The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-01
GOOD FALL TRADE
APPEARS ASSURED
Deposit of Government Funds in
Out-of-Town Banks Stimu-
lates Optimism.
ny BROADAN WALL.

New York. August 31.-Labor Day
rings review of the fall outlook, va
cations are over, the banker returns to
his counting room, the business man
his desk. the employee to his task.
Fundamentally the situation has
many sound features. The action of
the Secretary of the Treasury In de-
posting government funds in out-of-
town banks practically assures ease in
the money market during the move
ment of crop.
While sound banking experience NAV
question the wisdom of the method the
effect has stimulated optimism par
ticularly iii the West. Manufacturers
are busy, merchants are stocking up.
and good fall trade appears assured.
Logically following the ease in the
money market came Il strong demand
Tor investment securities; this is as 1t
should be, for 1t would be hopeless to
look for permanent Improvement in
speculative issues until the market for
bonds had turned. in natural sequence
interest developed in such issues az
Union Pacific, Southern Pacific steel
common, Reading and the copper
stocks.
Marketwise Union Pacific has acted
we'll and promises a higher level of
prices. The success of the Southern
Pacific underwriting would appear to
be assured. and this must be most en-
couraging to the hundreds OF partici-
pants in the syndicate.
An obstinate, short interest in Steel
common has again paid dividend to
the riEhtful owners. Better still the
market for pig iron shows Improvement,
with a wider demand for finished steel
products.
Prominence given to the reports of
renewed government action against the
Reading Company, that controls both
mines and transportation, has resulted
a. N ri nf
stock. Rumors of adverse legislation
no longer dcprcsS prices; Reading Sc
grcgated or dissolved would no doubt
prove more valuable than the present
price OF the stock might indicate. II
inside figures can DO relied upon dis
solution would indicate q price OF about
c25 for the old stock.
The copper issues were relatively
stronger than any other group OF in
dustrials. The threatened break In the
PRICE OF this metal failed to appear.
ana 1t is now the opinion OF some good
Judges that the position of the pro-
ducers is unusually strong.
From abroad an inquiry for our cop
per stocks was followed last week by
liberal purchases of Anaconda, Utah.
Miami and Tennessee Copper.
Persistent rumor has II that Ameri-
can Can preferred will not receive any
payment on account Of past due divi-
dends at the meeting OF the directors
10 be held this week. If reports OF
earning can be relied upon and faith
in previous statements maintained
some distribution will be made
Success OF the new rapid transit bond
issue will depend somewhat on the
declaration OF dividend on INTERIOR
cugh Metropolitan preferred. The time
is near when the question will come up
and the strength Of the stock would In
ticate that the proposed rate Of per
cent Will be inauGurated at the fall
meeting Of the directors. Thanks to
the public warning all timid holders of
the stock have been frightened out.
Threatened lawsuits no longer deprcss
| values, they once did.
The attitude OF the foreign investor
! is of great Importance. Continental
bankers view dubious our dispute with
/ Mexico they are familiar with the Sc
| rious results of war. Hundreds of mil
| lions OF investment values were wiped
| out by the Balkan War. The suggcs-
| ton OF international trouble with Mex
/ leo Will tighten their purse strings to
| n degree beyond the conception OF the
man engaged in a successful business
/ here.
| The financial community referred to
| as Wall Street seeks TO anticipate re-
suits rather than mold sentiment In
| tcrvention in Mexico would no doubt.
/ stimulate abnormally speculation.
The public would forget party diff
! fercnces, the legislators tariff revision.
currency reform antitrust legislation
and rate regulation.
1 hat Inf 81,