The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-31

HAS SLIGHT r ALL \

NEW YORK. July So.-That stocks
recently entered new selling era has
been more or less implied In The move
ment Of prices this week in relation
"a the volumes OF business and the
indications were confirmed today. The
market was rather reactionary from
the early trading on, but the list iosa
none Of the tone Of underlying hrm-
ness which has characterized II lately
and the average of decline was not
more than fractional although with
the execution Of United States Steel
most Of the leaders closed well down
from Tuesday.
In the last dealings heavtness con-
tinued with slight rallying tenden-
cries but from the market Itself as
be drawn from the market itself as
to the present position Of stocks. ITS
capacity 10 absorb selling seemed TO
he reasonably large and further de-
yelopyuents viii have 10 he awaited
before the ultimate significance or
The experimental recovery Of this
month can he Con3eCturcd.
Wall Street Sales in London.
There was a roeewal Of buying for
foreign account offset by signs that
sales Of Wall street origin were be-
ing conducted In London. The Amer
lean department Of the London mar
let was quite strong before the local
opening, United States Steel leading
nj an advance to 90 1-2. bat there was
a suggestion in the subsequent trans
actions that the higher price level was
estimated abroad to facilitate reai1z-
Ing here and the steel shares did not
reach the London figures. Naturally
the remarkable showing Of the steel
rornnratton for the first half of the
year and especially for the June quar-
ter engaged much Wall Street inter"
est.
Because the earnings exceeded by
several million dollars the average OF
optimistic forecasts Il might have been
inferred that the stocks OF the com
many had failed to discount the cor
porations return. 1t is possible that
the resistance which the common
shares offered to pressure justities this
expectation. Production in baslc an
dustry in Of an active scale and the
weekly reviews OF the iron and steel
trade told Of evidence that pig IRON
had turned upward again.
T. G. Has an Influence.
ADnarently the share list was less
directly Influenced by the Steel ex-
hihit than by the action OF iiIlno's
Central directors in reducing the DIV
dend from the annual rate of I per
cent TO 3 per cent The wisdom OF
such a course is unauestioned the
earnings the Etotk ~ NiiF 1890
having aggregated but little more
than 4 per cent in the last two years.
A, the same time an influence was
hound IN be produced by this change
IN the dividend status Of security
which has long been held in high re-
gard hy investors, following the diVl'
dend cuts forced on such issues az
ST Paul ana New Haven.
Directly and indirectly the tnlo'
Il
Illinois Central and suffers loss OF
income of s634. 600 a year in addl-
sion to the revenue which It has mao
10 forego in giving mp its southern
Pacific holdings. Under the circum
stances some announcement was
doubtless lent to speculative SAFES IN
the market and this must be consld-
cred in 1ufe!ng the course Of prices
today.
Harp on Secretary.
No relief from whatever strain mas
been caused by the disturbance OF the
government bond market was aitord'
ed by these issues today. That the
utterances Of tho secretary OF ms
treasury have not helped financial
sentiment goes without saying. That
Mr. McAdoo has opened the door &c
a fresh output of radical proposals
dealing with fiscal matters is Illus
+rated by the curious resolution oHer'
ed by Senator Lewis 10 render the
national banks more anenable 10 gov
ornamental suspicion.
That, moreover. the manifestations
Of Mr.. McAdoo have not supported
the government bond market is IN
tfrnated by the increased trading IN
the per cents around the low ieFe'
which they have reached, 20 ga &c
es. II cannot he said. in short thai
the political factor in financial analrs
is now SO easily reiegated to su'
boriinate place IN the reckoning at
II was a few weeks since.
European Developments.
Foreign adVices were reminder
of the necessity Of reckoning with
European developments. The ar
rangemeqt of brief armistice he
tween the Balkan belligerents is graft
flying. but foreign finance is very
much Influenced by the costs which
warfare has already piled up and BY
the settlements which have yet TO be
made on account Of IL. Arrange
fnents for new financing and the RAND
labor troubles combined to make thC
London and Continental stock mar
ket generally reactonary. Iresum'
ably the European situation serves &c
explain tho stubborn flrmness which
foreign exchange manifested despite
our large export movement, European
purchases Of securities. and drafts OF
European credit through finance bills
SO Tar rs The WGft street uone'
market went notice was drawn To still
easier tendencies In short maturitlc
aTf,s AS t.q<i rftSs&taa st4e satsseSsa tstfe4sSg
Encrcial paper, which was poted a
about 2 per cent. minimum. Bust
ness borrowers are making heavy ano
4nsisteut demands for accommodation
The movement prices in the aGricul
fural markets WAS less unsettled thar
on Tuesday. and indeed wheat sole
down 10 the ACCOMPANYING Of esti
mates which raised the yield of win
tel wheat To 52S, 000 600 bushels. or
the other hand corn and oats wer.
r--- AEssar s1-T7rg n f1rTe were ghowery in
G!cations in the dry territory.
Wall Street Gossip.
The Steel COru0ratf0u'S extraoYdtn