The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-08
PRICE CHANGES
IN WALL STREET
Fail to Shed New Light or
Present Trend of Stock
Market.
ny nnOADAN ,NvALL.

New York, May THE price changes
in Wall Street to-day faikQd to shed
new light OH the trend Of the stock
market. There was an early attach
on values. and then an attempt to
cover shorts that brought irregular
rallies, hut dullness. after ALL was the
chief characteristic.
The topics discussed on tho street
may be described as of major and minor
Importance.
Taking the latter nrst. the "Cubist"
report of the United States Rubber
Company afforded amusement to peo
pie who are not interested In the Sc
curities of the company. This report
had been looked for with some eager
ness by market observers, who won
dered how the officials OF the corporn
ton would succeed I'm driving a SQUARE
peg into n round hole. The remarks
OF President Samuel =. Colt are signi-
ncant: The past year hos been some
what evcntfuI IN tho history Of our
company" Attention is directed to the
inventories, which include the condition
of the Rubber Manufacturing Company
AZ of December 81. 1912. and United
states Rubber Company OF March 81.
1913 The surplus of some $4,000, 900
also combines these. conflicting dates
If such methods were used In the prcpa-
ration of statement of national
bank. visit from the bank inspectors
might logically he expected within
twenty -four hours. The net income.
Including that of the minor companies.
after deducting interest on hxed and
floating debts. was some s7,5OO,0O0
Now II the deduction from surplus re-
serve FOR depreciation of 1000, 900 had
been made from this account there
would have been about 100000 applI-
ca BILE for dividends Instead. this
Sf,o"o.0oo is simply given az '.deduc-
tons from surplus reserve for deprecia-
ton"
The sum is about equivalent to the
amount tss.eo9.275) OF assets" cred
rcd by arbitrarily raising the value"
of Rubber Goods Manufacturing stock
TO par, where II cost the company, of
course. $6.eoa,275 below that amount
1t IS interesting to note that the em-
pioyes are to be permitted to sub
scribe for the common stock at fE-
ure. This may be intended as a joke,
o. IT may afford an opportunity 10 un-
load holdings
The Union Pacific controversy offers
little hope OF an amicable settlement
between the Supreme Court OF the
United states. the Circuit Court and the
California State Railroad Commissio
II is seriously considered by certain
banking interests that perhaps after
all, the best solution would be found
by the appointment OF 4 recover. In
this event II is felt the bankers would
~ 'ei'eNeu Oh attempting tho lmpOs-
eible in trying TO market large
amount OF stock under unfavorable
conditions in limited time.
Steel was again strong, and Reading
and Amalgamated both gained more
than point Can issues were steady
on rumors of a further distribution
on the preferred. although this would
not seem justified until the balance OF
tho bones IN 'the treasury can be
sold The Copper Producers state
mcnts IS EXPECTED TO show an incrcase
in exports affecting a decrease in the
visible supply here.
American Woolen preferred and vir-
ginia-Carolina Chemical preferred
each showed a decline OF three points,
scoring new low records.
There was a further slight improve
ment in the market for high grade
bonds. There IL good demand for
notes, and broader inquiry for equip
ment certificates
The stock market easily becomes
oversold and there is apparently NOT
the slightest disposition to operate for
an advance.
Sreculatively considered. the market
offers little opportunity for profit. but
Il y believed that an Improvement in
the bond market would bring sharp
rally in stocks.