The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-30
STREET THINKS
CHARGE ABSURD
Does Not Believe Bankers Have
Deliberately Depressed
Bonds.
BY BRoADAN WALL.

New York. July a9.-It has long been known
In Wall Street that holders OF government
Issues could readily obtain additional inter
est by looming bonds to national banks who
would use these securities as a basis for
circulation or the deposit OF government
funds. To cite particular case. an investor
who owned 81. geo. DG0 OF bonds. not liking the
outlook when the currency bill became pub
lie. requested the return of his securities.
Hall OF the amount was paid for in cash by
the banks. which had borrowed the bonds
and found IL announcement to return them.
or the other half, some 100000 have been
sold over the counter and the holder is
anNiously seeking n market in which to dis
pose OF the balance OF his holdings. This is
but single Illustration. and could no doubt
DE multiplied many times. The idea that
holders OF government securities would will
ingly depress the market is too absurd for
serious consideration.
To-days stock market developed a reac-
tionary tendency on advance in the grain
market. and fair amount OF proft-taking.
The market stood the test we'll and proved
stocks may be marketed without serious
recession In prices. AS might be expected.
trading ieil of in volume. and the total
dealings were less than 225.0O0 shares.
steel common was the leader in activity
ana open selling by a house supposed to be
closely connected with the management gave
the Impression that insiders were liQudating
their holdings In Steel.
II was the opinion OF some close observers
mat the attack on prices that drove the
Steel stock to 5sir largely tor the pur-
pose OF accommodating stock. Current csti-
mates placed the earnings FOR the quarter
between S3S.GJ0poo and S39. 600 0lp. Just why
misleading figures should have been furnish
ed is a matter OF more than passing interest
for the report that Was issued after IN. close
showed the earnings for the quarter 10 be
&ii.e1VOOC. quite the best for long period
me Erie shares continue TO reflect faith
III very favorable annual statement and
further sharp advances were scored In this
stock
The copper shares declined fractionally.
with the exception OF tennessee Copper
"A
rei"pinenis are expected In this property.
which should materially enhance the marke,
p'ice ioi these shares.
Union Pacific and Reading were steady
and Chesapeake and Ohio and Baltimore and
Ohio both showed gains
lnterburo- VI Metropolitan preferred ua.
strong on rumcrs that dividend would be
declared ia September Il, the rate OF 3 p.r
cent, and AN announcement would follow
that back dividends would DO paid on rrad
ually In The future
There was a ris. of points in 81, Louis
ROCKY Mountain and Pacific Company FIRST
mortgage 'S. rms company owns the s.,
LOUIS Rocky Mountain and Pacinc Railroad
,ot"panE, that was recently purchased by
the Atcn'SoE. 1t Is expected that the rail-
road company's bonds. which ar. i'm ~.
treasury OF the Rocky Mountain COMPANY
viii be replaced 10y Atchison bonds whicb
Will OF course, increase the equity and
should Improve the market for securities
IN" public continues to buy stocks in small
amounts through The odd 10, hou.es Thls
"hsotp,i@n has been going on for some time
anu has been no small filctor IN, relieving m :.
hhfhet OF the floating supply OF leading
The demand for investment bonds shows
2ulet out steady Improvement and altoretb
81 thc speculative position appears to b-
tomorrow Will To- the beginning Of III.
ne" account In London, and foreign house.
~ .e Expected to be buyers OF our stocks TO-
va! their purchases Mere light hardly ex.
ccedinG =, 600 shares g
me temper Of tho stree, is cheerful. AL
most bordering optimism Tn. str.,r,h
OF the leading issues is mos, .nco,,ra e.e n
"lt WI no doubt stimulate specuIn,i~s
ACTIVITY In the minor stocks
I'm common continues to show nrupess
and Kansas CRY Southern SUCCESS mnsS
p!'it!es of d further advance P's''