The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-04-30
PRICES ON MARKET
REACH LOW RANGE
RENEWED DECLINE CAUSED IN
COMPLICATION OF EUROPEAN
POLITICS.
STEEL INCOME DOUBLES
EARNINGS SHOW DECLINE FROM
NET IN LAST QUARTER, but
TOTAL Is ALMOST TWICE
THAT or YEAR.
STEEL INCOME DOUBLES

low range Of prices tor the year was
established In today's stock market.
Annarentlv the prime cause az re-
v,.vsaa decline was fresh unsctt'e-
raent preciptatod abroad hF the
further complication pI European
politics through The ScaiaE atiAtF.
as perhaps j. may be called All the
81 her irritants il the fnanoiats si'ua-
tsor foreign ard domestic, were. how
e-ssr aggravated by thine European
disturbance. ard an unfRV0ra0t" IN
4s~nretat3Cn WAS placed On mdEA ~
re DAYS markctvise news from
% hntever source supplied
Overnight signs were manifested Of
Snrnewhat hopeful feeling and the
aY1rroarh to the stock market was
made 1t Wall Street t1 fairly con
S.rucfive mood This was all the
more encouraged by the eorsP cueus
f9rynness Of American shares Ut Lon
don AS the event proved foreign
anrearance were deceptive just MS
VAS the case on Monday there was
an instant application Of selling
pressure from abroad and prices
dropped sharply A rally followed.
hut the recovery lacked strength
nd stocks seemed % he II supply
throughout the middle # the SEES
Active Selling Resumes.
Toward the beginning 0f the last
hour active selling was resumed, ana
quoted values We're carried all around
the room The increase Of activity
en- the decline was somewhat dlscnn~
ce~tinE. and depressing Influences
were provided ny most standard Is
sues SpeClalttes were little. II any,
weaker than the so-called seasoned
invest u1ent stocks. on which selling
eonverged Europe was the pm IN.
cipaI puryeyor Of stocks. both IN the
carly and late dealings. heavy III
ouidatton IN Canadian Pacific contin-
Iing all day. Union Pacific was a
leader in the decline, and In the af-
after Amalgamated Copper and
United States Steel were characterized
Ivy diminished ability to resist pres
sure
Speculative attack was implicit in
much OF the trading. bat domestic
liquidation was stimulated by for
sign offerings. Furthermore the
market lent a degree of plausihility
TO theories which have begun to be
mooted that important investment
interests have been conducting a
process OF shifting positions from
shares into bonds. II IS true that
bonds have not demonstrated the In
vasion 81 any pronounced buying
power but on the average their con-
traction of value has been arrested
Also the prolonged fall which they
have sustained would be apt to at
tract purchasers disposed to weigh
the security OF their enhanced Yields
IN comparison with the merits Of the
stock list on the whole the bond
market TO-DAY was steady although
there were special features OF weak
ress which included Inreroorough-
Metropolitan. and the Baltimore and
bonds Forced Down.
The honds Of New York city were
forced TO the new low prices by the
announcement OF the new $40, 600, 0o0
loan of l-2 per cent. winch the
comptroller VIII try TO negotiate next
month A market for the new. offer
ing was Immediately established
around 100 -. or a point under the
level 10 which the city's 4 - OF 1857
declined. A fortnight or SO ago
doubts were expressed in banking
circles as to the city's ability 70
place so large an amount Of new
4I-2 per cent bonds at par. or better
but presumably the municipal au
thorities have had reason to believe
that the effort will succeed.
The city loan announcement must
be counted among TING factors OF the
Wall Street session. SO also should
note be taken Of the gYratons OF
State finance at Albany. where the
governor proposed the repeal Of Law
which he had Just signed to add
about half Of / per cent to the
return from State bonds through Ger
tain tax exemptions. laws which were
passed IN an attempt To offset the Inn
preston made ny the various pro
secss 70 transfer sinking f0hds I" thf
sshetal EXPENSE account ne "tis
nlt u rev COZ 53olate 5iHdhClHk "hl'r
Wa a 49, KIN u'sei sy 80 NY -,
,e,,, as ~ 81 ~ ~ Gnu O.
~ t,a.n,e a., ra,,,,o-,
pa,or,e 'tbat ~, rn',rb 5ls,,,sgos
NJ Pnrnslv com ma nv Mad rr1,, n.
RANGING 10 do resolved themselves ~
fnct1irv into ten9pors'rv horrovyinp ot
rerhans S5 coo 600 ID carry the corn.
pany 10 the end Of the agricultural
year Seasonal increases of work
ing capital have often to be made in
this way by Industrial concerns
which do their business with farm
ers. The aspects Of the market for
capital were otherwise Illustrated fin
the adverse Influence eXerted abroad
by several more fiascos Of promotion
IN London ana the Impending volume
81 security UNDERTAKINGS at all cen
1efs
Gold shipments - canada were in-
creased 70 $z'697. w" TOT me m0uih
Forelgn exchange hardened ln man
neF WnIch suggested response 70
n o 80 .f.s t.H