The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-15
Street SENTIMENT
IS REACT|0NARY
pu.eE CHANGES IN THE MARKET
uovuypu. ARE ONLY MoDER-
ArElr DOWNWARD
NEWS IS FAVORABLE
kxExs OF AN oFFsET'FiNG hE-
xEwAl OF SHORT ACCOUNTS
Aur2. APPARENT--EJRo ROPE
In ENCOURAGING

N-rw YORK, Aug IA Reaetl1n
sr@ sent!ment prevailed IN an
greet today, but the price changes i''
.ba stock market we're @nly Ha""e as
,y downward, TIE list had he@Ns
a,cearance rnest of the day, aaVI''uA'
,bs dealings were an such con
,-v scale a. to suggest THAI the he1''
~~~s wr.eht consist more in appear 't@''s
s~an IN fact There was not fhuoi'
s.~n-~,~~ between the early ana tt"N-
,nr leveix 81 IRE liza, and such ne''ilhe4
n- took plae~ we're more IN Nhe va
.,,r~ Of a SAG after slight r1Al'e7 tHa"
nrv evident trend Of prices
rorn,ro business was reported ~
80 ,erroIv on -ne selling sido FRO
<n~~so~eS traders seemed to 10 respor-
.tn,. FOR the bulk Of transactions. nha
+Sav were inclined 70 speculate TOT a
e,,-+hnr reaction nt least, altnouKn
.sare we're mem berg of the trading
e-etA--ttv who thought they han
csurht the top Of the summer rise on
"Wednesday, and refused 70 see any
moro constructive posi- hilT1es IN tt,'
outlook for corporate securities. Li'ci'
views were not generally accoptea'
,,ouexn- and in It's surface hspec's
ere market did not differ much from
vacen+ occasions. when advancing ac-
+,x1tv has given way 70 recession anu
dizziness
pressure Not Obvious.
rna prssS7,ra Of long stock was noF
g., ohxdovs feature of the dealings nor
indeed was pressure Of any sort man
Tested after the first hour.
whether or not the marker IN us
recent r-ixe has bean responding 70
essential improvements IN tundarI1eh-
+.ls ar has been rejecting chiefly a
@IA,. f.x
,fonx against the short interest, winch
have haAn stimulated by the relaxa-
4fo, Of money conditions resulting
from, the treasury program OF m
~raased deposits in the banks II could
hardly have been expected tha1 the
mace Of recovery would be sustained
The course Of prices has had such
little connection with maTkef~7 WISE de-
veloprnent save in respect TO tne CON-
sideration suggested by the Treasury
rc,,cv and the outlook for n banking
tin which the administration regards
as a provocative Of prosperity, that
corierturo as to the immediate statue
~ Quoted values is haffied. II is quite
rcssihle however, that the news from
she drought stricken portions OF the
crop country had something to do
v..4l, the markets sudden turn from
activity and strength nc dullness and
come hpayiness, especially as tine
tecrnica, position of stocks must have
been weakened by the liberal realizing
sales Of the last few DAYS.
Favorable News.
Al that there were signs OF an on
setting nerSistance or renewal or thf
short accounts and not Fl 1fttfe favora
bIa news Announcements OF more
reductions of prices In steel lines were
not in +hss category hut on the other
hand II became known TINT one OF
the large textile plants at Fall River,
which has been idle for more than
three months, was 70 reopen next
week.
About a~ good news NJ vouchsafed
from any where during the day came
from Europe The securttfes abroad
were not particularly active, but main
taapef a cheerful tone while French
government bonds continued to rally
The speach Of the British chancellor
Of the @xchequer on the cost OF mill
;a~v arraa ments suggested that Euro
pean governments might he In the WAY
~ cantriving To lessen the financial
strain resulting from the overprepaT1t-
,{on IN its war budget. but there was
nothing quite SO striking in the for
eirn budget Of Intelligence as the
Pank If EnRland's weekly return
which revealed the highest reserve
ratio for this season in seventeen
wears