The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-17
MARKET DEALINGS
ARE VERY SMALL
There Is Strong Tendency In
Wall Street to Take
Bear Side.
ny BRoADAN WALL.

New York. April I6-Dealinrs in
Wall street to-day were the smallest
of the month. There was some !r
regularity in tho Industrial list. with
hrinneSs that was sometimes strength
In the leading issues. Between 12 and
the turnover was less than 1000
shares.
Among commission houses there is
apparently tendency to take the bear
slde OF the market and the floating
snort interests is evidently sufficiently
large 10 give firm tone TO prices
Interest was mainly directed to the
pond market and tho success or tho
failure OF st. Paul issue was the princi-
pai topic OF discussion. The demand
mas not been keen and disappointment
was expressed that the price OF the
issue was allowed to go to oe1-4. which
is the subscription price minus the
brokers' commission
bond houses report large offerings
OF snort term notes by institutions who
seek TO exchange these Issues for
newer offerings that give a higher
rate of interest over long term. This
has undoubtedly confused the bond
market. and Will make 1t more DIM
cult TO renew old notes or float new
obligations in this form.
The strength In Canadian Pacific
was feature in the railroad list. This
stock closed with gain g. SIS after
touching pa "a The shares wers
strong in the London market and Tho
advance no doubt represents the bet
ter foreign Investment demand. which
however has not yet extended to orr
International Issues. Trading for for
eign accounts was light. with a ba,anc.
on the buying side
short covering brought a .wo-point
ADVANCE in Mexican Petroleum and Cal
norma American Smcltcrs was hit
upon as short sale by the room
traders. but rallied easily and ONLY
showed a small loss for tho dov {,
Paul. New York Central and pnnnsvI.
vania were firm. Reading dcyeloped
strength and gained over a point.
funeiy preferred was under prcs-
sure Tor foreign account and dropped
10 40 - Union Pacific and Steel were
S'e"dE' INC latter stock failed to re-
steer trade. as outlined by trade
journal.
Western Union lost two points upon
me punlcatlon of an unfavorablc state
ncnt of the earnings, and the Wheel
ing ana Lake Erie issues were weak
IN sympathy with the decline in Wa
bash-Plttsburgh first bonds which
dropped TO 9S on the forced selling of
100000 VI
Southern Pacific stcadicd on the rc.
port that only half OF the $4,000. 900
trust notes recently authorized would
be sold at this time
New low prices were scored tp No.,
YORK CITY As. Alas and tI-os
Tho announcement that Japan bod
4 arranged a loan in Paris at per cent
ana the placing OF $1,000 900 on real
estate at Z per cent at Montreal dis
played the broad hunger for funds
financial representative is visit
ing ms CITY from Brazil seeking money
Tor municipal improvements, and of
iefinG 10 per cent lie reports that
loans arc being made by the French
ON Brazilian farms on an per cent
basis
reduction in tho Bank OF England
I rate from per cent where it has held
| steadily for the longest period in a
generation is looked for Tomorrow
The announcement of tho closing Of
I ne subscription TO the new St PAM
bonds, VIII be the signal for other Hota
/ ions. II is now expected that tho State
or New York Will enter the market
with "a new bond offer.
The speculative situation in stocks ia
deadiocked. II viii take II shock. one
way or the other. to get the market
| out Of the rut. The short side is too
crowded for comfort.