The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-22
MARKET DEVELOPS
TENDENCY TO SAG
Lower Prices in London Are
Followed by Selling
Orders Here.
ny BRoADAN WALL.


New York. August 2l.-Stocks developed n
sasging tendency to-day. Lower prices re-
followed by selling orders here, and this
was succeeded By vicious drive against
No liquidation followed. however. and the
market after recovering part of tho decline
relapsed into extreme dizziness.
For a time Reading became the lender in
activity and strength. advancing Is2.
This Is usually construed az an untavor-
able sign especially in a dull market and
instead OF cncouraE ing optimism It resulted
In moderate bearish operations By the trad
s sTs The s,Sfh failed 70 hold lis advance
and Amalgamated Copper lost "a at tho
TO come 70 market at shading prices. To-
day II LOST another half point. with n further
decline considered possible.
In the afternoon selling orders appear.d
In Atchison. Erie. Missouri Pacific and Rock
Island These are all known corn roads
and ruinors OF damage to the cotton crop
In Oklahoma and Texas cited as an
additional reason for the selling.
Reports OF further cutting in the price
for steel products and falling of in the
demand for copper metal had ii depressing
effect.
dividend rate from . to per cent. This ac-
tion was somewhat offset by the increase
cent to per cent 1t will be recalled the
majority OF shares OF this stock is owned
by the Chesapeake and Ohio a preliminary
report OF Chesapeake and Ohio for the year
ending Juno 80 Indicates that /. per cent
earned for the year.
Bankers are not encouraging speculation
1t is considered that the Mexican situation
Is fraught with considerable danger, nor
has the foreign situation improved suM!ci-
emily to justify the hope that any foreign
demand can be created for our securities at
this time. While the undertone OF the for
eign markets Is reported firm. specula-
ton is Idle abroad In our own market
baltimore and Ohio. usually prompt with
lis reports. made good showing for July
the first month of the new fiscal year, with
an increase OF ;IS.325 In gross and 5000 39j
In net.
Louisville and Nashville for the fiscal wear
ended June 80 shows considerable failing
off from previous years. The balance avail
able for dividends Will be about IL per cent
compared 10 nearly Is per earned in
1912 Northern Pacific figures for 1913 show
an Increase OF $4,000 in gross with only
figures are not surprising. last year the
company increased it's maintenance appro-
hiding from tk Interstate Commerce Com
mission the real earning power OF the prop
erty.
Rates for time money we're again low
cred. and funds were offered ut per cent
Tor the end OF the year II Is expected that
these rates will be still further reduced
when the effect OF the government deposits
In Western banks next week is felt In our
market.
statement made by the Bank of England.
Reserve ratio Is now 5S.62 per cent against
sS.oI last week No chang was announced
In the minimum discount OF ~ per cent
The Bank of France added $4,000 900 gold to
It's reserve. which Is now S2ie 900 higher than
year ago. The strong showing made by
these two institutions is an important factor
in the international situation
There are Indications Iof further engage
ments OF gold from Argentina. In addition to
the 100000 recently announced.
1t is small consolation to the stock broker
or to the professional operator that the sit
uation is sound. They live quotations and
have little regard for stability. However. Il
It's reassuring to the public who hold securi-
ties to know that a period OF dulincss after
sharp rise In prices is frequently succeed
ed by renewal OF the advance.