The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-28
MARKET PREPARES
TO ADJUST ITSELF
Renewed Liquidation Bound to
Come as Result of Western
Floods.
BY nRoADAN WALL.

New York. March 1.-THE stock market
closed weak. Wall street is preparing to-
adjust itself 10 conditions that prohibit
thought OF speculation for advancing prices.
London failed to SHOW amy interest In our
stocks, and did not send buying orders as
pected from the favorable reports OF condi-
lions abroad
There was an carly tendency to c.onsider,
Tor copper wire. aud private adviccs indi-
Gated moro cheerful view OF the progress
being made ia the new Union Southern Paci-
tie plan These favorable items we're soon
lost when weakness developed in tho indus
parts of the country regarding floods en-
Outraged liquidation and some short selling.
Speculative interest was, of course. restrict
cd by the interruption OF communication, and
tcw houses had wires working.
IL Is The opinion OF some 81 the conserva-
tive bankers that the financial district viii
nave To prepare for a renewal OF liquidation
in securities While it may be tina, the effect
prices of stocks immediately there are sur
hcicnt details Of destruction of property 10
warrant the utmost caution on the part Of
bankers.
Apraren,ly reports agree tina, tho trans
portation companies have suffered the worst
losses ON record. and considering the aim
cultics the railroads had in raising fresh
funds before the disaster. the outlook for the
security market is indeed grave.
II y to IN" credit of tho speculative COM
mnnity mat professional traders m"ie little
effort I" take advantage of the situation 10y
making AN attack on values. 1t IS felt that
liauidation will probably follow the rcced-
ing waters The resources of the financial
communities viii first bee applied To The suf-
fering in the stricken localities and this
VIII hc accomplished at the expense of Sc
curity prices 1t was natural, therefore. tina,
hcaNiness should develop Ia such Industries
as Can. which showed decline ia both is
~, aud in Rumely, which is in particular
disiaVor. 1t sold low as H. Woolworth
dropped to SSi-. and other Industrial issues
made losses that ranged from 10 points.
cd particular weakness. touching new low
POINT ~ ii''; The physical loss the
Baltimore and OH" system undoubtedly viii
Ill.
par. Icnmsylvania was comparatively Hr,n,
although bridges have been los; and traffic
practically abandoned in certain directions.
/ lhc losses 70 the Wabash system were re-
hectcd III the weakness OF Missouri Pacific.
cate tho total abandonment of several
plants. and hdviccs indicate that IL will bc
.umcd.
steel common lost = point. aud Lackawan.
'iH steer dropped I" ~ Il loss OF points
( While public interest was aln,os, entirely
/ absorbed in following the details of disas.
was expressed IN The financial circles over
thc passing by the state Assembly, at Al.
h ly 81 !, so-G9'icd blue sky law III,
iate "i mis- hill is causing more conccrr
IMAM Tears "i incorporation Of the stock IN
Close attention now win bc ,iircctcJ ,o ~,
mono! market. Tic Bank Of England i'm IL,
weekly report did not snow the improve
mont expected, and is ratio Of reserve il
below 80 per cent. This has not hpnnonc,
before Tor many Gears Fortunately The do
mand for money from Germany appears +,
have ceased. ' ~
city of Pittsburgh loan has been with
uraMh "N m" :" insufficient bids and Nov
orN CITY revenue warrants arc being ofo-
rd at Aari'ris institutions on - !, per con
caution. ia
inc Governor of Ohio has declared a ton
"hN monday which means "a suspension, a,
payments FOR that tinic, longer S,i. a.,
u"u always creates u .harp dptuHuJ tn
cash and withdrawal of funds bv n,,, - =,
t"n u institutions viii immediately follow,
Extreme conservatism is tic pred nni,,,,
tea ,, IN sp.cn,atiye circles. 1t is again
n'"ttci 81 t"'srHtulation that tho publi
commitments in the stock market arc 49,
AMY The smallest in years. '''