New-York tribune., 1913-07-30
STOCK MARKET REVIEW
Upward Movement of Prices
CheCked-IrreguIar at Close.

Sufficient news Of a disturbing nature
was circulated in Wall Street yester-
day to cause reactions in prices and to
produce ample reasons for selling
stocks by the professionals who had
awaited an opportune period for profit
taking In the first place, Secretary
McAdoo's remarkable statement that
Wall Street bankers were depressing
government bonds with a view TO dis
crediting the new currency act rather
took the breath away from the finan-
ciers in the district. Expressions were
liberal on the part of stock market
traders as 10 the absurdity Of any con-
spiracy existing among bankers to dis
credit government issues.
Among bankers the information was
accepted as an evidence Cf misconcep-
ton on the part of the Secretary, and
they commented on his statement as
i'll advised and wholly unwarranted.
1t was pointed out that the govern
ment, while maintaining a monopoly
which has enabled It TO sell bank bonds
bearing per cent interest at a price
around 80 per cent above their invest
ment value, is proposing 10 violate the
currency monopoly which ii has estab-
ished by authorizing $500, 100000 ad-
ditional circulation 10 be secured by
current assets Of the banks The law Of
| self preservation has caused some
| banks TO sell their bonds as near par
as they could when the price began to
60 down as they would dispose of
other securities when their confidence
| is shaken.
The uncertainty regarding the final
| disposition Of the 2 per cent in the
currency bill and the unknown status
Of the Senate on the measure have been
responsible to marked degree for the
weakness in these securities. II seems
strange. but it is an accepted fact, that
the public at large regard bankers in
an entirely different light than they do
! mercantile concerns. Bankers are busi-
| ness men, and they cannot be expected
| to hold on TO convertible assets while
values are declining II there IS a
chance to prevent losses by disposng of
! eaeging securities. Aside from the
| purely business reason, however, bank
| ers probably rank in their patriotism
about on a standard with other good
! citizens, and it IS hardly fair TO assume
/ that they would conspire to bring dis
| credit on their government for the pur-
pose Of defeating q currency measure
which has many excellent points and
when the Objectionable features are yet
open to debate and may be corrected
| through the process Of reason. United
States issues yesterday reflected further
declines, the per cents of 1925 selling
| down TO 10 and the Panama Canal 3
per cents at 991a.
| The report Of the weather conditions
in the Southwest corn belt told of con-
siderable damage 10 that section by ex-
cessive heat and lack Of moisture, and
while this was not in harmony with
the governments weekly report on
weather conditions. it formed a basis
| for irregularity and uncertainty In Sc
curities and held in check the upward
movement which was in progress on
| Monday.
The closing OF the stock market re-
vealed fractional declines in most of
the leading issues, but there were
number Of strong spots which helped to
| balance the trading as whole. The
reported uncertainty from abroad was
responsible for some Of the depression
| in this market.
The local money market was affected
some by the days happenings and time
rooney was somewhat restricted. There
was an abundant supply Of call money,
with the prevailing renewal rate at 212
| per cent.