The Washington herald., 1913-07-02

courage TO undertake currency ana p3nk-
ing reform. 1t IL to be hoped that the
many fallacies OF the currency bill and
| the conduct Of the central reserve as
sociations win be demonstrated, and that
Congress may rise equsf to passing
proper currency bill. modelled on SINH
lar lines to the currency and banking
systems OF other civilized countries
A thoroughly sound currency bill would
be q great uplift to the business ana
credit OF this country and tend to make
| 1t in time the credit center OF the world
The fifteen reserve centers do not make
much difference. The reserves VIII now
to the center at which they are most
needed and be diffused from there. This
fallacy would take care Of itself. but
an irredeemable. inelastic note system
and the management Of the reserve
banks placed in the hands OF men not
familiar with banking are dangerous fal-
lacies which We hope to see removed.
The tone Of the afternoon market was
strong with trading moderately active.
James A. Patten, of Chicago. estimates
this years wheat crop will be nearly. II
not fully, the equal in quantity Of that
Of 1872 They will have to cut down
spring wheat 100000 bushels to bring
the country's total under that OF last
year." according to Mr.. Patterns reckon
ing.
Stock letter Of s. B. c. 4 Co.-The mar
ket opened lower In sympathy with the
unsettled markets abroad on the out
break Of the war between Bulgaria and
the Greek and Servian forces.
In the late afternoon. when news was
received from St. Petersburg that the
great powers had commanded the Balkan
states to agree to terms Of peace at once.
hA rlrot ~ n
newal Of good buying. led by some OF the
larger operators
The enormous disbursements on July !,
interest and dividend accounts, as well
as the semi-annual settlements, passed
on very quietly. This was because the
banks had made ample provision for
these payments. and liquidation had been
SO extensive the past several months
there was no necessity for further shift
ing Of loans
New York Financial Bureau-cotton Is
regarded as in a trading position. with
purchases favored on reactions.
Wheat and corn continue to be sold on
recoveries.
Floor gossip is said to indicate that
some selling of Chesapeake and Ohio has
been stimulated by the severe criticism
In conservative circles with regard to the
policy of maintaining the present divi-
dend rate.
Investment firms are understood to re-
gard the Union Pacific plan as decidedly
favorable to Pennsylvania, which Is to
dispose Of its Baltimore and Ohio at an
acceptable figure and escape q probable
government segregation suit.
A big trader Is quoted to the effect
that while Erie may be a long way from
dividends, the fairly low operating ratio
and the remarkable showing Of net earn
ings should enable the stock to give a
good account OF itself in any normal
market.
Even though a new Lave were enacted
In accord with the statement of the At
torney General, forbidding the holding
by one railway of stocks Of another. the
measure would hardly be made retroac-
tive
Active Affiliations are understood to
claim that speculative support has dis
appeared in Rumely. while Texas Com
pany finds revival Of trading opera
tions based on rumors of record earn
ings.
A cautious operator is reported to state
that the Boston bear element continues
to work against Amalgamated. although
trade conditions do not look bad, and the
company can practically earn its Der
cent dividend even with a 14-cent metal
market
Influential market sources are stated
to consider the Union Pacific dissolution
plan to be an excellent solution of the
matter and one which should benefit
the general situation.