The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-14
Decentralization Of Last Week
elimination Of Growing
Uneasincss.
--------------------.
FINANCIAL, NOT INDUSTRIAL
Existing Conditions Due, Not to
State OF Properties, but to
Financial Conditions.

NEW YORK, October 13.--Events III
last weeks stock market ran into de-
moralizatlon by the end OF the week,
US elimination OF growing uneasinest
over the unexplained liquidation ana
the fears of coming business depres-
stop and reaction as nm outcome OF
The money stringency. The publication
pn Saturday Of an alleged order ny ".
III. Hartman to cut down expenses IN
NIL departments or the railroad sSs-
tens under his contro, accorded so
well with these fears that the eject
was acute, and was but little modihed
by the subsequent, denial OF such an
order by authority OF Mr.. Hartman
himself.
The lcthargic demand for securities
was no new feature in the situation
last week, but for some time past 1t
has corresponded with an almost equal
ly torpid state Of the selling. SO that
occasion attacks on the market by
bear raiders had small success In dis
lodging offerings In this respect the
market Of last week underwent q
marked change. and the selling war
urgent. The consequence was seen in
range of prices for n long list of Sc
eurities which Is the lowest for the
present year. and. therefore. for n
number of years past.
Financial, Not Industrial.
The motives prompting this disposi.
lion of holdings were mixed, but imam
cial conditions both here and abroad
us distinguished from industrial con
ditions affecting the properties whose
securities were sold made "A prominent
actor. The movement seemed to have
It's inception In Holland. and Amster
dam sent selling ordeSs to the Ne
York stock market direct In such vol
unle as to attract serious attention AN
20 give rise TO rufnors OF involved at
fairs In that market. Stocks which
{ ,ave been favorites with the Dutch hold
ers made precipitate declines, and this
had sympathetic effect on the whole
market The f,rmness Of the New
York money market. with loans on call
touching per cent. every day until
t'ridhy. and with time loans for som
periods commanding as high as pc
cent. discouraged holders OF securitie
on margin. especially those OF the low
priced, non-dIvidend paying class
which were conspicuous in the week
declines. Lenders OF money In whlcl
these stocks figured as collateral were
disposed to restrict credits with TIL.
manifest declining tendency OF price
and the *lling OF loans precipitate
the fall la prices.
The tightness OF the money marke,
extends TO commercial credits and dis
russion was very persistent In the H.
nancial district of the chances of over
extension in some enterprises which
might result In dangerous conditions
from the difficulties of the none,
market
Incrcasc In Failures.
Statistics of fanures for septembe,
ana Tor the quarter gave food for this
discussion. the September liabilities
rising to s1s,s35.227 against s6.a55.oo5
IN September of last year of which
slo,6O2,S3i We're of manufacturinp
concerns. compared with sa5sg.s42 las,
year. The figures for the quarter show
corresponding contrast. and stress i,
laid on the difficulties growing ont q,
operations for extensions which had
oeen financed with temporary loans
Tor which renewals could not be "a.
.uIea. Almost Invariably there wa,
.'e accompanying condition OF large
contracts and orders on hand whic,
promised good profits could the re-.
sources be found for executing them
anxiety for the consequence. 10. III.
lure orders was the natural consa
quence OF this situation.
inns was sharpened by the pra
Nalehce OF rumors OF large reduction,
VI working forces by many importan
nun uiactnrihs concerns, especlall,
. iinih6 equipments of all kinds
some OF these rrmors were offtciall,
oehied, but the stocks inmediatel,
anected were notably unresponstye 1,
tnese assurances and continued tnei
violent declines. The results are see,
IN the wide breaches in the prices o
many OF the Industrial stocks.
The further course to be pursue,
by the Treasury Department in tn
matter of additional relief measure
for the money market engages atten
tion in view of the continued require
ments of the crop movement in draw
ing down reserves of the banks,