Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-16
reason FOR RALLY SEEN
IN BANK STATEMENT
'p''mistic Feeling Developed in Re
gard to Stocks Seems to BE
Justified.
'ENNEssEE COPPER is WEAK
ak as to Combinations Renewed
IN tho Street, Latest RumOr Hav-
ing to DO With Bethlehem and
'iidvaie Companies.
By BRoADAN WALL.

new YORK July l5.-Whcn the
the close OF to-days market, all
YAH Street realized why prices sud
ealr had been checked i'm their down
ara movement The statement justi-
e. al the optimistic feeling developed
The close or tho week. 1t showed
~ At the close of business on Fri
2, nigh, the surplus had Increased
- 5G3.4lO over that of the previous
riday; the loans had decreased S72.-
$1,000 and net demand deposits had
ecleascd S35,36i,006.
~ get the fun significance of these
Sures they should be compared with
:" average statement. which showed
u Increase in surplus OF Slo.3?2,l3o.
ecrease in loans Of s55. 100000 and a
ecrease in net demand deposits OF
so.2l7. 900.
Thus. it il evident that the banks
'crelsed their strength rapidly
lroughout the week 1t is evident
at brokers reduced their loans ma
rally. It also WAS evident that the
ankS were sincere in the invitations
anded out on Friday afternoon to
1stoners 10 borrow money on an!
ind OF collateral.
The banks blame the Secretary OF
% Treasury for the furry In money:
withdrew nearly sloo,0o0.000 OF
isn in Connection with the income tax
3s%ments The effect Of this easily
ipht have been countcracted if the
anks had rcdiscounted notes. But they
an,ed "A shake-out in the market, ana
terctore let the secretary's action
rikc down the public without any at
.upt TO parry the blow.
Cf stocks showing weakness to-day,
ennessce Copper was the most pro
ounced. IT was sold TO the new 10"
ussian government would bring SUIT
connection with the failure TO sup
~ war materials that followed dc
ruction Of one Of the company
bl ~
1mpany was not responsible Tor the
easter, suit under the circumstances
id not seem Ike square deal 20 Wht
.re"t Traders. however, hnVe 'esh
tieuatcd By the unsat!sfactorE cS-
Eianation given by directors Tor the
.cen, passing Of the dividend. This
Explanation is peculiarly unhappy. ow
tx TO the fact that such niue Stoch
standing in the names OF Inc direc-
,rs Suspicion is strong that they
ave transferred their investments IN
ie common stock to the conNertinie
onds Those bonds at current prices
rs attractive to both investors ana
peculators.
The annual report of the Mexican
'etroleum Company showed 80 PEI
ert earned on the common storh,
compared with 9. 20 per cent earned
n l9ls This Mexican stock has MOI
zen traded in on the score or actuai
,,rnings. for everyhohE knows 5,'rn, ,,,.'s
oc-a,ions II is the contracts on the
ooks OF the company for new ouh'
ess and the twelve ne" Ships ,o ID
. considered more than current earn
Wall street SO far recovered its nor .
ial condition OF mind as 10 ,n'N ,n npor.
cw combinations The most lnnpor
an, street rumor was that regaLdihs
Sc Bethlchem and the Midvale. There
NO Official warrant for saying thai
,>s Kind Is DElnE
onsidercd but there have been mEs-
ertous conferences that easily mig ~
,ean such thing. comolha.!oh, %
ne two companies would be Justiheo
y the attitude taken in regard 70
rnor plate by the United States GOV
rnmcn, AS they represent a minor
~ OF the steel trade OF the country,
MI rs great economies could ee Ell
sc,ed for both OF them by the mer-
er il is a reasonable thing 10 eX-
e! The plan rs ,bo aG rSorsna concern
o take over the Reading Iron Com
Rqmors also were current ur!rn q 1,n a c and
he Butte and Superior Companies.
>rU YORK. July i5-'ro-tsy's brief se'-
- n, nc stock market was o! super
1fasl character Operations were !initeo 10
!. prof.s>Ional element. which sought on,
Az points OF weakness win 'nd'n"r-h'
T.nnes-e. Copper fen point, to us low "a
In, urigt Of recent YEAR, r.'tuipHi'H'H 80
tmnrs with other industrials and minor
,srialtias sustained temporary losses
I ,rors the high priced specialties sethie
on, steel was conspicuous for It's gain Of
uoIuts and Sea re- Ro"buCk rose ais points:
M. we're steady to strong. and United
,a,cs steel traversed narrow rsoius
IN, tank. statement showed large cash
ain In reserves with su.5sa.cn. in surplus,
1syeb, more than onsettlnG last week
$50, loss General news included III"
.siIv .ts,ement Of the mercantile agencies,
u NJ tcferrcd to tho seasonal influences on
i,a'riort lines OF industry. with further ah-
ten,ion OF speculative buying. In the main.
ne general trade situation was regarded
L. moro wholesome
Tbare was virtually market for foreign
q ych.nsc. rates TO leading centers show
fyIr NJ change.
Trsrinc in bonds was restricted to few
! fo.rial issues at quotations unaltered from
sne preceding day. Total sales. par value
tinted States bonds were unchanged on
ali during the week.
SrH YORK, July l5-Mercantile paper.
.etiirc sixty-day bills. s4Ili7; demand
{JI5 ii.ls cables. 1916 Ills. Bar silver. elk.
yiisy,e.n dollars. i7a.. Government bonds.
'teady Railroad bonds. steady.