stock market situation would turn sharply
for the better II public confidence could be
restored by an authoritative statement that
prices arc In many cases below intrinsic
bonds of rwel-established value continue to
be offered at declining prices because buy
ers with funds lack initiative.
To-day's market was again under pressure
during the first hour. and new low records
were established on heavy trading until sup
port appeared That checked tho decIiue
prices steadied. and then rallied ftfuIiy
without developing any apparent strength.
There was an Irregular tone at the close
with sharp recoverles in the tobacco shares.
Sears Roebuck and Reading. Steel closed
steady, with only slight fractional loss
thanks to the short interest. which is con-
splcuous The statement OF earnings to be
favorable showing for the quarter. Amaiga-
mated Copper was erratic: after declining
loss OF y. '' ''s'
better tone developed in Great North
sale OF sooocooS year Lax" Shore 10 notes des
makes total Of S.. 600 ssni Ies1a phs
that the New York Central system has sue
The market for the newer industriaIs was
irregular, Rumeiy issues were weak while
Metropolitan. common and preferred, were
both under pressure. The decline in the AN
ing in the bonds heavy. These repre-
sent Interboro Rapid Transit shares. which
per cent which is now being paid AT pres.
ent prices the bonds net over per cent. and
The bond market continues to Offer
variety of opportunities for investors. Third
bonds sold last week nj IL. and as the com
pany in emerging from successful reorgani-
inss, the present weakness In this Issue may
be considered favorable opportunity for
investors.
Laciede Gas touched ga the lowest point
In ten years While the earnings, of tho
the Z per cent paid, the company is lacking
In working capital
supreme Court at Washington handed down
p decision holding the Northern Pacific
the railroad" company. The effect of this
decision is apt to be far-reachnS. as IT lays
OF corporation not u party to it's reoreami.
cation may hold It's successor for his debts
that the decision was a direct blow at the
practice OF reorganizins corporations 10
London sold stocks here in the FIRST hour
b, but later turned buyer on an improvement,
In the situation abroad. taking few thous-
and shares on balance
Time money vas shade firmer and there
WAS some snlItlnE OF iOans. que TO the de-
crease In surplus shown by the banks las;
Saturday. Another shipment OF $4,000 gold
was made to Canada making a total OF 81
7co. 900 far sent and further inquiries arc
pending
Northern Pacific made favorable showing
In gross and net earnings for the month OF
March. There was Increase OF $4,000 in
the net after allowing for heavy appropria-
lions for maintenance.
There is feeling the street that {,
rally In the stock market is about due. There
is little that the recovery will be ex-
tensive or permanent.