The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-19
TRADING. LARGELY
IS PROFESSIONAL
Recent Exhibition of Inside Ma
nipulation in Certain Stocks
Is Astounding.
by nRoADAN WALL.

! New York. April is.-wall Street is
puzzled. The recent exhibition of in
| side manipulation in certain stocks is
astounding, to say the least, even to
those who were familiar with financial
Irregularities generation ago.
That an outside issue like Prairie
OIL could pass from a dividend rate
OF % per cent per annum to the class
OF non dividend payers, might be dis
missed by the Stock Exchange; but
the exhibition given by the manage
mcnt of Mexican petroleum courts In
vestiEation. This company recently
| issued a report showing some per
cent earned on the common stock
Copies of this report arc now at hand
and display current liabilities OF ST.
100000, with cash In hand to offset
this sum. of sS5.32S; and on the heels
OF this comes dispafch from Los
Angeles stating that dividend has
been declared at the rate of IL per
cent, an increase of IL per cont over
the quarterly rate declared in Janu-
AIRY last. This is quite as remarkable
as the statement made by the United
States Rubber Company, which some
six months ago. showed deficit and
then recently Increased the dividend
rate from I per cent To per cent.
Such methods will necessarily justify
Federal legislation compelling quar-
terly reports from all corporations do
ing Interstate business
Aside from the advance in the McNi-
can Petroleum shares from 60 "a to
So. there. was little in the market to
call for particular comment Balti-
more aud Ohio dropped to 9s ia on
rumors of the necessity for further
financing. The railroad list generally
showed shading in prices without
developing particular ACTIVITY. Read
Ing, Steel and Amalsamated Copper
lost fractions. and the Industrial lists
displayed weakness in spots. The
Rumely issues declined point or
moro. Studebaker lost per cent. and
some OF the less active issues dropped
from l to points on light trading.
st. Paul lost point, and Southern
Pacific again dropped below par
The announcement that the Chcsa-
pcakc and Ohio dividend rate would
remain unchanged failed to stimulate
enthusiasm for the shares, which
touched IS is
The new st. Paul tie per cent issue
is politely referred to as a qualified
success. AS an exhibition of public
confidence in the Investment situation
ii is a fiat failure--cuuivalent to
notice to corporations seeking funds
that higher rate must be offered to
Investors. The situation may as we'll
be frankly statcd--thc market place
is flooded with new issues and until
the level is reached where sccuritics
can be sold the security market Will
be at n standstill.
In the meantime, trading OH the
Stock Exchange is professional and
pcrfunctory and indicates that tho
holders of stocks are willing to await
the outcome OF the contest between the
borrower and the lender.
The agitation at Albany for a re-
duction in telephone rates within the
City Of New York was responsible for
decline in the American Telephone
and telegraph to l29. While the local
effect might lie slight, il is felt that
other cities will follow if this lcgis-
lation is made effective.
The bond market continues under
pressure. There was heavy trading
in Baltimore and Ohio convertible
12's AT 80 4 and Il free market in
the st. Paul les between ?9I-i and
- 20. City bonds were weak, and Il
block of the IS sold at low as % -.
Missouri Pacific mad. a favorable
showing in the earnings reported for
the second week Of April, gaining
about - per cent. Texas Pacific in
creased per cent and Canadian Pa
cific IL per cent. Chesapeake and
Ohio lost some % per cent and the
National Railways OF Mexico made Il
similar uufavorablc showing.
Sterling exchange was easier and tho
local money market showed no change. ,
Call loans renewed under 3 per cent
and time rates were shaded somewhat
on short maturities The banks have
gained in currency for the week prob !
ably upwards of S6.0000O0
There is little induccment to trade
on either side of the market and a
majority of commission houses arc ad-
vising clients to await developments
which may show the trend of prices