The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-27
MARKET SHOWING
SIGNS OF REVIVAL
Corner Is Turned, and Investors
Are Becoming More
Confident
PUBLIC is BUYING BONDS
Crop Conditions Favorable and
Europe Has Improved
Prospects.
PUBLIC is BUYING BONDS
by u. G. FORBES.

New York, July 26.-Busincss is not
going backward. and finance is prog
ressgng very satisfactorily. both in
America and Europe
The corner has been turned in the
security markets as far as can be
judged. although. Of course, an inter
national eruption over Mexico would
unset all ordinary calculations.
Already standard stocks nave recov-
cred from IS 10 $40 q share, and This
mas permitted weak spots TO be either
eliminated or strengthened. fact of
Ercet Importance.
public pc=ins TO Buy bonds.
Tha public, very wisely. have begun
20 buy bonds Well selected issues
cannot fail to prove profitable invest
ments They are more attractive than
they have been in many years.
Convertible bonds of strong orSani-
sations are extremely cheap and pos
sess great probabilities.
For the small investor unwilling to
run risks, high grade bonds are pre-
ferable even to the most seasoned
railroad or Industrial stock IN these
DAYS OF unrest and reform" No hu-
man being can torsee what revolution
AIRY and destructive Legislation may
be Matched by the amateurish Federal
administration or by short sighted
state government.
again, the success or failure of most
concerns IS dependent very largely
upon It's president or other dominating
executive Boards OF directors, the
oretically, are supreme, but the &C
tual running OF property devolves
upon the chief officer He can make
or mar corporation IN most cases.
Risk I'm stocks.
To illustrate the risk attaching TO
stocks as permanent Investments, let
me recall that only few short years
ago New Haven Railroad shares Were
universally regarded as gilt edged.
above suspicion the best obtainable.
They sold above $50 in 1902 and above
200 in every year tcNCcpt 1900 from
1895 TO 1905 Long ago they paid 10
per cont and then $ per cent regular
~ from 1885 until this year.
The quotation for the stock has re-
Gently been below. not 200, but 100;
the dividend has been reduced to Is
per cent, and less than that has been
really earned.
Again. express company stocks were
formerly classcd as safe attractive in
Nestmcnts But see what has hap
pened TO them.
Do not misunderstood me: !'or bust
ness men and many others stocks at
certain times hold out create posi-
hiities than bonds. Bonds yield only
fixed ami moderate income. whereas
stocks picked with discretion based
on knowledge are likely TO advance in
market value and 10 increase their
dividend rates.
a month ago stocks were bargains
Even to-day they are low and are
almost certain TO rise substantially by
and by. Those who can afford TO incur
risk VIII probably choose
stocks and come out all right.
Expansion i'm Trade.
General trade is mixed The volume,
In the aggregate, is large.
Railroad gross earnings were never
better although the natural growth
o. the"country accounts for this.
The crops arc neither eXtraordina rily
good nor extraordinarily bad They
are comfortably above average sup
plies will shortly begin TO come TO
market indeed. farmers who are in
debt VIII be urged 10 turn part OF
their product into cash without delay
= prominent Texas banker declares
that MS state Will pocket s350.000.0OO
for its cotton alone,
The Department Of Labor reports
that fcwer workers are idle now than
at any time in seven Years
Al important steel company an
nounces the hcs-- f.l! .Sears earnings