The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-22
NOTHING TO GIVE
SHORTS COMFORT
News Developments Bring Con-
siderable Firmness to Stock
Market.
ny DROADAN wAL1.,

New YORK, April 2l.-SStoSkS closed
| firm to-day on series Of favorable
DEVELOPMENTS which had not been dis
counted by market activity. The
opening was dull and lower. The In
tervention of the government In the
case of the State of Minnesota, now
before the Supreme Court, asking con-
sideration for some forty live cases
pending III lower courts. is construed
AS friendly TO the railroads The
whole matter must now BIO reheard
and it will be many months before a
final decision can be reached. In the
meantime, the Minnesota rate case
may be dismissed as an important
market factor.
The financial community was pleased
with the news that the $4,000 900
New York Control 5 per cent notes
had been disposed of in less than one
hour at n price that nets tho COM
pany the money on % 81 Ter cent
basis.
An extension OF time has been
granted in the Union Pacific southern
Pacific dissolution to July l. The new
plan has been taken under advise
inent by the United States Circuit
Court Judges. Thus the market is tenn
porariiy relieved of uncertainty on
this question. and the short interest
in Southern Pacific will probably find
that il will have TO pay another divi-
dend. This makes the stock look
cheap
In fact. there was nothing In the
days news to bring the slightest COM
fort to the short interest In the mar
ket. Judge Gary's statement at the
United States Steel Corporations an
nual meeting, indicates that il Will
be six or eight months before the com
pany finishes presenting its defense In
the governments suit for dissolution
move trouble for the bears. who dis
like paying dividends to real owners
of stock
There is q short interest I'm Mexican
Petroleum OF fairly large proportions
that grew up on the belief that the
dividend would be passed at the re-
cent meeting. The increase in tho rate
from to per cent was. Of course
totally unexpected by the operators.
rhc annual report as made public an
parently justified their position on
the stock. No mention was made OF
the fact that in January Of this year
$1.I45.000 of bonds We're sold by the
company at par. This was to REIN
burse the tr -sury for expenditures al
ready made and provide working cap
itaL While the sale of bonds can
hardly be counted upon as strength
untimately, ii is felt that the position
of the shares is better than was indi-
caed in the annual report. oil shares.
at best, are highly speculative, and
corporations doing business IN Mexico
have added reports that Increase, the
uncertainty OF profit.
stocks rose rapidly in the afternoon
AmaiEainated Copper gained nearly
two points on an optimistic interview
al pDf
Copper Company predicting higher
prices for the metal. Shelters adj
Fanced in sympathy. Canadian Pac!-
lie gained two points. General Elec-
tric was strong on dealings OF less
than 1000 shares. Reading sold eX-
dividend per cent, but gained -
on the day. Lchigh Valley was firm
Union and Southern Pacific rose more
Than point apiece on the extension
OF the time for the filing of the disso-
luton plans, and Steel closed strong
at So ON Judge Gary's statement.
The bond market is mixed New
York Central As of 1859 mark new low
record by selling at 81 IA Those OF
l95S sold at 81 1-2, and the LIS
dropped 10 %. Baltimore and Ohio
convertible las We're firm, and rose
To % SIS with active trading on AN
official announcement that no further
financing would be necessary al this;
time. and Notwithstanding the losses
OF some s3.6D0,00o by hoods tho eff
cials feel that th" per cent rate
on Baltimore and Ohio common was in
ioa danger OF reduction.
Foreign houses took little part in
the days business and their opera
tons were Of a negative character. 1t
Is believed that on any Improvement in
the market here London will come In
as buyer OF stocks, particularly
steel
The only speculative interest known
to be open in stocks is on the short
sido of the market. and to-days de-
vclopmcrts Indicate that nervousness
on the part Of the bears may bring
about a further advance in prices To
rciteratc, the market is probably
stronger than ii looks