The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-08
BUYERS IN MARKET
| ARE PUSSY-F00T|NG
Few Orders at Present Level, and
Stock Condition Is Far
From Healthful.
By BHoADAN WALL.

! New York. March 7.--Wall Street
hopes that the horse will not be stolen
before the doors OF the financial barn
are closed. With gold flowing to
gentinc. II is felt highly important
| that early stops be taken to reform n
currency shipment that everybody
agrees is primitive.
centre will fight Independently to
| maintain its reserve of money when
tho greater pinch comes. The inter-
csts of the farmer. tho merchant and
the manufacturer are at stake. 1t is
known efforts are being made to i'm
press the President with the impor-
lance of Il central bank. and it is not
| improbable that this matter Will be
! taken mp at the special session OF Con-
2ress called for April An official in
timation that such plans were OH foot
would do much TO restore confidence,
both East and West.
To-days market was Irregular,
spotty and occa sonaily very weak.
The markets for the newer industrials,
whore good will has been capitalized
at absurd figures and is now repre-
scented By common shares. is particu-
larly bad. Spectators who neglected
to sell are now between the devil and
the deep sea. as banks nre unwilling
to carry the stocks in loans. and the
market is too thin for the holders TO
realize except ~ sharp concessions in
prices.
Failure of the Baltimore and Ohio
shareholders to exercise their rights
to subscribe to the new bonds carried
their price below the figure ut which
they were offered to the public-at
- 81. Tie securities paying 4 12
per cent and coming ahead OF the COM
mon stock are really an attractive in
vcStment. The news from Berlin that
the subscriptions 10 the now Russian
and imperial loan We're disappointing
viii also have an adverse effect on the
bond market OF course. with good
bonds going abegsing. il is not to be
expected that markets will be pro-
vided for common stocks.
The copper producers statement was
generally considered favorable. but
does not show up go well upon unaly-
sis. February. short month. really
maintained it's average of productions
and the shipments of the metal abroad
do not correspond with the known
exports by some 2.000.o00 pounds.
Further than this. il is not believed
that the metal shipped has all been
sold. and the truth OF these deduc-
tons is rather confirmed by tho decline
that occurred in the prices OF the COP
per stocks Anna lgamate1 Copper sold
ut 30 and lost - points on the day.
ST. Paul. Northern Pacific. u.chigh VAL
ley. Reading and Union Pacific scored
declines from IL 10 per cont Con
solidatcd Gas, which ,Anks as Il purely
Investment issue. lost .; Canadian Pa
cifc. which was again sold for Berlin
account; Woolworth. Rumlcy. Califor-
MIA Petroleum and Rubber all scored
declines. and in most cases the market
was exceedingly thin.
International Pump preferred sold
al -. q net loss of IL points. Many
OF these declines are Important. as
they represent struggling effort TO Ii
Quidate under unfavorable conditions.
II IL the false selling OF such stocks
that in turn unsettlcs the prices for
the better grade OF securities, and in
turn producing bargains for the in
weston who has provided himself with
funds against such emergencies.
The sharp break in the Standard Oil
stocks that has occurred in the curb
market has not been without it's ef-
feet on the stock Exchange. An ex-
tensive speculation had grown up in
these issues. and large profits had been
accumulated by those who turned to
these stocks some months ago. IL is
believed that the speculation in oil
shares Is considerably over-extended,
and the market Il poor one for liqui-
dalton The attitude of the new At
torney-General can hardly be counted
upon as helpful influence.
Banking interests is being centred
on tho situation at Berlin, az this Is
considered the point of greatest dis
tress Further efforts are he.ng made
- poi ~" HhoiicS mere ana ~ IL expect
ed that we viii ship from five to ten
millions OF gold abroad next week
The local money market is distinct
ly hrmer. with q brisk upturn in the
rates for time money. An unfavorable
bank statement is looked for to-mor-
row, the gains of currency by the banks
being about Offset by the gold shin
rncnt.
The stock market is in an unhealthy
state OF dullncss There docs not APP
pear TO he short interest open OF
large enough proportion to he Of any
help in case OF a severe break
brokers report few buying orders at
TINS level and general air Of pussy
footcdncss is noted among buyers.