The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-13
Sentiment SHOWS
. SOME BETTERMENT.
Improved Tone of Market in
Spite of 6 Per Cent Rate
for Call Money.
mY nnOADAN WALL.

! New York. March 12.-Sentiment re-
| Earding values on the Stock Exchange
! shows some further Improvement. and
| this I'm spite OF per cent rate for
! call money and a somewhat Irregular
movement in to-days prices. The inn
provement in the foreign news did not
! result in any buying of moment in our
securities as expected. but II must be
! borne i'm mind that there are no funds
available in the foreign market for
carrying speculative accounts. nor can
it be truthfully said that there is any
| disposition to take on a new position in
| American stocks.
The general apathy towards specula
| ton is international. and foreign
| bourses are as free from bargain hunt
crs as our own financial district.
! To-days market promised we'll at
/ the opening, but the enthusiasm that
was displayed in the early trading did
! not hold good. and Il break i'm the in
/ dustrial stocks cut off most OF the
| gains before the close.
| Reading Was strong: and closed prac-
| tically unchanged, as did Southern Pa
citic. which in the early trading sold
as high ms l0l 81.
Union Pacific. after nuctuating over
a range of two points. closed fairly
steady with u slight loss The ques-
ton of the life OF the underwriting
! syndicate formed to take over tho
Southern Pacific now hangs in the bal
ance, and it is feared that should
new syndicate he formed the terms OF
the agreement Will be less advantaS-
eous to Union Pacific. and In all prob
ability further commissions will be ex-
acted
by the firms that have operated for
their clients. selling Southern Pacific
stocks against the rights, which may
prove valucless The technical short
position in Southern Pacific. as has
| been alluded to before in this column
is considered likely 10 be a source of
embarrassment before the final adjust
ment is complete.
American Sugar dropped to Ill. the
/ lowest price touched since 1908, upon
the publication of the annual report
which made very poor showing. As
the shares have long since passed into
| the hands Of investors. very little stock
came upon the market
me financial statement of the I,iy-
gett n Myers Tobacco Company. Gov
erinG the first completed year of tho
companys business. is a model of brey
ity and lucidity. The COMPANY makes
most excellent showing and the re-
marks by the president regarding the
future policy OF the company might
we'll be used as model by some OF tho
Older industrial compa MES. who still
practice the doctrine of the late H. O.
Havemyer-that stockholders are not
entitled TO information.
Goodrich common sold AT 81 loss
OF some eight points on the day. and
: the preferred At ~, a loss of more than
SIN. il has been exceedingly difficult
10 secure borrowing accOmmoda ton
Tor stocks of this class and the sItua
ton is in nowise improved by the an
nouncement of the company's president
L Tn
rs not prepared TO recommend a tliyi
ucnds on the common This might
prohtably be taken as warning nv
me public. which has been misled N
MANY cases INTO buying common stocks
mat represent little but good will. and
whose earning power will fade ra mildly
under The slightest reaction in bust
ness, or the first time that the inner
facts are threshed out in public
canadian Pacific Was firm and closed
/ WIN net gain OF more than two
points. 1t is considered a favorable
Indication that liquidation for Berlin in
this stock has again come TO halt.
Steel common was comparatiyelv
hfm, losing quarter on The DAY
There was fairly large short in
terest in this stock which seems I'm
no hurry To cover.
Sears Roebuck Woolworth Corn
Products preferred Pittsburgh Coal
preferred. Underwood and Rumcly
scored losses from 10 points each.
From market point OF view. the
position Of many Of these stocks may
be considered almost hopeless and the
pest mat can be hoped is that liuuida-
tion Will proceed quietly and no very
violent break occur, As moncy rates
advance, lenders scr,tinize coliateraf
with even greater care.
While therefore. there is distinct
Improvement in the general sentiment
IL should not be inferred that this cx-
tends TO the shares OF tho newer indus
trials, which viii, undoubtedly. in
many cases, have TO so through "A fur
| ther sharp readjustment Of prices