The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-12
MARKET CARRIED
To LOWEST CLOSE
FINAL PRESSURE MAY HAVE ORR
GTxATED ABROAD, SUI NO d.
RECT INDICATIONS.
-
CALL RATE BROKEN
SUBSTANTIAL QUANTITY PUT OUT
As Low As ONE AND A HALF
PER C~ENT-BoyD MARKET
HEAVY.
CALL RATE BROKEN

NEW 1Ohk- June I1.-Under
heavy selling in the last hour when
dealings amounted to about 400, 900
shares the stock market was carried
today 20 the lowest close of the year
and sentiment was naturally disturbed
by these late developments.
There was no direct Indication that
the ANAL pressure originated abroad
although the fresh relapse was in
augurated by large sales Of Canadian
Pacific which broke the price of that
mercurial issue with unsettling rapid
fly. There were some signs that
speculative operations for the fall
~conduced TO tho responsibility for the
renewed weakening of the share list,
but the general disposition of Wall
Street was to regard the action OF tho
market as In sons way connected with
foreign conditions and showing I'M
easiness about today's events abroad
European Ncvwa-
The European news dispatches did
not suggest troublesome developments
IN London or on the continent. for,
while the Paris market was rather
weak. there was some Improvement
both at London and Berlin. \
Had Ii not beer for h ~liouidatinE
impulses which Europe has COM
A&iaA<AI1A3a AAAtkg ~ ~ hsRNsS AtNAN hANN
late afternoon trading would have
been looked upon as largely a bearish
attack. Except for foreign con-
ttngencies there was nothing novel
in the days intelligence to start the
market downward after so violent a
decline as on Monday and indeed the
morning tendency was distinctly to-
wards moderate betterrnent to the ao-
compartment of arguments that de-
preston was being o~verdone. 1t is
true that the tightness OF money made
an impression. but this was not al
together surprising. AS money in
Canada Is understood to be in n state
of increasing tension. piausibility at
tached to the theory that Montreal
was responsible for the sudden break
In Canadian Pacific In any case the
selling movement spread generally
through the list with, the Hartman
Pacihcs. Northern Pacific. Reading
and United States falling sharply.
Tho steel common shares sold below
so. which was the bottom figure
reached in 1911. when the Sherman
law suit was filed against the cor
poration.
The Money Market.
Call money renewed at 2 "a per
cent, but the call rate was broker con-
6Rt&6oa1Ay ~ Ia AAu eAAAhP - &As
a substantial quantity being put out
as low rs / Ia per cent.
The bond market was heavy, but
without prominent weakness. New
financing to an aggregate of o
$s0.000so00 of equipment notes was
announced. two-thirds OF 1t being an
issue of Baltimore and Ohio 6 per
cent offered on 8 81 per cent basis.
WALL STREET GOSSIP.
NEW YORK. June lin the
final dealings there was spirited bet
ting in the commission houses for
and against the likelihood of steel
common breaking through the half
century mark. It did so in the last
five minutes of trading when 100
shares sold at 40 rs. This was q
sufficiently important even for the
street to take note of even in days
when new low records are occurring
every few minutes. Steel common
has never sold below fifty since 1t
became "A s per cent stock. II did
touch fifty In October. 1911. but not
since the spring of 1905 has the stock
been seen in the forues.
Observers on the floor OF the ex-
change profes to have seen in the
recent decline a great deal OF gen
uine liquidation, some equally good
buying. and considerable covering of
contracts for the decline and also
traces of the work of some Of the old
time piungers on the short side. In
the 1907 collapse operations by a
email coterie of reckless individuals
on the short side were "A feature of
the market for weeks. Some Of these
men were reported to have made
n~,crAatS frrsnnaH ont az "a E4hna
string" most If not all of which was
lost fighting the upturn when it
finally came.
Canadian Pacific Is not really an
American stock at all in the sense
that 1t Is not held largely by Ameri-
can spectators and investors. But it
ts q great favorite IN Berlin n in
Great Britain and Canadian holdings
must be considerable. Therefore. Wall
Street cannot understand how there
should be such a tremendous market
IN the stock here rs obtained today
and has been seen on several oc-
casions during the past month or so.
Over 80. 900 shares of Canadian Paci-
fc were turned over in his market
today.
Monday, June End. was the day Of
another tremendous break in the stock
on the other side when the opening
here was eight points down. When
that level was approached today heavy
offerings came upon the market n
were absorbed In a surprising man
ner. Just below that level, or to be
precise at 2l3 Ia. 1000 shares
changed hands without a change in
the quotation. After that the support
was less and fluctuations were some
times liz a point between sales.
RICHMOND STOCK MARKET.
{Reported by Caskie 6. Rurch Il Co.