The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-26
||EEL. UNsETTlES
ENTIRE MARKET
H3AvY SHILLING SENDS 1T Down
10 sAs WHERE SUPPORT
sENDs rr BACK.
/ IOANS ARE CALLED
FINANCIAL SITUATION. HOWEVER.
Is EXCEPTIONALLY STRONG
AND THERE HAS BEEN
NO GOLD EXPORTS.
ELOANS ARE CALLED
n. r.oMAs C. shorWELl

NEW YORK. Oct. s4.-Support was
extended TO the stock market today.
ana after early irregularity In which
some new low prices were made the
entire list was steady and closed firm,
without material net changes.
The feature OF the day was the heavy
selling OF Steel around IS. In the first
hour more than $4,000 shares OF steel
rwere taken at that price. suddenly
..he support was removed, and il sank
70 "a IA. with such speed that the
entire market was unsettled. There
the support made it's appearance
aKain. and the whole market was
worked gradually higher under lead
e-ship Of steel. At the close the mar
Ret was extremely quiet
Banks Cali Loans.
Arrival of more stock from Europa
as the result Of the panic abroad, mace
ii necessary for banks TO call loans
rather freely. This kept call money
m and renewal. were at the rate CT
A per cent A high price Of
ner cent was reached, but just be-
FIRE the close cali money dropped back
to 1 per cent The banks have LOST
about sir,eoo. 600 to the subtreasurs
mi. week. but have gained sS,eoo.ov
from The interior. Sc thai a mel loss -
expected Of about s9.ooo,o0o IN Sash
on the weeks movements. me feo""
ton of prices IN the market. novel,
will tend 10 reduce loans and oep"s ~
70 that an increase OF surplus IN tue
actual statement is expected
Buyjns of stocks today was hy the
hest grade OF bargain hunters. preal-
dents NJ trust companies, directors VI
kr>at corporations. and even the 'ta-
ditfonal gray-haired bargain nun'ei'
who only comes TO the street on Ger
.ain occasions, were among the put
~haSers II in considered remaF pie
that the Wall street market mas PEI 80
able TO take more than s5o'o'o,"Vo
worth Of stocks from Europe Y, w.
weeks. Unexpectedly in the midst OF
fbe heaviest crop movement IN fe.
u .e,Y;i without exporting a. 'tnl4sc '"t
gold, or advancing money rates "0'Fe
six and a half per cent
Financial Situation strong.
~ ,ha financial situation in Nlner-
H.. wsrs not extra ordinarily strong
tiS4ra wotYfi have been actual ss'tn e.
norris As il is America mas s4hpl
taken payment in securiiies ioi
about 100, 600. 600 Of the 5oo.ooo,ooo
surplus bushels OF corn ina we Ial -
r,rnduced this year. not to speak o.
~. 800 o0o. 900 bushels OF oats. the ~
4 400 900 tons Of hay. the extra 1oo'vVo,
0no bushels Of potatoes ana othei
fhinwx in proportion. Ii is seldom ina
tho stock market has been IN suNi
strong technical position as
at this moment.
There remains even yet however
.nrs hysteria In Europe. Gariv Re
v,nrfs this morning OF victories OF th'
Tzalkaus over the Turks prscipitate.
the selling movement. The ma
strengthened up in the afternoon "her
II was also reported that the urN' nav
defeated the Balkans
Rumor 10 Persistent.
There was evidence today OF sooe
bnyinv here and there throuShout tn'
tiss Of speciaities, notably In Amer
ran can. Pacific Telephone, Corn
dncts. and Chicago Great western; Al
rnourh there is official denial, poti
rrom President FELTON,, OF this foa
ana Of president Chamberlain. OF ui'
crard Trunk. the street persists II
- belief that the Grand Trank y
4 sither "a purchase the Great Wesfe' !
~ make q. traffic agreement that is Z
result in materially better earnings -"
.hs r.reat Western The stock am
sends OF the road had a sharp acVanc'
while all other securities were oeci'n
Ing. .aa.., 20
Number OF shares sold TO-DAY NV
as2. a wear ago, 1.365,fee
pa value OF bonds sold today W.
ss5 .ooo. a year ago. ss.Sso,ooo'