The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-23
nRlnEss ABROAD,
HOME MARKET SLOW
pEsPTTE ACTIVITY IN THE LIST.
PRICES or sTocKs no NOT
ADVANCE.
NEW HAVEN, FEATURE
LONDON MARKET RENDERED FIRM
BY PREMIER AsQuITHs SPEECH
ON PEACEFUL RELATIONS
AMONG POWERS.
NEW HAVEN, FEATURE

NEW YORK. July 22--whiie fresh
frmness developed abroad in securi-
ties. especially in London. our own
primary market hesitated today. There
vas a fair volume Of trading, but
despite the relative activity Of the
Est Il was noted that prices did not
advance. In some Of its aspects tho
market seemed TO be broader. owing
10 the increased dealings in less specu-
lafive shares and IN some Of the high
" speculative specialties Of the in
dustriai quarter both Of which classes
Of stocks displayed strength. At the
same time this might have been char
acterist;c OF professional operations
10 facilitate realizing elsewhere and
indeed stocks were in supply through
ont the session. The close was ir-
regular. but declines among the lead
ers were fractional and Il could rot he
maid that values softened materially
under pressure.
New Haven was feature with its
decline and the announcement Of new
financing IN prospect The outstand-
nc convertible s per cent bonds fell
sharply again as they might have
Been expected 10 do. Notice that IL
ras proposed to sell ss75S2.4o0 OF
twenty-yesr debentures convertible
into stock at par and bear
pretty high price TO pay for such
long time money. but under the cir
cuusta noes and especially in view OF
the current quotations for New Haven
shares the new financing contempla-
ted Is very much like an offering Of
preferred stock
Republic steel Is Strong.
WellsFsrgo shares dropped heav-
lily again. reaching the lowest price
rs.s 90 Call
leum continued its descent. These
weak spots were less noticed. how
ever. than the strength of the Repub-
lie Steel issues in reflection of the
connpany's statement for the half
year ended June 3oth. in which earn
ings were reported at the greatly in
creased rate OF more than per cent
for the year on the common stock.
London market was rendered firm
by Premier Asquith's encouraging
speech about the peaceful relations
among the European powers. On the
other hand there was note OF un-
easiness in foreign advices about the
protracted tension of the money
market in which official discounts
have ranged ahnormally high for a
length Of time without precedent In
the present generation,
Paris failed to sympathize with the
strength OF 6tHST D0uTHFE ana french
finance seems to be relaxing no efforts
to strengthen the banking position.
Government Bonds Weak.
Government bonds displayed more
weakness than they have shown since
banking legislation was formally pro-
iected at Washington. The per
cents sold on the board at 81 l-s and
the outside market for them was as
1-2 q o., From the point OF view OF
Il. n
that the provisions of the bill dealing
with the bonds have not yet COM
mended themselves to holders OF the
governments obligations and atten-
ton liz being more and more directed
20 the importance Of the proposed
legislation for change In the banking
and currency system Matters of
foreign policy which are engaging the
notice of the administration have a
direct bearing on economic enter
prise. but so far no stage has been
reached which makes them factors In
immediate financial activities except
as they inspire caution. The labor
controversy on the eastern railroads
might have proved unsettling were II
not for Wall Streets conviction that
the negotiations on both sides would
refuse to allow serious difficulties to
evolve.
Agricultural Market.
Note should he taken of the agri-
cultural markets now and benceforth.
Prices were not strong today and have
lately shown more weakness than
strength. but this is a result chiefly
of the marketing which Is being forced
BY dear money in the agricultural
centerx, The movement is good
thing for financial conditions but II
should not be confused with the stu
alton Of the growing crops.
Since the July report was published
by the government there has appar-
entity been a material change of con-
dition and. except in the spring wheat
territory. the weather has been quite
adverse most Of the month. The week
~ weather report issued by the gov
eminent today was the least encour-
aging so far this season. There has
been a large deficiency IF rainfall and