The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-23
EXPECTED TO WORK
TO H|G HER LEVEL
Stocks Show Irregularity, but in
the Main Undertone Con-
tinues Firm.
Bi BRoADAN WALL.

New York, April 22-Stocks showed
irresularity In to-day's trading, but in
the main the undertone continues firm.
with the belief that prices will grad
uaily work towards a higher level.
Foreign houses bought stocks at the
close in authorization of higher range
of prices from London to-day. where
trading begins for the new account.
There is evidently e considerable short
interest open abroad in American
shares The fortnightly settlements
now under way proves this ANY FUR
thcr Improvement in the political sit
uation on tho other side would prob
ably bring liberal buying orders in
our shares
Evidence accumulates that the short
Interest," nero is widely scattered. When
steer common Was freely carried by
commission houses on margin dealings
The list of stockholders published nv
inc Steel Corporation contained tl,e
haihes OF AL the active brokers' Many
on 'hese names were absent from the
ilst made public at Mondays meeting,
and other houses show a largely re-
duccd line. a canvass OF the commits.
SION houses disclosed the fact that
many clients have hedged against their
iohS position in other stocks by short
sales OF Steel common
Ihe recent action OF the Stock FIX
change authorities in curtailiur the
n
sistencc that brokers should keep Gus
toners accounts we'll margIncd has
stimulated short selling. The profess
sionai floor trader Is poor o-day. and
lew can carry 1000 sharcs where a
year or so ago they would swing i've
or ten times the amount
The excellent government we.tbor
report giving details OF highly favor
able conditions in the Western winter
wheat and corn region and covering a
wide territory, was the best news of
the day.
AS 81 market factor. the attitude OF
Governor johnson, of California. i'm on
position 10 President Wilson, was not
considered. The report from ST. Paul
stating that the Circuit Court was not
lavofablN Impressed with the new
Union Pacific plan put reaction of a
point in Southern Pacific, without any
material change in the closing price
of Union.
The disclosures regarding the New
liaven management were responsible
for q break in New Haven shares to
! 10 81. now low record Advices
from Boston indicate that New Eng.
land is thoroughly depressed over the
New raven affairs, and selling contin-
ued from this centre
Baltimore and Ohio showed the
effects OF the flood damage by it's ma
chine report, with falling off or
100000 in operating revenue. Az
tins had been discounted the stock
showed little change.
Wisconsin Central advanced sharply
on renewed activity of an old pool
1t Will be difficult. however. to en-
courage speculation in this stock in q,
narrow market.
The Copper stocks were firm, with
some evidence of good buying in Anal
Samated. After early strength, Read :
ing was carried 10 les 3-S This stock
closed at 16i 3-S. Lehigh Valley lost
half Il point in sympathy.
The fluctuations In Steel were con-
fined TO fractions. The net earnings
for the March quarter that will be
made public next Tuesday are expect
ed to be in the neighborhood of
SSIo0o,ooo. If this proves correct it
will be larger amount than was
earned by the corporation in any other
quarter since the period ending with
June. 1910.
Bonds were dull and irregular.
Efforts are being made by bankers to
withhold new issues as far as possible
until firmer demand develops
The undcrtone of the stock market
is firm. with no disposition upon the
part of the public to trade