The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-11
PINCH IN MONEY
is ACUTELY FELT
Market Subjected to lombard.
ment of Selling Orders. and
Prices Go Down.
ny DROADAN VAIL.

but persistent liquidation that char
actcrized last weeks market WAS the
feature of to-day's trading In Wall
Street, prices brcuking through the
previous low record for the year. The
market is weak. and 1t is considered
fortunate that Berlin was celebrating
a holiday. rather than adding to our
distress by openly selling their ia
vorite stocks.
Early prices from London showed
sharp declines. and although at the
opening our market took stocks well,
1t could not stand the persistent pres
sure against Canadian Pacific, Union
Pacific. steel and Amaigamated.
The money pinch Is acutely felt.
Were our troubles merely local, the
announcement from Albany that Gov
ernor Sulzer had abandoned his efforts
20 increase the transfer tax from 81
to 81 q hundred, might have been con-
sidcred with favor. AS II was, the
effect was purely nominal, and the In
cident was forgotten within the next
hour. II is doubtful that even favor
able decision In the Minnesota rate
case would have had more than tenn
porary effect. When the familiar meg
sage was received. mo decision" room
traders gave UP efforts to bring about
rally. and the market was left to
tho bomba rdment OF selling orders.
The fact that prices have made
now low record for the year ia taken
by many market observers as an in
dication that further decline will
be established before any substantial
rally will take place.
While standard issues were sold for
foreign account, there was continual
pressure from local houses upon the
Industrial shares. Scars Roebuck
md he R,l
Der issues, Pump preferred. National
Lead and North American, dropped
smartly ion small dealings. Sugar.
American Wool and American Sugar
declined on the near approach OF tariff
revsio,t while tho rumored activity
Of tho new Attorney General was suf-
Client to account for the narrowness
and weakness in American Tobacco
The hollowness OF the general
market is shown by the eight point
drop in Central Railroad of New
Jersey.
The placing Of Bethlehem Steel pre-
fcrrcd on the dividend list with u de-
claration Of IA per cent cal.ri cd
tho stock to 80, burt this advance Sras
not maintained. and the price closed
with u net gain OF point. The
Canadian Pacific drop To lis 1-2
closing a: a net loss OF nearly G points
Selling came noG only direct from
Berlin. but liquidation was noticed
from London and Canada whore the
shares have long been favoritc
The fear that tho syndicate formed
to undcrwrite Union Pacific holdings
OF Southern Pacific would have TO be
abandoned, brought heavy selling OF
Union Pacific for foreign account,
carrying the shares TO l45 rs. the low
est point touched since 1898. while
Southern Pacific or trades of let,s
than 5000 shares. sets the new low
level of rs SIS
The pressure on steel common was
particularly discouraging. Over no.
600 shares were traded in and the
stock touched the low point estab-
lished in 1912. bSl-4. The Rock Is
land issues again attracted attention
with tho common stock under 20 and
the preferred shares selling about 35.
These prices suggest that some form
of reorganization Will soon have TO
he undertaken.
The pivot Of the situation. foreign
and domestic, is money. Although
to-day was Stock Exchange holiday
m Berlin. Berlin bankers were reported
as bidding as high as per cent for
short term money. There is no doubt
In the minds Of. international bank
ers that Germany is facing an indus
trial reaction. and this is taken to
mean further reimbursement OF
credits. AS New York has tho only
market whore international issues can
be freely sold, 1t is expected that It
will have 10 stand further liquidation
This refers particularly TO Canadian
Pacific. Atchison, Baltimore and Ohio
Union Pacific Reading and Norfolk and
Western. The market for these stocks
has been so poor in London that many
orders are placed direct. and do not
appear in the usual arbitragc chan
ncls
An engagement Of $4,000 gold for
Berlin Is announced and further en-
gagementS Will no doubt be made for
this account during the week.
The stock market has an unhealthy
appearance. Liquidation will. in all
probability have TO run considerably
further in the industrials The mar
ket for tho newer issues OF these
stocks is thin that many Of tho
standard issues are being forced upon
the market in the efforts of embar-
raised holders TO obtain funds.
Police Board Ncct..
The monthly meeting of the Board