The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-06

carious state OF Mr.. Morgan's health.
and when his death occurred. there
was enough covering OF Commitments
TO send quotations higher. Through
out the week the tone has been fairly
hrM. stock can be purchased for in
Ncsttncht at very attractive levels, and
oohds are also cheap but there WOULD
not be any abundance OF money avail
aol" FOR rampant speculation for the
rlse Last weeks squirt was attribu,-
ed IN part 10 aggressive buying by
Daniel G. Reid twho Is quite big
man stock market-wise), Judge Moore
and the First National Bank interests
ms is not tho most inspiring leader
snip as there is apt to be switch
to The bear side without notice.
Agricultural conditions are all riph,
although little more can be said in
he drst week OF April.
BUSINESS men would do well TO hold
hGht rein upon their expenditures
9pecdIaiors upon either side are apt
I" De badly squeezed. Investors. how
VINO nave cash to pay for what
'neY Iuy. can lind excellent opportuni
Tics both In stocks and bonds.
SPECIAL 30 The Times Dispatch
Ne" York, April 5-Pront-tabinp
Was tao principal caIse OF the reac
tohaf movement; in to-day's stock
market. The realizing was not con
fined TO home accounts. European in
teres's also appeared ANXIOUS % take
advantage Of the slight advance scored
during the week Southern Pacific
WAS yer! strong for a while on short
covering. and the buyiny based on
rnmors that there might be contest
ior control OF the company at the
forthcoming annual meeting
be freely supplied. and extended It's
decline OF yesterday despite tha syate
'neht or Chairman Trumbull that the
: per cent dividend was not endangered
by recent developments along the com
pahys INES Because OF the recent
nFlsk advance. the markets technical
position has been materially weaken
and on this theory many traders w.re
disposed 10 put out new lines of shorts
and selling from this source fastened
the decline to-day
The securities markets abroad were
heavy on political and monetary de.
Nelopments. The reported fall OF Scu-
tari and the evidence OF how shaky a
thing the concert OF the powers had
become has prevented any marked re-
stora'ion or financial confidence abroad
News relating To tariff politics was
perhaps the chief subject Of WALL
street conversation to-day, and there
was nothing in Washington dispatches
TO promote speculative recklessness on
this score
While IL cannot he said that either
he foods in the Middle West or the
death OF j. Pierpont Morgan have had
any direct influence in the stock
market the fact remains that condi-
lions are not all that could be de-
sired
The commercial trade reviews to- day
were more conservative, but railroad
reports were fairly good. Tonnage re-
ports were better than had been ex-
pected in view OF the stoppage OF
traffic incident to the floods The coun-
try's bank clearinGs for the week
again showed moderate decrease
from the corresponding week last year
and the commercial agencies struck mt
last in their weekly reviews a reac-
uonary note. At any rate they report
cd irregularity slowing up. contract
ing tendencies and conservatism with
not much that was satisfactory TO he
said about collections
Despite the relaxation OF Wall Street
N the rates, the real position of
money Is shown by the price of COM
mercial paper. There is some dis
counting OF names OF the highest
grade az low as IL per cent, per-
haps. blu, the general run OF bills
has difficulty in obtaining market
at to l-2 per cent, and upward
The general business attitude seems
to be one OF waiting for the outcome
OF the extra session of Congress. which
is about TO convene.
New York, April 5.--Money on call
nominal: no loans Time loans easy.
sixty and ninety days. 1924 "a
per cent; six months, S-4 per cent
Close: Prime mercantile paper )
n per cent. Sterling exchange steady.
with actual business in bankers bills
Mt $4.S330 for siSty-day bills. and at
s4.SI20 for demand. Commercial bills,
s4.so "a Bar silver SIS Ii Mexican
dollars, ~ 1-2. Government bonds
steady railroad bonds easy