The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-10-30
.HYSTER|A SEXES
LONDON 'CHAl !.
tDisquicting News Influences
Spectators to Flutter
About.
THINKERS CAN SEE NO CAUSE
THINKERS CAN SEE NO CAUSE
Calm Critics Claim That the
Same Condition Prevailed At
ter Crinlean War.

/ ter Crin1ean War.
Especial Cable TO The Times Dispatch and
Now York 1Ierald)
Copyright. BY the New York Herald Coz
LONDON, October 20.-Though wrote
last week that cautious operators did
not place much reliance on tho upward
rush Which had taken place. and thut
no permanent improvement could be ex-
pected on this side OF the New Year,
yet hardly anybody was prepared for
such another complete change in scnti-
factaof the matter. is merely that every
section Of tho Stock Exchange Is plunged
into the deepest Of gloom or something
akin to nervous prostration, tho attack
was SO sudden. The trouble commenced
ut once with the opening Of an unfor-
tunatc nineteen day period, and heavy
dose Of liquidation from Paris set every
body in flustcr. On top OF this cano
disqulcting news from Russia, and when
the time arrived to wind up 1t was found
that Wall Street had also got an attack
I OF the nerves.
The fat was all on fire II one were to
of the talk which was to be heard In the
city at the close Of this week. and one
might imagine that terrific slump,
which would make all previous slupms
look like five cents compared with
dollar was at hand
What are tho reasons for this state
of the nerves? Judging from all talk
they are as old as the hills, One hears
on all hands the old argument that con-
culsion in Russia Is bound to be accom-
panied by financial panic in Paris, in
I the course Of which every foreign Sc
Scurity held in the French capita. will
be flung overheard. In the wild scram-
bic for money, the idea Of France being
creditor to Russia to the extent Of some
thing bordering on s2,250000.00 600, seems
!. 70 stick in the outlets Of croakers, but
it Is pointed out bys4nlore level headed
financial writer's thatifif the matter be-
only considered calmly for q moment
it is impossible to remember when the
disruption Of tho Russian empire was not
imminent Tho same story was told
after the Crlmea, but 1t Is cvena older
| than that. 1t Is also pointed out that
as the power OF organized force has In
creased greatly since: for instance, since
the time OF the Commune, there can
never be a repetItion) of that either in
Russia or anywhere else. Furthermore,
1t never has been Suggested by any
i writer on this side that bureaucracy has
/ lost any control over its organized forces
The most optimistic Of writer's, revi lew
ing the financial situation as a whole.
~eens to be Of the opinion that Russia
Will emerge from tho present crisis
stronger than before. Nevertheless, the
fact remains that for. the present the
Stock Exchange Is In wretchcdly un-
settled state, and tho bears, follow
ing closely on the heels or sellers. are
having everything their own way; but
| while prices In all directions have been
falling home rails have been going up.
| That is the only section which remains
bright amid the gloom. The improving
OF truffice, due to tho increased freight,
with expanding trade have been the i'm
mediate cause Of this movement. which
was easier, brought about from the low
ness of the level to which values have
been allowed to sink. Ther9 already has
| been substantial appreciation. but
looking at the list it would seem that
there is still ample room for improve,
mont in nearly every direction, espe-t
clally If the present dividend anticipa-
\ lions should be realized
| Az for tho American section there Is
nothing to tell, though III this connec-
ton the following incident may be sug-
1
always drove to the city in his own car
riage and ''never dealt III less than a
| thousand sterling He{' was discovered
| tho other day after Il long absence on
the back seat OF penny bus, wearing
| n last years hat and q general look of
| secdiness. He however, chatted cheer
| lily to q friend. who found him, and
wound up a long account OF his troubles
with tho impressive remark:
"You take my tip and sell Yanks, for
they are bound TO so down."
The money market has been In very
Strengthened condition this week, which
is partly owing to tho payment for
Sc. 900 Of treasury bills, and partly
because that the Joint stock banks have
been calling in balances. and also partly
owing to the demands ofHthe Stock EN-
change settlement in consequence of Its
lack of resources. Tho market has been
compelled to resort to the Bank of Eng
land, which has done u large business
In lonns and discounts; but taking every
thing into consideration the economist
considers that that "tha hest that c,ln
be expected, as 1t may now be with
rather more confidence Is that there will
be no necessity for tho bank to further
advance its rate, and the fact that
one per cont ratio has now been made
fully effective Will conduce to that re-
suit especially when the Russian loan
is out Of the way and the finance in
stitutIons of tho continent will no longer
deem It necessary TO keep a tight hand
on their balances,
---s-----------'------
| ( ~ 1 4 + f.