The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-29
III
SECURITY MARKETS
SHOWING STRENGTH
FAMILIARITY WITH THE BALKAN
kTTrATToN HAS DIMINISHED THAT
DIFFICULTY.
LITTLE INVEST MEN
MARKET proyANT UNTIL AFTER
MIDDAY VIXEN ABILITY TO
TAKE SELLING Is NOT
so MARKED.
LITTLE INVESTMENT

NEW YORK July 2S.--StrenEth
was a common characteristic Of the
worlds leading security markets to-
day Wall Street has been enjoying
an exceptional recovery lately where
as stocks abroad have improved rela-
lively very little. Whether or not any
thing substantial underlies the bet
serment with which the foreign week
started Is perhaps question consider
ing the urrelaxed Official control OF
the European money market at alb
normally high discount rates, and the
rather adverse Influences which are AT
work in foreign finance. especially on
the continent
The difficulties Of the Balkan ait
nation have come to be so familiar
that the. force may he somewhat d.
rninished, but Germany with trade re-
action under way. and France with
dieiocsting revision Of its domestic
fiscal arrangements IN prospect make
for strain on money. which ts not al
together relieved ny the tendency Of
gold 70 flow from various parts OF the
world to London.
London Market Suggests Caution.
Meanwhile the London capital mar
ket suggests caution because of the
rapid increase of ue~ security under
takings and the Indications that buy
Ing power is unequal to their absorp-
ton. The state OF capital supplies la
the most important factor In the fnan-
cial situation. and cannot be ignored
even IL more optimistic turn IN scntt-
ment favors a direction Of attention
to the brighter side OF possibilities in
the general outlook.
AS for the local stock market there
was again a hint In the dealings that
selling was being skillfully conducted
although there was an appearance OF
aggressive operations for the advance.
A new prominence was given to indus
trial shares in the forward movement.
and to stocks OF various descriptions,
whose activity and firmness are often
a cover for realizing elsewhere That
the pronounced rally OF the past fort
noght has not brought In much in
vestment buying is denoted by com
mission house information. but II has
developed a considerable professional
following.
OF Specializing Nature.
This Is more or less implicit in the
nature OF foreign purchases. For the
last two weeks the foreign exchange
market has not evinced accumulation
been reported from day to day that
there was good deal of buying of Sc
curities for European account II
seems that these purchases have
reached a respectable aggregate, but
il liz said now that for the present a.
least they are being carried here fol
the foreign buyers an intimation tina
the absorption has been OF a specula
tive nature.
Until we'll after midday today's mar
ket was almost huoyant. but in thu
afternoon its ability to take selling wa
not so marked although no particula
significance would attach at this tint
to any reaction which might occur
The share list has had a very rapiC
ascent. and halt at the present leve
might be nothing more than an Incl
dent necessary to the establishment o
recovery.
The most important development Il
the investment market Is the contin
ued fall of United States government
bonds.