The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-08-13
|PUBl|C.0...H HOLDING.
HANDS | {: OFF i STILL ] |. !.
Little Outside Support to Move Nc W;
fr1ent toNM Mark Up Prices
n Of Stocks. 's8 33Ss
4 PROFESS SIGNALS IN CONTROL 1 /
Cheerful Bulls Looking 70 France z,1's:';
for Relief earst as asa 4 /. & "a
hi Market Factor. iG8
PROFESSIONALS I'M CONTROL


Market Factor. "a 81 !i58
BY w. g. Nicholas.
33 NEW II HlS, Al, gust u. Tho big peo-
II plc have marked III Atocka from 70 70 ~
u points without attracting very mtch out-
\. side5sunport. Two Or three at teinpts have
f3cen nude to distribute the goods, but
Ii each time tho discovery has boen l14,
that tho public was not on ha ,.rN " ~
4 "a ~ sbuyitig. III seems to be tho almost
A unanimous opinion that tho rise has been e. =
\ engineered for tho purpose OF making Q
n market FOR stocks held or controlled py.
Il the largo III interests. Vantage Ig $85 was = y
I taken by the market LEADERS % the MD y
81 summer period OF cf,eap call money. ana y,
II II has been the ovidert desire q n s the
Il rnanipulntors to enlist public help 90 as
II "a q mako the unloading process easy.
They have yet 70 sec le tho tRistleu -
" help, ny sss . |, 6 I.
INT ot,a q story to tell. Orders do no
l como Il, from tho outside, and tho bust :.
E Il ess Oh the Stock Exchange Is almost
\ entirely for professional account HOUSES ll
having miscellaneous eli entages complain:
OF lean mnis and very slig eyiden ces
u OF interest. Tho daily market letters.
,8whicf8are acntSout by the carload bring
XII no & responses. Or Mt y east hardly enough
5 IL nay postage "a This Is not on cournE n
81 Ing. ana marks decided difference boz
y tween this bull movement and tho orr.
y binary run fot bull campal gins. The
y butchers and y bakers ana grocers and
D tnilliners are conspicuous for their NIB -5
sence VI from the 5 market. Distribution,
3 II ! t Is made at all. will como later.
u Thcre Il u no present market for the
n goods. l s4s
Bonds Issued. 858.
ss8S Since the beginning Of tho calendar.
year bonds to the amount OF nearly 81 900, v
D 10000 have been authorized and for the
y Inoat part issued. n OF this vast amount
& only q small percentage has ovnd VI It's:
x way into the hands Y OF inyestor III The!
& great bulk remains on the hands OF the
underwriters and bankers Who undertook
q their flotation, Pool after pool OF und err
writer's dissolved. lotIncnts N and 4 sui
d scriptions4 going to the iyidual mems
n bers thereof. 5 These bonds diatinctly be-
q long to the .Hundigested class. -Four
y years ago the undgested securiti ties res
& ferred u to by Mr. Morgan In Ia famous
interview were mostly s tocks. This time
SSit h Is almost altogether bonds. @ Experts
try In vain to find explanation for this
\ condition OF nature calculated to give
"a encouragement to the bulls Nothing
with genuine chi stTt s a S1 s
Tho surplus money OF the country finds
moro attractive and 5remunerattve employ
~ mentS than In bonds yielding 3 1-2 to Il 1-2
I per cent. The speculative capital II also
NJ looking elsewhere than TO w all Etreet for
Investment, and vi tn e certainty ahead 40
X OF tight money after sixt days tho
outlook for q prolonged upward move
y ment In the stock market would not
Il appear 10 be brilliant. The most thai Z
. 70 possible Is made OF the i tremend GUS;
Il crops in sight and being harvested ana
q OF the overwhelming volume OF general
buHiness, but this some way does NOT
satisfy tho generality OF capitalists and
\ tho Street Is sceptical and suspicl Gus
Movement Of Crops.
Tho usual talk 10 heard q bout the West
without the aid OF Eastern money In
Il q sense this is truo. but d very large por--3
81 tion4 OF the extra capital that will \ be-
81 needed will come from tho Eastern banks
y lust tho Same as In former years. ny estcrn
Y banks keep large balances IN New ! orks
which will be drawn gal Sne sn 0tll
Is individ ual depositors might draw on
their open accounts The money belongs
II Il, the West and 1t Will simply be called
III homo for temporary use. SO y Tar : as
= (ho New york situation Is concerned the
e money might as well be borrowed here
III As the supp will be- reduced 4 ~ ,J JUL
81 the same number OF %In!llions OF ooi!aEs.s
ri chicago alone has q balance IN g y eWS
YORK.. Of about SloO, o0O, 900, OF which pos
/ gibly 10 per cent vii DO draw, a eIsa
II hotween now and the middle Of Octoper
forn transfer to tho harvest fields Other
west ern 4 points will also drag on j me
resources OF the New York banks y, L a ~
n then the South Will como on VIII 4, ll.s
semands Altogether It may no SAID tnat,
Inaicnt Ions point to heavier demands
Snnn New York this year than usual
& ~ besides that tho rou tine Il &c manos}
4 "a n commercial and manufacturing eG !1'-
nloyment will $be up to high pressure y,
jF. railroad borrowing on snort t1tle t'ot. -.
y has been and will con tinueftt Pc N ey.-
done II Wall Street expect % 70 .inauise
y IN tho luxury OF enlarged stock specusa-
,Iona Il VIII have to pay q mighty high
nrica Tor tho capital that will be n re- re-
quired. y. 4. 8s &,
Hearst Scare.
m eorneT of tho moro cheerful souls among
.,,e bulls look to France for relief ana
snSL hnuyantly OF the great market Tor
a a ,narican bonds which will develop In
q ti,ot country. In their minds they see
h,,ndreda 81 billions of dc llaray OF Ar4cri-
e ~ ~ hor,da sold in Franco IN the gutse o.
81 dahantures fathered by tho strong Paris
banking syndicates. II this could pc
ACNE. m ideal situation would 90 created,
iTynfortunately, however, the facts 90 not
tmstifys the brave hopes entertained by
tho optinists, France may eventually
h. heoome q great market for Americans
4 but not for years II !, u, y, !, NJ a. !.
The bears count on neln u Ivy ~, I, -
1. ;1hrn,v n & Hearst scare into the market
sonno time between now and November
4 Il would seem from tho present outlook
that nothing can preYent & NJ, sears g.
GATE Tor Governor o. New York and ths
4 bsarist,ly3 disposed SPECTATORS y wen
Street VIII do their level best tG make
} : bogy man out Of him. They. VIII hang
4 him up to- alright the hmld ana !, ar! y,
y VIII appear before the footrl!ghts IN real
4 earnest about tho time money begins
10 get good and tight, The two IN COM
~, ~ 3rjn