The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-04-12
OLD SECURITIES
AND NEW COMPETE
NECESSITY OF READJT sTNTENT
BRINGS OFT CONSIDERABLY
HAMMERING ny PROBES
SIGNALS.
SUPPORT IN EUROPE
sPECIALTIEs ARE NEGLECTED..
WHICH EXPLAINS THEIR
FAILURE TO SELL OFF
APPRTCEABIYs


NEW YORK. Aprl 1I-What IS
euphemistlcaly called competition
between new and ola securities has
begun to supply the chief influences
in the immediate financial situation.
The new financing which has been ur-
dertaken here this week together
with the large domestic and enor-
nous foreign amounts that are un-
derstood or believed to be under ne
EoUaaon, weakened the stock market
today under the pressure cf urmis-
taxable liquidation The necessity Of
making some vcadJuetmeUt En- quoted
values To meet the terms which are
demanded for the provision If new
capital to public and corporate Dor
rowers has obtained sufficient recoR-
hiton 20 stimulate speculative attack
also. and there was a good deal Of
professional hammerinE In the early
and late trading
on the whole the market recoded
slowly ard stuhboruly today. but in
Guences for decline we're furnished
by he down ward course which stand
ard rails pursued even Though sell
ing met fairly impressive resistance.
degree IF support was lent hy per
slstcNt purchases for European ne
count carrying along the buying move
ment which has been in progress most
Of the week. but foreign absorption
was not regarded a s Of very eucouraE-
Ing quality European dispatches at
trihGted the optimistic strength Of for
eign stock markets largely to profes-
stonal operations and there were in
dlcatlonS that the buying orders which
came here from abroad originated I'm
tho same professional quarters
Liquidation In Bonds.
One cause Of the continued uusettlc-
ment IF the share list was found in
the liquidation ~ bonds both on the
floor II the stock exchange and over
the counter Some Of this has been
conducted by bankers who have had
70 obtain funds to accommodate the
requirements Of trade ana industry
Nevertheless. Il cannot be denied that
the impression which has been made
by new financing go far undertaken
has conduced to a lowering Of mar
ket values for securities Of fixed yield
and the response evoked by the ap-
pendages Of or promise Of fresh is
sue tends to increase reaction
Among the stock market leaders in
the days unsettlement were st. Paul
Chicago and Northwestern, New York
Central North Pacific and Union Pa
cifc, Suecjalties were practically me-
elected, circumstance which per-
haps Xgiained their failure To sell
eff censf 3euousiy AS contrasted with
the features Of recession there were
some important issues characterized
by aeteworthy element Of under
living -trangth. Included in them were
t'nite states steel and Amalgamated
Copper and for very much the same
reason lu both cases. the sustained &C
tlystr Of business In the metal trades
Finance OvcrShadows Politics.
Political factors were overshadowed
by the prominence Of the purely
financial Questions involved In the re-
lation ~ new financing 10 the mar
kets for capital and credit but the
bearings ~ tariff revision on the bust
ness and financial outlook are gaining
tH Wall street attention
fail iu foreign exchange to about
4 81 Is for demand sterling must he
ascrsbed i'm large part IL not alto
eetheg, to the European absorption ~
our stocks and bonds although the
easing 81 private discounts abroad has
contr ibutcd 70 the lowering Of ex-
change,