The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-07
FORE|GNDEMAND
ISFOR MORE GOLD
London Fails to Respond to Ex-
pected Inquiry for
Stocks.
BY BROADAN WALL.

| New York. May 6.--Wall Street has
for some time looked for a foreign
demand for stocks and an Improvement
in the situation abroad, but London
has failed to respond. To-day's market
showed but n slight inquiry for our
stocks, but there was a strong desire
for more gold. Another 100000 gold
has been engaged for export by Thurs
days steamer. with every indication
Of further demand.
Our market opened irregularly and
soon developed weakness in Union and
Southern Pacific, with a loss In tho
former Of over 8 points Southern
Pacific was conspicuously weak, md
fell to 94A. II the Union Pacific hold
ings Of this Issue are to be forced
upon the market under present condi-
lions. the price VIII go nearer IS than
par. The street is in no temper to digest
forced liquidation, and considera BILE dis
appoint ent Is felt that July ] should
be named as limit when the plan
for segregation should be fled
The opinion is gaining ground that
speculation and less of an Investment
with considerable doubt as to the abil-
fty of the company to maintain the
present rate of dividends
Amalgamated Copper failed to re-
fleet the improved prices quoted from
LONDON ana lost on local reports
that buyers of the metal were hold
ing off for a further concession in
price Smelters dropped to 66K There
were rumors of an extra distribution
OF Guggenheim Exploration which
hardly seemed justified under existing
conditions.
The coal stocks were weak Lehi1b
Valley lost point Erie ~, and Read
Ing dropped TO 1904, a loss of 2X
Rock Island fell below 20, while the
preferred gained a half on buying for
Tor eien accvupt where a short interest
is known to exist
there was rumor that Internal onal
Harvester would take over the RurnIev
Company after the resignation OF DR..
Rumley. The shares failed to reflect
this as a favorable development, and
the common dropped to 25ls, and the
preferred to ssh.
There was general weakness in the
minor industrials. Woolworth lost two
points. Mexican Petroleum. ia and
Virginia Carolina Chemical declined TO
- SIS.
The Interooro- metropolitan issues
Were unfavorahly effected by the agi-
tation begun by G. H. venner, and tho
common fell II 141-4. while the pre-
ferred lost over two points Ameri-
can Cotton Oil touched ALA At the
meeting OF the directors OF this com
pany to-day no dividend was declared
on the common stock. This need not
be surprising as ii has long been a
custom of the insiders to keep stock
holders in the dark on the neal income
of the company
Tho American Can issues wero active
at declining prices. New York CentrtI.
New Haven and Pennsylvania all lost
n point or more. Woolworth dropped
below 90, but is still selling much above
intrinsic value
mere VIII be a meeting OF the Bos-
ton and Maine tomorrow, at which IL
is expected the dividend on the stock
viii be suspended. On Thursday the
street VIII look for the Copper Pro-
eminent crop reports. the latter for
tunately, may be expected to be favor |
able.
Earnings OF the railroads for the last
week in March appeared to-day, and
Great Northern showed decrease In
net oil s32S,i53. There was a further
loss or 10 per cent in the gross earn
lngs OF the Chesapeake and Ohio for
the same period The Alton failed to |
earn operating expenses and taxes by |
a shade over $1,000.
Money rates We're extremely easy. |
but this has little Significance now |
that there are now no demands from |
Wall Street
There is little demand for stocks ex- |
cept from shorts who rush to cover |
when selling ceases. Steel common is |
stu q favorite with the bears. and
many predictions are made that the
stock will have violent |
break. The sudden demand for cold
from France has chilled the little on |
timism that existed. Wall Street was
again very blue