The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-12

believed that the technical position
OF the market. plus the developments
OF the news of the day, Indicated a
rally of several points.
/ 1t is intimated by way of Boston
that the new Attorney General will
/ make an announcement that can be
iaNorably construed by business mon
relative TO his position regarding big
business. There is also the rumor that
| interests close TO the Pennsylvania
Railroad have acquired water power
rights within the State OF Pennsyl-
wanna, looking TO the development OF
electricity as the coming motive power.
! This If true. would justify the large
expenditures that have been outlined
by the management and would create a
large demand for copper. and. speak
! ing OF copper. the marcltt for the metal
has shown very decided improvements
IN the last day or two. Large orders
have been placed for South American
firms, who a short time ago believed
III lower prices, but have now con-
cluded that the metal has probably
reached the low point, AT least for the
present.
! There is much discussion regarding
the position OF the syndicate that has
underwritten the Union Pacific hold
ings OF the Southern Pacific, 1t is felt
III some quarters that should the pres
enr syndicate expire by Limitation. a
second syndicate that has signitied its
Willingness TO take holdings Ell bloc
ana issue bonds against them might
step in and succeed where the first
has failed. This would produce "a
rather awkward position for those who
nave sold stock against their partic-
ipation in the old syndicate. and also
for those VINO have bought rights
when. as and il Issued" against which
they have sold shares in the open mar
ket, The rights, OF course. would dis
appear in the abandonment Of the syn
Al a. "a I,. n.
sold will have 10 be replaced. and this
technical short interest is the real
stimulus AT the present time.
1t is much too early to conclude that
prices have permanently changed for
the better. but the market has reached
the point where many issues have been
oversold, and good news would be well
coined as we'll as encouraged Stocks
like steel common and Reading have
anticipated by their decline Il great
deal that may never happen, and there
strong tendency has been noticed
among the commission houses for GUS
toners TO become extremely bearish at
The lowest level of prices that have
ruled for some two years
The renewal of div idcnds on Bcthlc-
hcn steel preferred is more than a re-
minder that the steel business is very
active and still exceedingly profitable
There is this to he remembered. should
the worst happen and the steel Corpo-
ration he dissolved, and THIS is greater
than the present difference in The price
between Bethlehem preferred and
tuited States steel common.
Among thc international stocks Ca
madam Pacific occupies the centre of
the stage, and while the shares failed
TO maintain the fun rally to-day. there
was Il better tone displayed, and it is
hopcd that liquidation for the moment
has run it's course. 1t is not without
significance that one of the large
houses noted for it's bullish attitude
ON This stock in the past, will shortly
I retire from business
u requires more than optimism to
/ finance Il 6c-point decline in any stock.
and Canadian Pacific has proven no cx-
ception TO this rule.
There is no Improvement in the
money market, and in addition To the
/ S2,o0",0o0 announced to-day, further
engagements of gold are to be looked
for in the news Of the week II is Just
( possible, however that u sharp i'm
provcnent in the political situation
abroad would develop an easier tone
! IN the demand for funds from Berlin.
Technically, the market is in II posi-
ton where Il sharp and substantial
rally is looked for. AS before stated
The market appears to be oversoid, and
a sharp advance ralh may bring about
covering movement that will carry
prices we'll above the present level