The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-18
CURRENCY REFORM
! / IS HOPE OF MARKET
Quick Action by Congress Would
Be Strong Incentive
to Trade.
RAILROAD RATE PROBLEM
Commission Is Expected to Grant
Permission for Increase
of Charges.
BY Is. c. FoupEs.

Kew York. May ia few ifs are
$.necessary in discussing financial, rail-
8 road and business prospects but on the
swhole. conditions promise to work put
without undue mishap
IL proper currency legislation be as
sured before the fan pressure for
: money. The United states will probably
Scnter n boom
IL the railroads obtain permission TO
scharge ) per cent more for carrying
8 freight
Ii the tariff law, as finally passed,
idoes not work widespread havoc.
Eff investors. can be induced to shake
off their timidty and buy securities.
II the crops do reasonably we'll,
.,nd
II. of course no terrible war breaks
out involving the United States or any
other great power.
Assurances of Currency Legislation.
: From headquarters in Washington
kassurances are being received that cur
hrercy reform will he theoretically UNI
sdertaken by Congress and that Demo
Ecratic leaders are quite hopeful of
Eplacng satisfactory measure on the
sstatute books before adjournlns.
The expectation is that the law will
( he less revolutionary than the Aldrich
plan, and that there will be no insur->
s.mountable opposition to II either from
political or banking interests. One
: prime necessity is TO make our hum
!. Qreds of millions of commercial bills
s emo bile-that is, capable of beink talk
Zen from one bank to another and free
o y rediscounted. as is done in all the
sleading countries of Europe
Railroads Needs.
From very responsible sources l
slearn that the Interstate Commerce
= Commission is disposed to lend an open
: ear to the Eastern railroad supplicants
.lfor better rates. and that the policy
!, of continually whiting down specific
! schedules will he changed.
Such action would not only re-estab-
yllsh the credit OF the railroads, but
extensions and improvements the
sgrowth OF this young country demands
(which, in turn, would mean extern
sivc orders for all kinds OF materials
/, and a large amount of employment.
Crops Doing Fine.
z Very fortunately, agriculture is doing
+. splendidly, AS anticipated. We are eX
e porting as much as possible-the ship
T ments of farm products last month
We're abnormally hcavy--and imports
twill undoubtedly continue to decrease
b The tension between the United
Estates and Japan over CALIFORNIA; attia
etude is disQuietinE. but the financial
= community remains calm. Nor is amy
sncutely feared.
Sentiment in Wall Street has be-
come, not cheerful, hut little less
. gloomy. notwithstanding that Fridays
I stock sales were the lightest for any
= DAY this year.
The reduction in the New Haven
Railroad dividend from s TO per
cent was so fully expected that no
fresh liquidation resulted. stock
sholders will have reason to be thank
full if even per cent can be main
tanned
There are rather definite rumors
that the Union Pacific Southern Pa
tcifc ENHANCEMENT has been straight
-ened cut to the satisfaction of all par
fties. This news is almost too good
40 he true.
Sale of City Bonds.
New York Citys bond sale should be
.,studed closely. II is understood that
leading bankers have arranged to in
sure that the offering. totaling 45,-
i.n0o,oOo. Will he :slr taken at not less
than par-the city" cannot accept less
,than PAR.
These IL per cent. bonds are al,
excellent investment. Small investors
,need have no hesitation in buying
them. They can either send in bids
> TO the comptroller. in accordance Will
The instructions given in the adver-
easements, or buy them from brokers
immediately after the sale
Small investors sometimes make the
mistake of bidding too high. Only
fraction over 90 should he offered
certainly under rather than over, l0l
If BIDS OF, say. 100 ~ are not success
Jul, then the city's l-2 per cents oil
other Issues could be purchased in tn,
open market on favorable terms.
New York, May 1.-THE effect o
stocks was slight. Speculative interes
was gone from the market and tn,
volume of business was barely suF
sent TO preserve the semblance OF lif
in the dealings. The narrow move
men,s OF the leading stocks we're ir
Was "'1 the second DAY STef in 'e WHEN iher
We're no transactions in I.ehigh Valley
Canadian Pacific was again under pres
sure and broke nearly points. Their
was further pronounced weakness
among the Rock Island. the St I.oui
of which was q conspicuous feat,ir
Of yesterdays trading No authorize
weakness Of thees issues. declines q
which ran from ] = to nearly 2 point:
r iIsS e. ,S 81 IL = substantial gain j
weeks operations were fully borne GU
by the bank statement The actua
cash gain amounted to approximatei
S6,f00.000. Changes in loans and de
posts were small and s5.77600 wa
added 10 the surplus reserve
The, general bond market held we
IN face OF the weakness OF some spec
qlative issues Par value, $4,000
United States 3s and Panama 3s AID
vanced Is on call on the week
New YORK, May l1.--Money on ca
nominal; no loans. Time loans stead,
sixty and ninety days, ! per cent; 81
months, l-2 per cent. Prime mel
camille paper. 5l-4M6 2 per cen
Sterling exchange steady. with actui
business in bankers bills at sis2:
f5f sixty-day bills, and AT $i.s630 +,
demand Commercial bills, S4S25
Bar silver. 90 IA. Mexican dollars. 4
--
RICHMOND STOCK MARKET.
BY Caske c. Burch 4 Co.
Stock and Bond Broker l0lb Z. Main Sire,
Richmond. Va. May IT, 1918
SALES AT BOARD.
virginia Railway and Power Co. CON-: