The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-05-21
BOND SALE HAS NO
EFFECT on MARKET
CANNOT COMPARE WITH OTHER
YEARS, sUT MUST DEAL VOW
WITH 1918
SHARES ARE STRONG
. DESPITE UNCERTAIN AND DE-
PRESSING MATTERS, MARKET
FAILS TO SHOW ANY
WEAKNESS.
SHARES ARE STRONG

NEW YORK, May 2o.--whether or
not any stimulus to constructive &C
tiv'ty Is derived by the stock market
from the New York city bond sale to-
ssy the resu Is OF the Offering are
not only negatively favorable, but
is in some respects encouraging, Jhe
average price obtained 10y the city for
it's Si5, o00. Geo issue Of IS ma!
make disappointing comparisons with
the subscriptions others years, but
we have 1918 TO deal with ana not
the past
In view Of expectations widely en-
.srtained there would he no disap-
pointing surprises in the price receiv-
sd for the rev bonds and in addition
the sale has various gratifying as
poets
All day today. the stock market
seemed TO be more or less governed
by anticipatious connected with the
CITY bond sale Incidentally Wall
street found time 10 wonder about
the progress Of the st25,eoo,oeV
Chinese loan Of per cents offered
abroad on the scale of 30 at London.
but no definite news was received be-
fore the close of the day to show how
the Chinese issue went,
Modest Degree of Strength.
The promotions of new securities
kets duh and rather heavy and for
eign trading here was chiefly on the
selling side Despite uncertain and
depressing matters however, the
Wall Street share list displayed a
modest degree of dun strength most
OF the day. although there was sell
ing movement in the last hour This
reflected specuia tive professions OF
discouragement over the terms Of the
city bond subscriptions then being
published and emphasized by a fall in
the curb price of the new bonds from
10ol-2 to 100 3-i6 which was takeen
to ne fair measure of the proba BILE
average of the bond sale
Nevertheless quoted values turned
up rather easily in the late dealings
and closed Arm at an average gain
for the session The St Louis and
San Francisco and Rock Island stocks
offered resistance to liquidation or
attack but notice was taken OF the
persistent active heaviness of the st.
Louis and San Francisco general s
per cent and refundlng per cent bond
which suggested that provision had
not yet been made for maturing early
financial obligations.
No Worry Over Japan.
Discussion AS to whether or not
any acute crisis was developing in
the coun,ry's relations with Japan
ala not serve To uepTeSS Stbtks ppSStbiS
because the stock market of late
months has had so much experience
with alarming portents,
The further effect of Hood damage
was lilsutrated by the Baltimore and
Uhios return for April showing a
gross decrease of $22. 900 and a net
decrease of 1865. 600. The upward
leadership which the Hartman paci-
fic stocks assumed in the share mar
ket was accompanied by apparently
unwarranted reports that a dissolu-
ton agreement had practically been
Contrived between the Arrangements
of the railroads concerned and the
federal attorney general. About the
only noteworthy event in money was
the engagement OF 100000 more
gold for export to France on Thurs
day making si2,000.o0o on the new
movement this month. The treasury
department announces that applica-
tiang have been received from 1000
banks for deposits out of the $40
600. o00 which secretary McAdoo Is
preparing to distribute among gov
eminent depositaries.