The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-01
is
SHOWNBY MARKET
Renewal of Liquidation in Last
Hour Is Considered.
Disturbing.
ny BRoADAN WALL.

New York, April 8O.--.To DAYS stock
market showed considerable irreeu-
iarity with renewal OF liquidation
In the last hour This feature Is con-
sidered disturbing. The opinion is ex-
pressed that the selling OF stocks comes
from investors who feel that they have
been mfslcd by earnings and the mar
gin of proiits<that was supposed 70
exist above dividend requirement.
There is no doubt that there has boen
considerable liquidation by the out
right holders OF stock, but this has
latterly been helped by bear onera-
tons of clique, led by one OF orr
keenest operators, who Is credited with
being an acute observer of market CON
ditions and @ho now believes we are
In for further liquidation and lower
prices.
notwithstanding the weakness in
many issues, Amalgamated Copper was
strong, Canadian Pacific gained two
points, Great Northern and Northern
Pacific were steady, and Northwest
made fractional gain
An Injustice was done to Chicago and
Northwestern recently by the statement
d
uary did not indicate dividends earned.
when rs matter OF fact the com
pany's returns showed a substantial
increase over dividend requirements
and fixed charges. The Northwestern
Isl like other roads. suffering from the
raising taxes and the increase of
labor and materials. correct ANALYSIS
of the earnings to date indicates that
more than 10 per cent should be earned
on the common stock this fiscal year
New haven dropped ALL points to
lo5. The disclosures regarding the
management OF the company have been
most disquieting, and stock Is now be-
Ing sold by old-time investors who feel
that the company faces period of re-
suspension of dividends.
The Rock Island issues were weak.
the common selling at 1918 anu the
preferred at 80. 1t is not improbable
that drastic reorganization will be
necessary before this combination is
made TO TT present methods of rail-
road management.
Southern Pacific declined to g65-S on
decision against the company on a
land grant case. While the matter
VIII be referred to a higher court the
immediate effect has been most dis
couraging.
The action OF Steel common proved
tha' inc disappointing showing of
earnings had been discounted The
stock made fractional gain on the
day.
The 1nterboro Rapid Transit de-
ciared an extra dividend of per cent
but this failed to have any substan-
tial effect on the 4 12 per cent bonds
that represent the shares, while In
terboro- metropolitan preferred de-
ciined from 81 to As "a. 1T appears
that there was quite a fair sized pool
that had purchased the stock with the
idea that this announcement would
help the market and finding that.it was
without influence had disposed of their
holdings at n heavy loss
There was sharp drop in Louis
Vile and Nashville, Missouri Pacific
also broke from SO to 80 4 and Mop"
is the parent company of the Gould
system. the decline represents the uh-
settled condition OF the Wabash system
with it's Wabash Pittsburgh complica-
tons Substantial declines were
scored in such issues as American Ice.
Guggenheim. Liggett & Myers, Air
Brake and Sloss- Sheffield. The closing
was weak.
London houses bought some 10, 600
shares on balance, but did nothing
later, as tomorrow will be holiday
in London.