The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-02
SHARE list rs HEAVY nrRiNG
The paY. AM eIesEp GEN.
II. ERAHLx LOWER.
SIGNS OF PRESSURE
REPORTS OF LONDON BUYING. But
SUSPICION ATTACHES TO PJR-
CHssE-BANKs AFTER
FUNDS.


the stock market today was one OF
contracted dealings the reactonary
symptoms which were Uanltestcd AZ
the beginning of the week were, stun
in evidence as the weekend approach
ed The fact that the share list was
heavy all day and closed generally
lower seemed to carry significance 10
speculative minds because of the light
volume OF trading and there were in
various directions distinct signs OF
pressure. New York Central. chicago
ana Northwestern. Chesapeake ana
Ohio and American Beet Sugar came
within this description, There were
again reports OF London buying. but
susrfcion attaches to the alleged az
rregates Of foreign purchases IN the
last few DAYS and foreign exchange
showed tendency 70 strengthen.
This might have been one FORM 81
response 70 the treasury announce
ment overnight Of preparations to de-
post $4,000. coo to $50 600. oo0, in
Southern and Western banks
Banks After Funds
A. interesting and immediate re
s.,lt ~ Mr.. MrAdoos, latest announce
n1ent was shown in the improved
market for government bonds. X IL
obvious that IL addition IL afordihs
relief for the business and Agricultural
communities al a period when none
tar-y strain is ordinarily aggravated by
harvest requirements that the treas
t,rv ts seeking to strengthen the status
cf government securities. Inquiries
and buying orders for government
bonds came from various parts OF me
interior 10 Wall Street during the day
representing evidently The desire OF
interior banks TO put themselves IN
shane to obtain government funds ny
tire rIedEe Of bonds and also To brlng
their circulation up to the 40 per
cen. of capital demand by the treas
ury. .-,..3
The change In government secuFl~
ties did net affect the stock market
fayorahly. One reason for this un-
Admittedly was because Of the signs
furnished in the last few days that /
political hostility toward the country =
financial center is breaking out in all
manner of radical proposal proposals Tor
tsmpering ~itn the nhanclal h""-
chinery Of the land.
Need Not Apparent.
AS for Mr. McAdoos deposit plan II
was recognized as expressing the aa
ministration's purpose To assist ousl-
ness In every possible way, but the
need for SO much action at the mo-
ment was not regarded as apparent
Anart from the fact that 1t was an
Nrul. In discover how the treasury
was going TO provide the promised de-
poslts without exhausting itself 1t was
doubted If any real help would De
rendered 10 the country as ~hoie'
There is danger that the movement
may he rnisinterpreted both here ana
abroad AS indicating the existence OF
an emergency which has not reNealed
itself and the consequences OF the
treagury's course cannot now ne iott~
seen. Leading banks here have been
lending heavily to the South ana West
and IL probable that the bulk OF gov
eminent deposits viii he more or less
speedfly RENTED to this center.
II the funds are used 10 bolster up
an inflated situation In the interior Inc
results can be very FonoIeso'ne'
Washington has already emitted
good deal Of nonsense about the neces'
atty Of providing treasury relief In
ovSer 70 facilitate distribution OF the
erops for what many crop growers
usually want is not money 70 help
market their products. but credit with
which to withhold crops from the
market.
MAY Check Marketing.
Possibly one effect of the treasurys
latest project VIII be TO check the hene-
nr,al marketing of agricultural staples
which has been SO striking feature
OF the situation lately. This prospect
NAV have been cause OF the Nioient
access Of strength which staples dis-
plaved TO-DAY stocks at all events felt
sharp rise IN cotton and grains,
Cotton moved UP in reflection of the
government report showing condi-
ton of 1916 a week ago, which was
or : points below trade estimates,
and n fraction below the ten-year aver
age The deterioration during July
was only 20, which might suggest that
other crops have not done so badly
in recent weeks, but the tokens OF
Impairment of cereals are hardly TO
be disputed.
Gross increases, Net Falls.
Some railroad returns were published
which we're not altogether good Ihe
New York Central lines gained $2.4l2.-
900 gross in June, but net earnings de-
creased 1881. 600. The exhibit OF the
PENNSYLVANIA system worse, A
gross gain of slalo 600 was converted
into decrease of si,2b2, GOO IN net and
while gross earnings in the hrst half
OF the year rose almost 81 600, 600 net
earnings fell 100000. The Atchison
showed r loss OF So. 600 In gross earn
ings, while net earnings declined S4bS,-
eoo Nor was sentiment helped by the
interstate commerce commissions rul-
Ing reducing many freight rates from
tho East to the West and from far
Western points To Chicago. In the
meantime there was a reopening Of at
tack al Washington on the position of
the anthracite railroads
On the movements Of money the
e7 ieeat has}ks seems - hare grained
about 81 coo 900 cash this week. and
one of the cheering pieces of informa-
tion in the days budget was the mani
festation Of sustained investment de-
mand, although this is still directed
chiefly TO short term notes, The
Baltimore and Ohio offering of $40 006,
900 Of one-year SIS has finally bean
placed and the Illinois Central equip
-rnent- noles-haYa found an INN ediate
sale