The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-28
SIGN OF WEAKNESS
IN LATE TRADING
Market Is Under Pressure From
Opening, but There Is Under
tone of Firrnness.
NY RROADAN WALL.

New York, May 27-For some time
transactions on the Stock Exchange
pointed to the receivership for the st.
Louis and San Francisco system that
was announced late to-day.
Holders of Rock Island securities
may profit by the handwriting on the
wall To days market was under
pressure from the opening and devel-
opcd weakness in the late trading
There was. however. an undertone OF
hrmness that should not be ignored
Steel was strong. losing less than a
POINT, thanks TO the short interest and
quarterly dividend which comes off
ms week. PENNSYLVANIA was distinct
- hrn, and good buying was noticed
In Union Pacific when the price drop
ped below 1872
London showed n tendency to offer
stocks and the market abroad was
particularly weak for Canadian Pa
enc which fell To new low level OF
unsa tisfactory of the International is-
sues, and further liquidation is looked
Tor from the contingent where large
blocks of this stock are being carried
on margin.
The pressure to sell the Frisco stocks
reflected the impression that any re-
organization plan will necessarily in
crude heavy assessments. az the bonded
indebtedness is out of all proportion
TO the stock issue. There is such n
multiplicity OF notes and mortgages on
this property that the reorganization
Will necessarily be long and tedious
and now that the horse is stolen. tho
barn door Will he locked and protective
committees formed by bankers who a
lew months ago were peddling securi-
ties TO investors
The minor industrials suffered Sc
vereiy Rumely preferred lost over
three points. Harvester two. and the
central Leather issues were notably
weak The oil stocks lost point or
more. and Woolworth declined over
two per cent.
Copper stocks were unsteady. and the
declaration of dividends on Chino and
Ray Consolidated failed OF effect
brooklyn broke below 81. and is now
some two points below the figure at
which the stock was selling before the
dIvidend was Increased The so-called
Neid stocks were soft. American Can
lost point and Lehigh Valley two.
The Denver Issues and Missouri Pacific
We're active at declining prices
RMS is not the kind OF a market that
suggests selling Of good securities and
commission houses that have long been
conservative grew more optfmistic nc
prices declined. There was nothing in
me days news that weakened the po-
sltlon OF Reading. hurt the steel trades
or curtailcd the demand for copper:
ana the lack of news regarding the
mon southern Pacific segregation
should not be construed as a bearish
factor.
Among the unfortunates. Dstillers
,ilaae new low record by selling at
-, and the per cent bonds touch
ca me lowest level that has been
Ieachcd IN years. The ability Of the
company to continue the interest pay
"'eM's IN bonds is in grave doubt
ms is short week in the stock
hhrket and with Friday and Saturday
noIoaNs. covering movement may be
eNPected that will give frmness to
prices y number of the leading is
sues VIII sell exdiv. with the opening
~ "eN' week, and the short interest
mas probably been increa sed rothn,