The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-24
BANKS
CHECK EXPANSION
Borrowers Can't Get Accommo-
dations, and Dull Market
Results.
By BRoADAN WALL.

New York July 23.-Rumor travels
fast In Wall Street, quicker in fact
than the best telephone connection or
wireless message. Shortly after 10
o'clock to-day, many OF the leading
commission houses were advising their
customers to take profits and suggest
Ing that the stock market was prob
ably duo for a period OF reaction or
at least hesitation. Tracing these
rumors. 1t was discovered that some OF
the leading banking interests had In
timated that further activity and ex-
pansion in the stock market at this
Time would not be agreeable. II is one
thing to buy stocks and another to
una accommodation at the banks and
when intimation Is given that further
accommodations Will not he we'll re-
ccived the hint Is quickly adopted. This
should not he considered as dctri-
mental to the market. II means the
bankers have the situa tion we'll In hand
and are not disposed to accommodates
their clients at this time.
Dizziness in the market resulted
Those who wished to secure profits
found that they could do So ut slight
recessions In prices. and the situation
is stronger for the curtailment in bust
ness. Sentimcntally, the weakness in
government bonds is the most import
trustees ami executors are principally
affected. and the public Is not directly
concerned in the declining bids that
succeed each other the exchange
Government 2s sold ut 1864, and
&c . was the best bid. It Is believed
that any large Offering would break
the price still further. Looking at
these bonds purely as an Investment II
is figured that in comparison with
British consols thoy are not worth more
than ~.
New Haven convertible es broke to
l07. and this compares with ll5 on
Monday last. This had an adverse eff
feet on New Haven stock that dropped
20 par. Baltimore and Ohio announced
the sale Of S5.0oOO0O first mortgage
/ per cont bonds TO "A syndicate of
bankers who are Offering them at So
Ihis was d!ScouraciuE. as II was un-
derstood that the Baltimore and Ohio
had completed its financial arrange
meuts.
The California Petroleum issues
scored new low records ana present
prices Indicate a financial readjustmcnt
MeNlcau Petroleum dropped 10 80 -
but rallied on the report that the stock
| f.Nchang" would in all probability list
tile series g bonds within the n"xt
Few weeks. There were fractional re
ccssions in the closing prices OF steel
Union, southern Pacific and Reading
with a sharp upturn in tho copper
Stocks on rumorS OF increased demand
for foreign account. while strength in
/ tab Copper was particularly notice
allie
Rcthlehem steel common advanced
fractionally. It is understood tina, this
company will make showing FOR the
fiscal year that should Justify a higher
range OF prices Tor the securities
Tile death Of Anthony y Brady marks
the passing OF ono OF the old school of
nnancierS who did not believe In pub
hcltF or that the public was entitled
To even occasional reports from the
companies in which he was Interested
lie long dominated several OF ON, lead
ilg !ndustrials. ana il is probable that
ihc finances OF such companies as TIL.
nitcd states Rubber will now be con
Quoted on II more conservative basis
Kansas city Southern made an ex-
ccllcnt show FOR the fiscal year with
indicated gross earnings Of over IL per
cent in excess Of 1912, which, however
was "A poor year.
The common stock earned over per
cent There are indications that one
Of the large trunk lines is seeking con
troll OF this property for an outlet TO
the gulf.
Foreign houses bought stocks quietly.
taking about $4,000 shares on balance,
There were rumors that the Bank OF
England to-day would reduce its rate
OF discount but private cables stated
that this was improbable
The undcrtone is strong, but cxces.
sirc speculation will be checked The
public is inclined to purchase stocks
and this sentiment will be fostercd bv
the bankers, who are extremely anx-
iouS 10 bring out several new and i'm
lortant issues that have long been
awaiting 4 favorable market