The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-16
CANADIAN PACIFIC
UNDER PRESSURE
Speculative Interest in Days
Marrow Market Centres Large
ly in This Stock.
ny BRoADAN WALL.

terest in to-day's narrow stock market
centred largely in Canadian Pacific.
which was again under pressure. 1t
declined to 236 as on liquidating sales
that apparently came from Canadian
interests. The technical position of
this stock is probably weaker than that
of other investments issued, and fur
ther liquidation is looked for until the
price Is moro in conformity with such
stocks rs Great Northern preferred and
Pennsylvania.
Chesapeake and Ohio was active
selling at sc before the Hooking VAL
ley declared ain extra dividend of 1-2
per cent in addition to the regular pay
ment. The bulk Of this distribution
goes to the Chesa peake and Ohio which
owns about s9,000,000 Of the S11,OOO.OOO
outstanding Hooking Valley stock This
declaration WIS not favorably received,
and Chesapeake became weaker and
Irregular. Just before the close the
Chesapeake and Ohio directors declared
the regular quarterly dividend of "A
per cent. the shares dropped TO 63 SIS,
and closed with "a net loss of 3-S
Amalgamated Copper was active at n
lower range. There is a feeling in the
Street that much of the copper metal
shipped abroad remains unsold. and
that it is now being forced upon the
market owing to the stiffening OF
money rates at Berlin.
Rumors were current that new
Union Southern Pacific plan had been
agreed upon, which meets with the ap-
proval at once with all interests con-
ccrned. This sounsed like accomplish
Ing the impossible. and the Street was
skeptical Mnrketwise. dhe effect was
nil. Union and Southern both shaded
fractionally in price.
Wabash common and the preferred
made new low records, and although
the declines were fractional. the shares
VIII be unquotable If the decline con-
tinues much further.
The Rock Island Issues were soft
but the drop was checked By London
buying
Investment stocks continued to A.
ter into tho market at a lower level
of prices.
.Thero was noticeable weakness in
tae fertilizing stock. and Cotton OIL
broke below 40. At the recent meet
ing OF the directors of Cotton OIL moth
ing was said about a distribution on
the common shares. and tho publis
have long been in the dark regarding
earnings
Brooklyn Rapid Transit was active
and strong on the old Sumors that the
dividend rates would be Increased A
dividend meeting is expected before
the end Of the current months.
sears Roebuck lost points on sales
OF less than 1000 shares, and Railway
steel Spring preferred dropped on
only 200 shares. :
There were numerous fractional
losses which reflected the complete
indifference OF buyers.
a stock Exchange seat was sold to-
day at $4,000. The last previous sale
was at $4,000. while the low point
Of the year was $4,000
After the close announcement was
made of fifth engagement of $4,000
600 gold for eXpeort to Paris on Satur-
day.
The Bank of France in its weekly
statement shows that ii has more cash
now than it has held since the middle
or February. The total. however, is
still $50, 100000 below what ii was at
This time last year. There was no
change in the discount rate in the Bank
OF England The bank showed a loss
OF $1,000 gold during the week, but
raised its ratio of reserve to 80 IA per
cent, the highest figure of the year
There was an unfavorable turn at Ber-
lin. where discounts TO arrive were
quoted at 81 per cent and call money
ut per cent.
Interior banks are calling upon their
New York correspondents for accom-
notation and aside from this local in
stitutions have lost to the subtreasury
over S5,oo0,oOO since Friday last
The currency reform bill Is the chief
topic under discussion in banking cir
cles. and the question is being raised
as 10 whether Western institutions are
preparing for the movement OF reserve
centres from the East.
Little fresh light has been shed on
the befogged speculative situation The
pears are too pessimistic, and the buy
ers too difiident and brokers too dis
Outraged new impetus is needed