The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-30
STREET PLEASED
WITH SETTLEMENT
Glad That Union Pacific-Southern
Pacific Affairs Are Straight
ened Out.
TONE is MORE OPTIMISTIC
Financial Conditions in This
Country Are Considered
Sound.
TONE IS MORE OPTIMISTIC
BY BROADAN WALL.


agreeable surprise to learn that Presi-
dent Wilson approved OF the plan to
exchange some ,ss,o0o.ooo Of South
ern Pacific. held by Union Pacific, for
say s4O,ooo,o0o Baltimore and Ohio,
owned by Pennsylvania. Prices in
| Saturdays market rose two to four
| points.
rust why it was necessary to get
! tho approval of the President for
plan to carry out the decree of the
| courts is less Of a mystery from the
| Wall Street point of view, when 1t is
recalled that the Attorney General
| apparently found 1t impossible to agree
to the suggestions offered by the I'm
| ion Pacific officers.
Public opinion within the radius or
| Trinity Church has already accepted
the resignation of the Attorney Gen
eral, and future operations In the
| stock market no doubt will be con-
Quoted on the theory that his useful
| ness has expired.
The remaining $4,000. 900, of South
| ern Pacific owned by Union Pacific.
will 1t Is planned, be deposited, let us
say. IN the Central Trust Company,
New York, and holders of the GER
tihcates are expected 10 make ar
| fldavit that they do not own any I'm
lon Pacific before they can collect d.
vidends.
In other days when liability went
with ownership shares wore trans
ferred into the name of a clerk This
| practice probably Will be revived, for
any large commission carrying stocks
on margin, will, of necessity. have
| both Union and Southern Pacific in
their accounts. While. in reality. they
act as agents. technically they will
| be owners Take the case OF any of
| the London houses that deal in Amcri-
| cans. as they are called Is 1t pos
sible that our government can declare
what stocks foreigners may own? The
question undoubtedly will have to be
| decided by the courts.
Judge Lovett deserves the praise OF
| all thoughtful investors for the bold
way in which he called attention to
| the operations OF the walking dele
| gates OF nnance-who always favor
| strike and go OH the theory that the
end justifies the means.
The names of Lawson, Lamar and
| Amory have been freely quoted. but
| the street has little interest In them.
| What the financial community would
| like 10 know Is who are the repre-
sentatives la Washington who are
| supposed to have dealt with these men
who are so lightly held about the ex-
| change that stock houses will not ac-
!
Tho general situation has improved
| to this extent--fresh attacks on or
| ganized business hereafter undoubt-
edlv will be thoroughly investigated
| before the government machinery can
again be employed against 1t.
Bankers were free in expressing the
opinion that President Wilson has
seen a great light, and at last realized
that attacks on corporations were ire
| quently fostered and rathcred for
! purely personal gain.
Cables from London, Paris Vienna
and other Continental cities give the
! impression that an Improvement In
| financial conditions Is expected to
| originate here. Foreign critics appear
to agree that our conditions are sound
and with our known forces of energy
We should lead In optimism.
To turn again to the stock market
! There is a broader undertone of bull
| ishness noted. Speculation is at a
minimum. Last week the smallest
days business In nine months was re-
corded 1t is thought there is n large
! short interest in such stocks as Union
| Pacific. Reading and Steel. A few
I days of strength no doubt would bring
! sharp covering movement.
The activity and strength in Read
| ing has revived the story that plans
| to seSrcEatc the coal business from
| the railroad nave Deen Thoroughly
worked out. and are ready for action
| by the directors. The excellent show
| ing made by the company for the ifs
/ cal year ending July l is sufficient
| however, to explain the strength or
| the shares
The American Can stocks are at
! tracing attention by their firmness
! and the satisfactory reports from
/ current business, that will. 1t is ex-
I pected. break all previous records dur
/ ing the next three months. This Is
| the busiest time in the canning trade.
| Earnings, il is anticipated. will enable
| the directors to wipe off the balance
| OF the back divide nds on the preferred.
Cheerfulness and optimism phrases.
/ almost forgotten in the street, are
! expected to dominate tho stock mar
! ket during July, thanks 10 the prompt
/ handling Of delicate situation by
1 President Wilson.
|