The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-02-27
DEPRESSION IS
APPARENT HERE
Effect Of New York Situation
Felt Among Dealers In Stocks
In Richmond.
MANY INQUIRIES ARE MADE
Some Expert Advice Received In
Offices Here from Those
On Spot.

There is no doubt Of the fact that
the Richmond men who deal In stocks
and bonds are little disgusted The
events OF the past few days have made
them 80. The happenings in New York
leaving a particular depressing effect
upon them.
Very few OF the Richmond opera
tors perform ON declining market, In
the main they believe In die good old
lashion Virginia way Of buying. when
things are cheaper than they think they
arc going to be, and then selling for n
proiit Wren they go higher by natural
increase in value.
Said one Of them yesterday.
This way OF selling short is too much
to me Ike simply betting AN indcnnita 4
sum OF money that the market Is going
20 decline within q certain time. 1t Is
not the old Virginia way of speculating.''
The old Virginia way has had a poor
chance within the last few days, for
stocks have been down and those holding
/, them have been forced to the necessity
OF chipping in more margin, buying
the stocks outright. and locking them
up In safe to walt the .'swaging of
+! the hoods. or paying up the losses and
! cutting while they can. Some have taken
I one horn of the dilemma, and some an
/ Other. but none are altogether SATISFIED.
Everybody, whether great or small
! losers, or whether losers at all has been
greatly Interested III knowing the causes
for all this 'tcuriousness" in the stock
business. and some OF them have kept
the wires between here and the great
source OF information--New York-pretiy
warm Explanationg are pleiitiml bu,
sometimes explanation do not explain
The concensus of opinion az 1t comes
from Gotham Is that the investigation
OF the Pacific railways by the Interstate
Commerce Commission, now going on in
New York. is bringing out the facts that
arc npsetting with the stock market. Los
cal dealers however, are OF opinion that
there Is something deeper than that, and
there were pessnists sitting before the
A blackboards yesterday who did not hest
tate 10 say that this Is the beginning Of
/ the end of the much talked of prosperity.
However. the news froIa New iork
towards the close OF the day was lite
b tie more rcassurtng. and several eS-
Iprcssed the belief that the present
slump is due to conditions that in the
Very nature of the case can be but
temporary. The closing figures on some
OF the stocks most intimately con-
nected with the Hartman Interest.
which We're stronger tlun at the open
; of argument, but so, far as could be
learned none We're willing to invest
on the strength of the views thus ex :
pressed or the slight veritication of
them. as shown In the late quotations
Ono of the replies from New York
Ito urgent inquiry read somewhat a.
follows:
'In reading the Hartman tes-
mn 1t not
nearly as sensational as that of the
V former investigation, when for the
r first time we learned that the funds
!. of the Union Pacific Railway had
/. been used to buy into other prop
u critics The Alton deal is certain
!. ly not Very pleasant reading. and
: !. 1t is perfectly right that such
performances should be made im-
e a possible | also think that this
IS indiscriminnte buying Of stocks of
!. other companies, without apparent
reason, Is all wrong. for when
I. man, for instance. buys Union ia
. cItlc, he should be allowed to in
!, vest mis- money in that stock. and
not be compelled to invest in a
cooglomeration OF several other Sc
curitles. In this country we need
" more responsibility In corporate
10 management. and think the pres
ert Investigation will tend TOWARDS
-,
Il. tho end be a benefit, although dis
r turning al the time. The thing
Z IN fear Is that during this era of
pronounced antagonism to rail-
roads and corporate management IN
O. general. this feeling may become
= even more pronounced than II IS a.
:" present.
e. some other views expressed IN re
err snonse to anxious Inquiries from Rich
1nond were as follows
us ..rhe Hartman Investigation has
- furnished the chief disturbing IN
1uence, although perhaps the prin-
clpal feature of Mr.. Harrman's
testimony. was his manner or eVau-
ing certain questions As set
~, there is little reason to believe
x thot Union Pacific stockholders
,st will suffer MS a result OF the In
curry"
IN "Tha straining Of credits has
: nrogre ssed to such an extent and
Try actual cash Is so scarce and hard
of to get, even In the transactions OF
or ordinary mercantile business, that
&c there is absolutely no tnducement
!, to buy stocks for investment pur-
.a, noses under the existing condt.
81 tons"
i,,e "As for antagonstic railroad Leg
~ islation by the Federal govern
ment over which quite n scare has
I'm been raised, President Roosevelt's
lst snoocl, nj Harvard last Saturday
A.' ought to be reassuring. He said.
A. Honest and fair-dealing railway
eet corporations will gain and not lose
OF by adequate financial CONTROL
There are really more far-deal-
~a. Ing railways than there are of the
son other kind"
~ These statements all come from wei
oaa known authorities.
lbs lndustrials, of course, arc sufferlr
IA, some from tho railroad furry, but n
as much as might be expected. Tn
J. p, wero strengthened yesterday a little
~ the announcement of nnumber OF DIV
Az, dends payable In March,