The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-03
SHORT INTEREST
IS RUN TO COVER
Market Becomes Dull, Irregular
and Finally Develops
Weakness
by BROADAN Null.

New York. May 2.-The short inter
est having run to cover. to-day's stock
market became dull, irregular and
finally developed tendency to weak
ness The undertone to the market is
not good. Investment issues come
straggling in. and while offerings were
AZ no time large. the buying power was
thin.
The news from abroad was mixed
ana .raoinE FOR foreign account OF a
neSa,'vc character, being evenly di-
Nided between purchases and sales
The troubles of the market are more
domestic than foreign. The report or
me national banks received wide dis
cussion- The opinion is expressed in
banking circles that liquidation out
sue Oh New York has not proceeded
TO degree that reflects curtailnent
OF mercantile credits.
mere are rumors from WASHINGTON
that II is the plan of the administers
'loh 10 force currency reform bill
upon the heels Of tariff legislation
could the financial district believe this
possible IT might be construed as a
bullish argument of n sufficient force
TO check liquidation in stocks and en-
courage speculation for an upturn.
Illinois Central, Lehigh Valley and
canadian Pacific were weak Although
much space was given to President
Meilen's explanation Of his connection
IL
llar financial transactions New Haven
was lar from strong, dropping from
le6 TO lob. There ar~ $4,000, 900 notes
coming due at the end of the year that
II Will be difficult to refnance In face
OF recent disclosures. The position of
New Haven is the sore spot in the in
vestment market. which can hardly be
cured without an operation
Pullman dropped 2Is points, Virginia
carolina chemical and International
PUMP preferred sold at 30. a sharp de-
cline from the previous sales. The !
per cent bonds OF this company declined
to %. against high figure of SSa. i'm
January. These prices indicate a re-
organization Steel was steady. and
AmalEamated Copper made fractional
loss. ignoring an Improvement in the
metal market abroad. Trading in
Reading was within narrow limits
while Union Pacific was inclined To
weakness in the late trading. The mar
ket was thin in spots, and prices in
ciined to sag on moderate offerings.
Bonds were a shade easier, with
weakness in issues of the lower grade
me success Of the Louisville Mas hville
equipment Offering was quickly fol-
lowed by the announcement that Erie
was In the market for $4,000 900 equip
ment notes. and on this announcements
the stock was firm.
ST. Paul made a favorable showing
IN earnings for March. with an increase
OF S44S.4S6 in net. This would indi-
cate the common stock Will show close
TO IL per cent for the year if the pres
ent Increase can be maintained for the
next three months. Missouri Pacific in
CREASED S624264 in gross, and net. s171.-
Io3. Jersey Central showed a loss of
Sa42,f33 In net, but this is in keeping
with the loss made by other coal roads
me money market displayed an
easier tone. and time funds showed n
shading in the rate for the sixty and
ninety days With an. indicated in
crease OF currency from out-of- town
banks, the bank statement is expected
TO SHOW net gain In currency.
The weekly statement OF the Bank
OF france made an unfavorable show
Ing, with $27735, 900 increase circula
ton, S32.a05.ooo expansion in loans, and
Il cash loss of Sl.5S0,000.
The partial elimination of the short
interest has somewhat weakened the
market. There is II disposition to with
hold comment regarding values until
the s45,cOO,00O New York City issue is
offered for public subscription on Nav
~. Much will depend upon the attitude
OF the public toward this Offering.