The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-11-01

oNDoN BUYS STOCKS

NEW YORK. Oct. si.--so~Tihs
.ney rate. here were late III
55lnencs I'm the local stock market
33so,sra they tended TO restrict trad
I1nw rather than 10 precipitate any
ffS.ah bear raid BY late afternoon,
Ill money rates had gone 10 per
1T. TIE highest reached In some
exrs. The continued heavy loss Oh
ssh to the sub-treasury, coupled with
z&ne efforts of the banks to dis
purare further borrowings. suggests
rather moor bank statement on
Axurday The banks also called
Rams literally, 10000, geo being men
Sxoncd az the amount There seems
A1p be just enough money on the floor
~ the exchange. however. to go
Snroun,a. and selling WAS only mod
rate.
The advance Of one-half of one per
Bxtut In tho official minimum discount
ate OF the Bank of France to 4 per
rent. the highest since 1907. and. In.
<Snct, the highest in modern times.
7AAckNd the forward movement In Sc
urities that characterized the early
Hading on all Of the principal ex-
Manages Of the world. While the
minimum discount rate Of the Bank
Y England remained unchanged, the
Savanee in the French bank rates sus-
eets further increases in the ofiicial
a1cs at London, Berlin AMI Vienna,
Mould future developments in the
nIkans warrant further conservation
N gold reserves As ii now 10, the
aputed Improvement in the European
E1picmafic situation offset TO some
intent the effect of the action OF the
Hank of France The weekly state
nent Of that institution showed q de-
rease in gold holdings and big In
BreAse in bills discounted. The
aAtcment Of the Bank of England was
DAssabiy fair under the circum-
1nnces
European Markets Firm.
The European markets displayed a
krmer tone in the early trading, and
6fsEes were generally higher. Demand
Ur stocks came principally from
morris who desired to protect them
efves over tomorrows holiday. which
icing All saints Day will be cele-
rated In most foreign eenters. News
rom TIE Balkans was unchanged In
ne main, further successes by the
lulgarians being reported. What was
n greater weight In the markets OF
europe was the further Improvement
u the diplomatic situation.
Opening prices on the New York
Exchange were higher. but advances
Hneraliy were not commensurate
nth those sent over from the other
de General expectation that there
eUuid be "A furry In money rates later
the dap, as prelude to the Novem-
t,a+ fa1I afSsa rtsf.1xy
nd further discussion Of the proba
~ results of next Tuesdays election
IRE the deterrent factors. The feel
= seems to he growing that Tues
ky's nationwide balloting will result
II no choice for president. This
{eAns only one thing, despite the odds
n the curb that Roosevelt is gain
INK strength. and that there Is a
ahetratum Of apprehension lest
Enesday witness a Roosevelt land
hide.
London BUYS stocks.
Much Of the early advance was
<ne To foreign demand. 1t Was said
IN foreign banking circles that some
HfIe purchases OF calls on Ameri-
IN stocks were made in London this
aofning, the option buying being
heaviest in Steel and Erie. The pur-
he&es of calls in Steel are under
food to run until the March settle
aent, and were sold at IS above
fhe market price. Purchases by the
0pfion SELLERS, against these calls
IRE understood to have been effective
II advancing Steel quotations. Arbi-
eage Transactions the first hour APP
ruximafed $4,000 shares.
The markets stSadiness In the late
<xAding. in face of higher rToney
Gkes, was due IN some measure tc
Ae fairly good earnings statements
Ia the Hartman lines. They were
nj up to the most extravagent ex.
ActAtions. but were in line with the
moving OF other roads. Union Pa
INC reported an increase in gross OF
86e629, and in net OF $3S4.04s for
Nc month of September. Expenses
Expanded $37a.a77. and taxes slA,0T0
louthern Pacific reported a gross in
rease of s1,16e.s4s. and net in
fease Of s2s6,3s5. Expenses and
kxAs expanded s2ss,3ss, over those
&4 year ago.
y Number Of shares sold today. $685.
14s. year ago. 79T,113.
Par value OF bonds sold today, 81,
1z, poe: year ago, s4.66l. eco.