The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-10-16

hean s,,ch excitement seen as In the Mex Me :
,oa,, section THURSDAY. in anticipation o.
the haIf-yearly dividend. announcement 'll =
Mn.+ onera tors looked for q six per cent :.
rate and the few who yentured TO count
nnon n slightly better Distribution we're. we're
NJ many. regarded as foolhardy. lHu.e
va = "a a consequence. much reJoic'ns
a,nnno the5 more pessirlistic when the re-
cult showed rate Of six and one-Quarter
nc !. cont 4 Consols and gilt edged secul,-
tics improved OH retention OF inc p.lnA
rate at four per cent, and foreign soyet
ment stocks have steadied, nous y
some cases, there IS q slight loss - me,
ket values as compared win last w. ~.
Home railg became much nrmer -! ~
mlbllcation OF the weeks traffic returns,
ami 4 ho,eh business has been on a very
rostricted scale, nearly all variations N
nrIces are in the direction OF improve
ment. al 5 # Il Y. /, !. !. y, y, zoo, 80,
Americans present now rather ragged
nnncnrance. and show a majority OF de-
ciines. while changes IN Canadians are
IN a balance. An Insignificant partial
reaction has taken place IN iron ana coal
shares, and industrials generally nave I've
developed no particular feature. N1lh l'.,
shares recovered little toWards ~, ~
close, but are barely up TO last Week
level except Rio Tlntos, when ,Ho WY .
strong on d promised redemption OF OUT
stant,inp debentures. or course, whether
the fear OF dear money proves well
founded or not depends mainly on tho
course M events in the United states. 81
a warning by Vanderlp. showing 50
clearly that IN tho opinion Of bankers
the overlook is sufficiently uncertain 20
en1oin caution. There are mono here VINO
expect there will bc serious tal1 ~
prices, though there may DO little set
back Pessmism continues 70 y preVall
here. that considering tho great pros
perity OF the United States and the very
largo business railways are DONG, -
ont OF the question to think of anything
like a heavy 1al!' oh1y that ttcte s % :
need of caution,
There is another matter which Is tend
inr to check business on tho Stock Fx-
CHANGE and that Ia the preparations which
are being made for q large international
Russian loan, both issuing institutions
and intending subscribers naturally de-
string to accumulate funds. Still, there
is no fear expressed here that operation
will seriously trouble the international
money market. It Is impossible to form
opinion as to whether subscriptions to
the loan will be very large until tho
terms are made public; but, in any event,
IL 1S mol tlluusIltst W|btofog 9l'dy w WV
rush to subscribe, that tho arrangement
of the money markets will DO anything
but temporary,
Discussing this important matter, the
stat!st thinks It may be taken for certain
that Issuing establishments will do every
thing possible to let out money again as
quickly MS possible, and adds ut Is to
be borne In mind that the bulk Of the
money Is intended tor paying for orderH
which will be placed In countries IN
which the loan Is brought out, CoHse-
quently money will not DO Withdrawn
from circulation. except for very short
time. over and above this, 1t is reasons
able to anticipate that the great institr
lions concerned will do everything ~
their power to prevent the money markets.
being 80 disturbed as to injurlously az
fect the success Of the loan, nor 70 u 20
BIO lost sight Of that other loan opera
tions will speedily follow the borrowing
or Russia For that reason, also, y ~
desirable that there should DO no great
disturbance Of the money markets.
Early III the week there was an easy
feeling In the money market because the
Bank oc England had been able to buy