The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-29
MARKET IS RAGGED,
WITH CLOSE FIRM
Many Low Records for Year
Scored During Days
Trading.
BY BROADAN WALL.

New York. May 2S.-To-day's stock mark ct
closed with firm tone for the best issues
after a ragged market, In which many low
| records for the year scored. Steel was
very steady. not losing u fraction. Union
Pacific and Southern Pacific made gains on
tho day and the changes I'm Atchison. st.
Paul. New York Central and Chesapeake
were only fractional.
The early trading was dominated by tho
| break in the Frisco issues the common
| selling Mt Sis the first preferred at Is and
the second preferred ut Ga Measured by
these prices. the Frisco" stocks showed n
market value OF less than $1,000 900 on tho
par value OF s5c.ooO.ooo. The general lien r
per cent bonds dropped to SIN The refund
ing IS developed hrmncss and closed with a
slight gain. AZ this issue rest. on underly-
ing liens, Il Is considered that the equity Il.
fairly we'll secured
\ burst OF liquidation in distiliers car
ried the stock to 10. drop OF more than
points and the per cert bonds declined :
points on rumors that the company would
Officials declare that there Is no question
about the ability OF the company to meet
abie anxiety however as the last annual re-
port showed "A deficit after the payments Of
dividends ON the stock. and trade IL
The market developed Il number OF SOFT
spots Central IRA, leather selling below 20.
American Smcltcrs falling more than 2
points.
In tho railroad list Canadian Pacific took
the lead in the decline. selling below go on
direct orders from Berlin and Montreal
An unpleasant effect created by tho
at the low point OF 1915. tho worst recorded
FOR nve years. whio the preferred went to
90 n figure not cqualed In twenty years Tho
per cent rounding bonds were weak and
western faciiic 6s declined to a new low
ern Pacific by "butting' into the Central
Pacific cut,on at san Francisco. has SO an
taeonizcd banking interests that II will be
next 10 impossible for this company 10 Sc
cure much-needed financial assistance. Tho
W. no ASH ISSUES Issues were weak and closed at
London was steady seller of our stocks
mHrketing between 1900 and 20 900 shnres
with the bulk OF the trading In Steel com
mon Amaigamated turned weak. with only
fractional rallies at the close. Reports from
ne trade Indicate that the export business
mas fallen FIAT. and drop in the market
The definite announcement that the Al.
torhey-6cneral had decided to insist on the
surrender OF the Central Pacific by tho
southern Pacific. was not construed as un-
favorable to the segregation plan. There
we're rumors that part OF Union Pacific
southern Pacific stock would probably be en-
changed Tor Pennsylvania and Baltimore and
ohio preferred and common 1t is felt that
ms would give both Pennsylvania and
Union Pacific valuable investments without
conflicting with the wishes OF the Attorney
General, and at the same time provide a
permanent resting place for half OF Union
i'acinc's holdings Of Southern Pacific.
Union Pacific and Canadian Pacific will
Roth sell eH-dividcnd tomorrow 2iz per cent.
and the former Will look cheap. General
Electric VIII be ex per cent. and Norfolk
oN ~ per cent.
As the exchange will be closed from to-
morrow afternoon until Monday the financial
atmosphere VIII have n chance to clear. The
wheat Is being separated from the chan In
the market place. and this TO the decided
heheht TO the holders OF good stocks.