The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-04
MARKET IS WEAK
IN LATE TRADING
Prices During Day Give Exhibi-
ton Both of Dizziness
and Strength.
by BRoADAN WALL.

| New York. June 3.-The stock market turn
prices had given an exhibition OF dullness
and strength for the greater part OF tho
that character.zed Mondays market. was
| entirely lacking AT our opening and dur
nent In Canadian Pacific that gave strength
to this stock that lasted until the close.
sudden stoppase of foreign selling orders.
as private cables had not Indicated any great
Improvement In the financial situation in
either London or Boston.
There was IA sharp break in Shelters. but
selling movement started in the Hill stocks.
CARRYING Northern Pacific down points to
ern preferred fell below 1N
Illinois Central dropped to 1i2. At the
meeting. and i, is felt that the rate will
be rednred as the HPI,s returns were dis,
further reduce surplus account TO maintain
Chesapeake and Ohio and Baltimore and
Ohio sold of easily. Chesapeake and Ohio
is hardly earning n margin over~th dividend
Raimors and ohio viii have tho na ARE Sns
OF margins over dividend requirements for
Union and Southern Pacific were both firm
without any noticeable feature In tho trad
ing So" dropped points on sales of less
dauon, rs the company is showing a good
margin Of earnings above the per cent paid
TO stockholders.
Wisconsin Central dropped 10 As and Della
ware and Hudson lost more than a point
,
ness. and the Missouri Kansas and Texas
shares we're under pressure. the preferred
Disappointment was felt when only the
regular dividend was declared on American
preferred shares were weak Virginia Caro-
lima Chemical lost points, and Rumley sold
rhe market was very thin in the late
trading. and the industrias made a parti-
cularly bad showing
The government crop report made an un-
favorable impression with It's showing Of
serious drought in parts of Missouri and Ok
High temperatures prevailing in the win
ter wheat and corn States west OF the Mis-
sisSippi are seriously affecting vegetation.
New York City Az bonds again sold below
par. and there was. arnicr demand for time
money IN connection with the Mexican loan
and the Baltimore and Ohio obligations shat
had to bc financed.
The German Bank made rather a poor
display with loss In gold and expansion in
loans and discounts. besides large increase
in note circulation. The Berlin Bourse was.
however. more cheerful. the heavy liqui-
dation had undoubtedly relieved the sltua-
Apri! railroad statements. published to-day.
are conspicuous FOR the decreases shown in
net returns. Chesapeake and Ohio lost s6so,-
go Rurlinr!on and onincy,, s2o5 .os7; noek
crease Of 1894 900. but only carried Sll 500, to
net. the balance having been put into the
Looking al the situation broadly II is felt
on the street that the market hns taken
we'll, and II Is pointed out that turn in
prices is anticipated toward the end OF the
week on the theory that II IS probabl. that
Supreme Court decision will he handed
down In the Minnesota rate on Mon
day. This. II is hoped. will be favorable TO
the railroads. and will permit a number Of
increases In rates that have long been with
held pending solution OF this complicated
controversy.
1t is figured that the foreign houses sold
some Sl0.0eeo1o worth OF securities in our
market Monday These shares will begin TO
arrive within the next fortnight. and will
then have to be paid for by gold. or
otherwise.
In banking circles the opinion 1. expressed
that have probably witnessed the end
Of the Berlin liquidation, and unless some
fresh weakness develops in the stock market
prices should tend 20 become frmer.