The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-10
LITTLE BUSINESS
DONE ONEXCHANGE
Brokers Have Nothing to Do
But Discuss Condition
of Market.
ny BRoADAN WALL.

New York, May 9.-BusinesS on the
floor of the Stock Exchange has reached
an almost. irreducible minimum, with
the result that stockbrokers formed
themselves into committee of the
whole to discuss any and all subjects
that may influence prices, but so far
have not.
Tariff discussion is worn threadbare
and anyhow no longer has any influence
on prices. In former times govern
ment crop report was subject of spec
ulation for the time being; although a
Fundamental. IL is not n market fac
tor The report of the Copper Produc-
ers' Association was either not be-
lieved or disregardcd. The reader may
take his choice. Therefore the state
ment of the United States Steel Cor
roration. SHOWING a decrease OF un-
filled tonnage, may very likely lie dis
missed before it is issued, as market
influence.
The opinion of tho average stockbro-
ker has little value at this time. Nine
cut of ten will assail you with this
question: What do you Sec Your
answer is: 81 see nothing but dullncss,' -
and when YOU come back with the cues
tion: What do you think?' come back
W
Such periods of extreme dullness have
t"cuucnly been followed by activity
and a turn in the market for tho bet
ter. and ii is not improbable that the
currency bill will restore confidence.
In fact. the Improvement in the bond
market already noticed is attributed
to this influence and if there is one
sign that may be logically expected to
Trecede return OF speculative inter
est it is a demand for investment bonds.
The new st. Paul AIS were dealt i'm
a. s9a4, and the Baltimore and Ohio
convertible AIS were firm at 92%. and
the strength OF these conspicuous is
sues confirms the report that the de-
mand for bonds shows Improvement
TO days stock market was again ex
trenely dull. with a dribbling OF liqui-
dation in several investment Issues.
Delaware and Hudson fell to 1891. and
American Telephone and Telegraph to
l27as. AS the telephone companies are
now being subjected to very close scru-
tiny by the government officials, II
may be assumed that the result will
not produce an increase in profits. New
Haven touched 1o2N, and Lacledc Gas
lost 2la points. New York Central
dropped to e91s and still looks high, in
view of decreased earnings and the
heavy increase In charges.
short time back criticism was di-
rected against this column for the
pricking of the Rumely bubble. II is
now officially announced that dividends
upon the preferred stocks Will not be
discussed until the outcome of the
years business Is known. AS the COM
pany's year ends on December II, div
dends will not be discussed until next
March.
Underwood Typewriter displayed
weakness on small offerings. This con-
Germ has placed a high value on good
will The American
port shows the effect Of the over-pro-
duction of sugar, plus the discussion
of tariff changes. Probably the worst
is now known, and the stock should
show some Improvement. Pennsylvania
stock was weak, due. 1t is thought. to
the selling by the shareh olders. who
waited to receive their allotmcnts be-
fore disposing OF the stock issued on
The London market will be closed
tomorrow and Monday. Foreign
houses bought some 10000 shares on
balance. The Street expects to wit
ness the usual move in Canadian Pa
cifc that has Systematically backed up
the price in this market when the Lon
don market closed.
There was further break in for
cign exchange. but in spite of this it
IL predicted that other shipments of
gold VIII be arranged for next Tues
Cay. Notwithstanding the expectation
of the $6.o00.000 this week. 1t is ex-
pected that losses of the banks will be
offset by shipments from interior points,
ana the chances are that fair show
ing will be made by the clearing house
statement tomorrow.
The stock market is more dull than
weak. and too many are anxious to
make profit by selling the shares be-
longing TO others. The technical posi-
ton of the market does not favor the
shorts