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Show SHARP RALLY IN THE PINAL . TRADING IN WALL STREET Stock Movement on the New York Exchange Very Erratic; Investment Issues Heavy. By BROADAN WALL. By JntcrnntIon.il New Scrvlcy, NEW VORK, April 22. Burnt Rtinpow-der Rtinpow-der Ik lnconc to thi nonlrilH of spcctila-torK. spcctila-torK. Foreign Ijoiihch Hold stockF lieavlly today on thft eerlotiH awped of tlic Mexican Mexi-can situation, while lloor traders hrouht ftlmul a sharp rally In the lat hour on rumorH that our combined fleet had successfully suc-cessfully attacked and occupied Vera Cruz and Tamplco. Price changes wore wide and movements move-ments erratic during the day. Wenkncss In Canadian Pacific was a prominent feature, fea-ture, selling from Berlin, London and Toronto bringing a five-point decline that carried the nrlce of the stock to the new low level of 11MR. When compared with our own 10 per cent stockf, Canadian Pacific still appears to be twenty or thirty points above lntrlnnl'c value. American bankers have for a lonp time considered the shares overvalued, and now thnt the Canadian? are compelled, through lack of a local market, to bring their yhares to Now York, a further readjustment of prices Is considered inevitable. Outlook Gloomy. ITcavinesH In the investment issues killH the hope of any Immediate improvement improve-ment In the market tendency. Delaware & Hudson showed a loss of three points for a time. Lehigh Valley dropped to Its previous low level of 132J, and Norfolk & Western declined to 1 01 f. The market for Pennsylvania was thin, breaking from 1 092 to 10SS on the sale of a few hundred shares. Heading falls to show any rallying power, and Southern Pacific wan on lap around 00 London disposed of Union Pacific whenever when-ever the price developed any firmness. Steel common gained n miarter point on a much reduced volume 01 trading. Liquidation Liqui-dation has apparently ceased and there Is a fairly large short Interest that appears ap-pears anxious to cover hl about 57. Minor Industrial issues fared badly, with losses of from two to four points. Texas company advanced from 1392 to 141 on siorles of favorable government contracts. This stock Is considered attractive at-tractive and a further advance is anticipated. antici-pated. Mexican Petroleum rose over three points on news that Tamplco had fallen Into the hands of the American navy. American Smelters responded with a Iwo-polnt rise, the stock Jumping from 65 to fit; on the purchase of 100 shares. Missouri. Kansas fc Texas Issues dropped to new low prices before the announcement an-nouncement was made that directors deemed it expedient to suspend the preferred pre-ferred dividend. Copper stocks continued to puzzle professional pro-fessional Wall street. With domestic demand de-mand metal at a standstill and a falling off In exports, Amalgamated Copper continues con-tinues to be the strongest Issue on the exchange. Few traders arc courageous enough to go short of the stock, although the opinion Is freely expressed that the price Is out of line with the rest of the market. Lehigh Valley Report. March earnings of the Lehigh Valley were much better than expected, displaying display-ing a net decrease of $01,000. JSarnlngs for the nine months ondlng March 31 show that the full dividend of 10 per cent and a small surplus lias been earned. This should dispel fears of any Immediate reduction re-duction In the dividend rate. Foreign markets were heavy. Consols, rentes. German Imperial 3s and Russian bonds all showed declines, and a continental conti-nental scramble for gold brought a hardening hard-ening In the money and discount rates at London. Thero was a sharp advance In demand sterling, and cable transfers to a point that stiggests gold exports from here. |