The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-26
MARKET OUTLOOK
ISDISQUIET|NG
Financial District Disheartened,
and Can Find No Signs of
Encouragement.
by BRoADAN MAIN.

L
New York. April 25.-To- days stock
market showed continuation OF the
liquidation noted the day before. In
vestment stocks as we'll as specula-
tive Issues. were offered at prices that
made many new low records that have
not been equaled In years.
Stocks are apparently coming from
strong boxes and out-of-town inves-
tors; commission brokers were sold out
long ago. and this new selling is the
more disquieting in that IL cannot be
gagged.
Traders took advantage of the trend
and sold stocks short but only in small
never cares to venture far when he
cannot see the source OF the selling
and cannot estimate the extent. The
outlook Is diSQuietinR. 1t is felt that
prices cannot continue to crunlble at
the present rate without something
breaking, and the market is nervous
better feeling developed in Lon
don overnight and foreign houses
bought some $4,000 shares in the early
trading. Canadian Pacific alone re-
sponded to this. and closed with a
point gained.
Another break in the Rumely shares
carried the preferred to 51M and the
common to 49, Liquidation In these
stocks was persistent. and they are
now selling on basis that suggests
were many sharp declines in other in
dustrials Liggett e Myers and Amer
Acan Tobacco lost over 4 points apiece
and United States Rubber issues lost
several points.
The market for the newer industrials
Is very thin, and several declines of
from | to points We're scored on sales
OF 100 or zoo shares The announce
ment that the American Can Company
had only sold half its debenture bonds
and that 1T had been necessary to Dor
row against 100000 of this issue
intensified the uneasiness.
lntcrborough- metropolitan common
ana preferred lost point or more on
heavy trading. There lis keen uisap-
pointment that the proposed bond issue
has proved too heavy for present money
conditions. The postponement OF the
offering of S7s.000.0 900 is considered a
practical announcement that the bond
market is flooded
Chicago and Northwestern dropped
to rs "a. and Illinois Central to 1893,
rms Is the lowest point touched by the
latter stock since 1900. The St Paul
issues were again weak, and the pre-
icrred lost . points. st. Louis and
san Francisco second preferred tiropped
10 ~, the lowest price for dozen wears
Around midday the market grew dull.
without showing any rallying power
and this phase was followed by n re-
newed burst of selling that closed most
OF the issues at the low point of the
day.
Union Pacific fell to 1915. with sto-
rics Of heavy losses incurred bv the
decline of Its investment holdings OF
Illinois Central and Baltimore and Ohio.
III mere we're also runors that the com
pany was liauidating its illinois Cen
trail stock. but this lacked confrma-
ton
The >bond market showed several
1f
block of Baltimore aud Ohio convert
bic us forced decline to 92L, and
there was some pressure on the St Paul
Us, which closed at 99ls block OF
Tennessee Coal and Iron nves sold at
par. loss OF n point St Louis and
San Francisco refunding fours dropped
to 72Ia.
Tie Bank OF Germany shows re-
markable Improvement. with an in
crease of cash on hand OF $4,000. 600
end increase in gold holdings OF So
100000. and decrease in loans of 500.
00O00O
Another shipment OF gold was made
TO Canada. a total of $1,000. 900 since
Wednesday The banks here showed
4 direct loss in the subtreasury OF So
Voo.puo, with interior receipts OF over
Sl9,ooo.ooo. forecasting favorable
statement tomorrow
Southern Pacific made highly fla
vorabie showing for March. with an
increase In gross of S10lS.226 and net
S45f,6ll Atchison showed an increase
OF gross in March OF SI02.323 and net
S22l,SS2. Missouri Pacific, for the third
week OF April. showed an Increase OF
20 per cent, while st. Louis and South
western gained 10 per cent Chesa
peake and Ohio. for the same period.
rehecting flood damages, decreased 90
per cent.
The two decisions handed down by
the Commerce Court were considered
unfavorable to the railroads
The financial district is thoroughly
disheartened. Old-time favorites and
new speculative fancies come tumbline
into the market from unexpected quar-.
ters.
While prices are lower in many cases
Than any that have ruled for several
years II Is probable that the bargain