The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-04
STOCK SENTIMENT
IS MORE CHEERFUL
Market Turns Strong When
Court Fails to Act in
Rate Case.
ny BROADAN WALL.

lSpOcldl 10 Ino IlIneS-11Spatch.J
New York, March s.-For the first
time in many weeks the stock market
to-day turned strong when news was
flashed from Washington that no de-
cision would DO handed down on tho
Minnesota rate case. Tho market had
assumed the usual waiting attitude
until the noon hour. There was
strength In Amalgamated Copper from
tho opening, but other Issues were
largely neglected. An effort was made
b. traders TO depress prices This
met with such stout resistance that
tho room became generally bullish and
the movement that started about i2
o'clock improved In activity and
strength as the session woro on.
Reading was tho real leader OF the
movement. There were rumors that
the much talked OF segregation plan
would again be brought to the front,
and this stock responded easily to the
better feeling. Union Pacific next
moved up some two points. and Anal
Samated Copper was active OH SINH
lar advance There WAS good buying
in Canadian Pacific from abroad. al
though foreign houses did not take an
active part in the days operations.
The street has developed moro
cheerful tone. ignoring the factors that
were dwclt OH last week Numerous
inquiries were sent TO tho floor TO Try
and get some explanation for the adj
vancinG prices without eliciting any
thing more specific than the eXplana-
ton that the room seemed bare OF
stocks, and that buying orders were
we'll scattered
Tho news that tho authorities at
Washington would sue for tho disso-
luton of tho Corn Products Company
and that the new grand jury at Bal
timorO would again take up an In
vcstigation of the American Can Com
pany were treated AS Individual cases.
and were not allowed to affect the
more buoyant feeling on tho rest OF
the list.
The assurances from Chairman Nc
Call, of the Public Service Commits
sion, that positive action would be
takcn on tho subways tomorrow. had
II stimulating effect on the traction
shares. particularly on lnterborough-
metropolitan preferred and Brooklyn
Rapid Transit.
The bargain buyer is not always
tho dealer in odd lots. one OF tile
larger variety states that he care
fully prepared list or securities that
lac wished TO bay and also the prices
he was willing TO pay. Tho purchases
that hc succeeded in completing
amounted To over 100000 If this
single incident was duplicated many
times, II can TO readily seen that the
buying force that was behind last
weeks market was more potent
factor than has been generally ;c-
knoHlodged.
It seems hardly necessary TO state
that tho securities purchased what
tho. street recognizes rs "Eilt-cdgod."
while many or tho minor indus
trials have improved In price. i, can
he b.tf fI,,
these shares are any better: nor ara
borrowing accommodations at .iio
banks any frccr. II Is still believed.
too, that no permanent Improvement
can he maintained In tho general list.
until the true position OF these com
parics is moro clearly understood
In some banking houses the opin-
ion was freely expressed that the
strength Of tho STOCK market WAL
probably duo TO a feeling OF relief
that tho Republican power was going
out OF power Mt Washington and that
perhaps, after all. tho new admins
tration would he less inclined to
smash things up or tear things down
The money situation shows no sign
OF Improvement Timc money is not
altered quito as literally as il was las,
week. and tho rate is firm at l. per
cent. Tho anxiety Of the Germans to
secure accommodation here can be
readily understood from tho statement
of tho Imperial Bank OF Germany.
which shows such changes for the
week as reduction In cash holdings
OF s17,000,000: expansion of loans.
$3s. 100000. and an increase in noto
circulation OF SAL 600, 900. Our local
situation shows that we are in no
position to grant the foreigners any
eXpensiv" facilities. Some seventeen
of Our clearing house hanks start tho
week with less than the required re-
serve.
Stock market sentiment is more
cheerful and prices arc nrtner. These
are the facts: The demand for go
curitics does not appear to bc follow
ing tho advance. The conclusion may
bn drawn that the rally has about run
liza ,oiirSc