The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-16
SENTIMENT TAKES
TURN FOR BETTER
Worst Seems to Be Over, and
Wall Street Brcathcs
Frcer.
UPWARD TREND EXPECTED
During Past Week Ganiut OF
Market Expression Has
Been Run.
UPWARD TREND EXPECTED
BY BROADAN WALL.

W
New York. June 15--wall street
ofeathes freer. turn has come III
pubic sentiment, the unusually long
decline has been broken, and in Il man
her mat leave little doubt that funda
mentally the outlook has changed
From Monday to Saturday the stock
market ran the gamut of expression
The week opened pianissimo: T,,cs,i,y
! diminuendo. doubt and liquidation;
I Thursday. crcscendo. final liuui,intion
ana Improvement in the money market /:
saturday. fortissimo. the public re-
Spondcd and bought stocks
The speculative community with lis
nose at the ticker, failed TO see the
changes in the financial heavens and
was slow to appreciate the events Of
the week.
Undoubtedly. the Minnesota rate de-
cislon was the disappointment and
largely responsible for the closing If
big accounts. The Copper Producers
statement. showing Il decrease OF s.
100000 pounds. was favorable. although
the street failed to see il for the mo-
ment, and the very satisfactory govern
ment crop report of the utmost import
ance was also ignored
The sudden and sharp break in the
money market, anticipate ting the action
of the Secretary of the Treasury. was
the first important change that re-
ceived recognition.
I
the rate for call loans and freely buy
ing commercial paper at an unusual
rate declared an appreciation of the
turn In the money market
Tho decrease in steel tonnage had
been anticipated by the decline in the
shares touched 80. a food Of buying
orders that largely consisted or odd
lots brought sharp recovery.
Heavy declines in foreign markets
naturally centred attention in the Lon
don fortnightly settlement that closed
on Friday. Losses were heavy and
IL is considered fortunate that fail
ures were nominal. The conditions
have been improved by the rcsiliency
displayed in our market. II is ac-
knowledged that London is bare OF our
stocks. and probably short OF con-
heavy buyers of Canadian Pacific when
tn" shares dropped below 2l5. and
their purchases have been taken up.
and the stock is now being shipped
as rapidly AS possible.
At least three large accounts were
closed here by the calling al loans
principally by out-of-town institutions
and these accounts We're controlled by
/ men that are designated as operator
This IS n grade above spectators and
two steps beyond the trader. Losses
are known to have been heavy.
Wall street WAS at first puzzled and
then pleased at the announcement of
Secretary M'Adoo The country at
large, however hailed it az a positive
assurance that money would not he
tight; that is ahnornally so. and a
Iuuick inquiry came for some Of the
bargains offered the day before on the
Moor OF the Stock Exchange
Whatever bankers may think the
public has accepted the announcement
+ rs an invitation 10 stop slowing down,
and go full speed ahead.
I TN" idea Of exchanging Union Pa
ciic holdings Of southern Pacific. say
$3S,oco.oo0. for n like amount at par.
81 l'cnnsylvanias Baltimore and OHIO
stocks would, ii is believed. relieve the
market OF problem and prove Of ad :
vantage 10 both sides. Sentiment on
the street favors the swap and the
! publication Of the plan Increased the
feeling that the worst was known
when the Attorney General objected To
this suggestion. as he had to ALI others.
For the first time in many months
brokers will come down town to-mor-
row without fear that the Supreme
Court Will shock the market. There is
no wheat. cotton, copper steel re-
port to look forward to. Buyinr or
ders in stocks should have accumulated
over sunday and the rally SO long over
due may be expected to take prices
several points higher than the closines
at the end Of last week.
/ Germany appears to be the weakest
/ market and further trouble is looked
for al Berlin. The liquidation in Amer
lean shares from this centre has been
50 thorough that no great alarm is
fclt here
y pleasing feature OF the local mar
ket was the activity of the Reid in
forests III the American Can stocks and
LchiEh Valley.