The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-05-13
WAIT EFFECT Of
FOREIGN MARKET
POLITICS PROMINENT IN FINANCE,
WITHOUT SUPPLYING AN
INCENTIVE.
CHEMICAL WAY DOWN
WITH PENNSYLVANIA AND SUGAR.
TOUCHES THE LOWEST PRICE
REACHED IN THE LAST
FOUR YEARS.
CHEMICAL WAY DOWN

NEW YORK. May 12.--Politics in
its various phases provided plenty of
subjects for discussion in the financial
district today, without supplying IN
centives TO stock market action. III
will be interesting to see tomorrow
II the resumption of financial bust
ness abroad makes any difference IN
the Wall Street community. De-
prived OF such clues as the European
markets might have afforded the local
session in stocks today was very duli
and tame affair. Its chief features
was the number of declines and new
low prices In proportion to the
shrunken volume OF dealings.
Chemical Goes Down.
American Sugar Refining, the Viz
ginja Carolina Chemical shares, and
Pennsylvania, sold lower than at any
time in the last four years and there
was more of an appearance OF press
ure generally than OF disposition 10
make or increase purchases.
Such business as there was in bonds
continued the better indication al
forded last week. The s2.5oo.oeo OF
Chicago. st Paul. Minneapolis. ana
Omaha debenture fives. which were !
offered In the morning. were promptly
oyersu described as well they Tnieht
have been, considering the extraor
Sinariiy high yield of $40 per cent
mt which they were obtainahle.
The stock market can he looked
upon mt present as in position OF
waiting for discovery OF proof as 10
whether II has merely specnlatiVeiy
depressed. or owes its soldout aspects
TO an exhaustion of capacity to alb
sorb further real selling at the going
level of quotations. Again the mar
Net may be now refecting simply the
uncertainties OF the immediate trade
and political prospect
Relation of Steel.
The decrease of not far from half
million tens in the United States Steel
corporation in forward orders could be
related TO the renewed heaviness OF
the common shares but on the other
hand trade quarters find satisfaction
in the business under contract, which
in keeping production active. The
break in Central Railroad of New
Jersey stock was presumably re-
Spouse to the news that fresh litiga-
ton against the anthracite railroads
~ss contemplated by the federal gov
ernment, but this announcement
S5uld hardly be matter of as much
pr.sent irritation as the exigency
which compeis the Eastern railroads
10 petition for five per cent advance
in freight rates, or the embarrassment
of forced separation OF the Harri-
man Pacific lines.
1t may be said Of Union Pacific af-
fairs, by the way, that there Ia no
reason to suppose that ALL resources
have been used up in seeking COM
piiance with the decree which com
peIs the sale OF the Southern Pacific
shares held by the Union Pacific
WALL STREET GOSSIP.
The writer's of the news bureau
slips and the financial pages of the
Afternoon papers exhausted the list
of guperlatiyes in describing the com
plete inertia of the stock market to-
day, and the stock market justified
them all. Trading in stocks from 10
10 / ] A. NJ. amounted to 1880 shares.
the smallest first hours trading since
January 25th when 80. 800 shares were
done. and the 60. 600 shares for the
whole session also represented the
smallest volume Of business since the
period Of suspended animation at the
close of the first month of the year.
The auathy of the stock market was
i'm spite Of a particularly large at
tendance. Many members put in an
appearance who are so rarely seen
on the floor that their faces have be-
come unfamiliar to the attendants.
But the reason for this had nothing to
do with the stock market. The MEM
bers were there to devote themselves
10 the business of the annual election,
and the stock market apparently was
left 10 take care of itself meanwhile
The keen interest shown in the cleo
ton WAS a general surprise. Up to
week ago it was the generally express
ed opinion that the smallest vote would
he polied In years. AS II turned out
this was an entirely erroneous esti-
mate of the state of mind In stock
exchange circles toward the present
political situation. for Il2 votes were
cast. a total that has only heen ex-
ceeded on one previous occasion
Almost every day now sees more
or loss sharp decline in one or two
relatively inactive stocks TO the lowest
prices touched In one, three, or five
Years. but Some how or other, those
who are earnestly working for lower
prices in the general list, have not
derived the same comfort from such
developments that they did few
weeks ago. Formerly they used to
view these weak spots ms accumulat~
inr evidence pointing 10 an impending
fall in the whole market and would
console themselves with the thought
that every little bit helped. Latterly
II has been forced upon them that it
is not always safe to bald hopes upon
any such hypothesis Now Haven,
PENNSYLVANIA. Central. Jersey Central.
Chesapeake and Ohio American SUI
gar. and - sseerieaa. Telephone. may.
t1ke sudden dips to new low prices,
hut as a dc pressing influence upon
the leading stocks their weakness
does not seem to have the effect that
IL gaasst TO- Steel. AEnalsanated. Union
Pacific, and Reading are the usual
mediums chosen for operations on
the short size, because there is always
p large floating supply of them, and
they are easy to borrow.