The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-20
NEW Low RECORDS
ARE SET IN MARKET
Liquidation Is Enforced and Late
Recovery of Nervous
Character.
RY BROADAN M.AL1

New York, March Reinforced
nqWdation which established many
new low records. with active trading
followed b. nervous recovery. char
aSt@rlHed to-daye stock market Al
though at the opening houses failed to
appear with selling orders as antici-
Pated, the market showed an irregular
tone and renewed pressure developed
IN tho Industrial issues The selling
OF estinghousc Electric was particu-
larry noticeable. and while the com
panT reports a favorable cond .tion OF
business. there was no support in the
market for the shares. which touched
." l. This is nearly 80 points he
low its recent high price Tho COM
pany is now paying 4 per cent and a
large balance was carried over from
'ast years operations. Compared with
other industrial issues paying the same
rate of dividend. 60 is a fair level bu,
disappointment is expressed that ur-
gent IQuidation should appear in this.
which is considered one OF the better in
dustrial stocks
Dispatches from Washington stating
that the Department of Justice was
ABOUT TO enter suit against the Amer
lean Smelling and Refining COMPANY,
was responsible for sharp break i'm
the general list and on heavy trading
IN Smeiters the shares declined from 6s
TO 8" IS. Later in the day Attorney
General McReynolds stated that no inn
mediate suit was in prospect This
denial may be considered technical as
II is understood that in the method
OF procedure AT the Department OF
Justice. the matter is not laid before
the Attorney General until the details
oil the proposed suit have all been ar
ranged. The street without anaIyzing
tho question construed the dental
faVorao.y and a sharp rally carried
stocks up from TO points from the
low in many instances
SHELTERS. however. failed TO recover
It's iuil loss and ended with decline
Oh over points on the day. Such
stocks as Canadian Pacific, Reading.
Mon Pacific and Southern Pacific,
closed with net advance, which indi-
Gates an o"er-sold condition in these
shares.
Repeatedly attention has been called
IN TINS column TO the weak position or
the minor industrials. The hollowness
o' inc market was fully exposed in to-
days transactions. Sears Roebuck
closed with a decline of points: :.
;. Krcag lost -. and 1T one time
recorded a drop Of points on trades
Of 1000 shares: Underwood lost g. Air
Brake ,, while such inactive issues
as Wcyman and Bruton lost points on
Il single transaction of 100 shares
+iS Inc Drinks ana Otner ma u:idl in
sttntions continue TO contract their
loans. these stocks are being forced
upon tho market. Other industrials
were active with losses that ran from
10 points.
a sharp reaction occurred in Amer
icsn Can. carrying tho common stock
TO Is -. but this loss Yves reduced to
a decline Of per cent in tho late re-
covery.
IT became known to-day that New
York Central viii soon come into tho
market with large demand for
money. While this has been more or
less suspected among bankers. IL pro-
duccd an uncomfortable feeling In view
OF the requirements of tho Pennsyl
"ania system, and II Is difficult at
this time to sec how the New York
Central will be able TO maintain Its
present dividend rate Of per cent.
AnanaIysis Of tho report or the United
States Steel Corporation. which shows
that tho corporation last year cXpcnd-
Cd but 3l3.T00.000 for bcttcrments,
against An average In the four proceed
ing years OF $4S,0000o0 is taken In
aomc quarters 30 indicate that the
company is anticipating an unfavorablc
decsion In the governments suit and