The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-15
TRADING IS LIGHT
IN SHORT SESSION
Exchange Does Not Open Till
Noon Out of Respect to
Memory of Morgan.
nv BROADAN VAIL.

New York, April li.--Out OF respect
TO the memory of the late j. Pierpont
Morgan. the Stock Exchange did not
open to-day until noon
Initial transactions showed n slight
decline. At this hour the London mar
ltet had closed. and although early
prices from that centre showed some
Improvement. purchases for foreign ac-
count barely reached 10000 shares.
There was notable strength I'm Cana-
dian Pacific. and the stock touched
2t2M, largely the result OF short Gov
ering. In the late trading the price
declined to c41Ts
Trading was in light volume through
out the short session, and the firm
ness dispayled by Reading. Copper and
steel finally gave way to the liuuidat-
ing pressure upon the newer indus
trials.
Mexican Petroleum dropped to 5sas
California Petroleum to- AZ. n loss of
nearly points each; Loose -wilcs TO
32i.. These stocks arc necessarily
linked together. as they were pro-
NOTED by the same set OF bankers. who
now mud some difficulty in explaining
their optimism in the face of the dis
elimination that is made by financial
institutions against these stocks as col
lateral
Pennsylvania wac under gentle pres
sure and lost half point on sales
against The rights The coal stocks
lost fractions on light trading, with
the exception of Reading. which
dropped Is
Chesapeake and Ohio was again un.
der pressure but the decline in these
shares is justified by the showing OF
gross earnings for the hrst week OF
April. which were less than half OF the
gross for the corresponding week a
year ago
Wall street had apparently made up
its mind that no decision vas TO be
looked FOR from the Supreme Court on
;he Minnesota rate ease, and little dis
appointment Was felt when the an.
nouncen.ent WAS made that the decis-
ion would not nc handed down. The
lclicf is growing that no word OF this
important case will be forthcoming UNI
Ill the end Of May, or just before the
Adjournment for tho summer recess.
Union Pacific. Erie and Steel lost
tractionaliy. Trading was in light
volume. and transactions gave no clue
10 future movements in these shares
American SNUFF lost points on the
sale OF 100 shares. and International
Agricultural Chemical dropped 10
points on a single transaction. West
ihghouse Air Brake lost S points but
these transactions reflect the narrow
ness OF the market quite AS much as
the thinness OF the bids.
Keen interest is heins displayed to-
ward the success OF the new ST. Paul
4G's II was reported that half the
honuS had been taken. Sales were
made on the exchange at 9ai.. which
Goes not denote any great public de-
mand for this security. Unless the is
sue is ovcrsuhscribcd in other words
goes wcll--the outlook will indeed bc
gloomy for the corporations which are
following with new offerings.
bonds we're heavier ON the general
list, with pressure in Baltimore and
ohio convertible tia's, New York city
,onds and some of the Rock Island is
sues.
The Missouri Kansas and Texas notes
10 the amount Of $4,000 900 will prob
ably be offered close to 6 per cent
basis
railroad earnings for the FIRST week
liz APRIL showed losses. particularly for
The Southern roads Southern Eailway
decreased SS3.33s. louisville and Nash
Vile lost sll:,lSo. Glover Leaf showed
I. small gain.
To-day's news in the money market
was OF negative character. II is felt
that from noW on the market VIII 10.
feet the influence OF the new security
issue. and the tendency of rates from
now on will probably he towards a
higher level
There is apparently no disposition to
help the market for the newer Indus
trials. which likely will continue to de-
cline until they reach at least tho prices
at which they were originally noatcd
This would Indicate a further drop OF
some 20 points in the oil shares. for
instance. The Copper situation is
strong. the Steel market we'll in hand
aud there are yet possibilities in Read
ing.