The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-10-24
STOCKS LAID ON
BARGAIN COUNTER
rRoCBLE N MEXICO AND THE
BALKANS CAUSE BREAK IN
MARKET.
--~.----------
!. REPORT OF FAILURES
RUMoRs COME FROM EUROPE. But
ARE rNCoNFfRMED AND WISE
INVESTORS ARE QUIETLY
RrYING.
REPORT OF FAILURES
sy THOMAS c. sAorwELL

NEW YORK, oct. 23.-Arrival OF
more stocks from Europe, important
battles Mt Vera Cruz said Adrtapopie,
together with election nervousness,
caused "a sharp break in the stock
market today. But even at the worst
prices were not down to the level
they touched In London on october
18th There was continued raiding by
professionals. and this caused consio-
cradle actual liquidation. But the
strong interests bought stocks, believ-
ing them to be bargains. They admit
that the Immediate future of the mar
ket may be uneasy. and they do not
advise purchases on narrow margins,
bat Fundamental conditions are so
sound and Europe has hauidated SO
many stocks ALREADY that tho time il
verN. near at hand when there must be
a substantial advance in American
stocks
More stocks Will arrive from Eu-
rope tomorrow and that will tend To
proN ake further selling. AZ has been
stated In this column several times
recently. the standard OIL party in
Wall street is expressing alarm over
the political situation, and has sold
great quantities OF stocks, and is en-
s-tes4ragiHg further sales. IL In true
there is reason for suspecting that
ffiuse ps-tT1is- arr buying under cover,
has there can be no doubt about their
open selling and That has more in
auence Just now than possible secret
stiying The Morgan party STANDS
firm and believes not only in better
business. but also in better prices. and
expresses undated confidence IN pros
poets for next year.
Failures Not Confirmed.
THE chief selling today followed
report of an important banking fail
are in Vienna. This was not confirm
ed, and late in the day positive re-
ports were current Of a big failure in
Glasgow No confirmation of this had
!. been obtained late in the day
So much attention has been attract
81 by Europe that Wan street has
overlooked the serious conditions that
has developed in Mexico. IT was the
Mexican situation that inspired the
sale Of 10000 shares NJ standard stocks
b. one ilIufT + fflIfiIDrITre TN Mt'ff'iaP
II was the report late this afternoon
that Dia2 had been captured at Vera
Cruz with all his staH that checked
the selling movement and started the
slight rally In the midst OF which the
market closed
With the market acting as II -.
acting. il is a common practice OF
issue. aud deal ia generalities. Some
statements made in this column have
been challenenged and there has been
some criticism because an optimistic
View has been taken Of the situation
Repeatedly the announcement has
has been made in this column Of late
that Standard oil people believe the
market would go lower. and the rea-
sons have been given for this view
~ f.ANF in a f1-
patches has been the one held by the
Morgan interests. that is, that the
remarkable crops, and the remarka-
bic recovery of business following
a period Of depression, justify higher
prices for stocks.
Stocks ON bargain Counters.
Therefore, without apologizing for
anything that has been said. let II be
repeated here that in the opinion Of
tfsoSc high financiers who. through a
long series Of years. have proved
themselves the best Judges OF secur
3ty values, &torks are on the bar
gain counter now. and any further
decline caused by accidental cirCNm-
stances will only increase the excel
ltnce OF the bargain.
Reports from specials and trade
authorities today We're that the steel
business ~ still growing. although il
has already reached record proper
tions. The United States Steel cor
poHation has about 100000 tons OF
rails on its books for 1913 produc-
tipn. There is slight iet-up in the
volume of orders being placed. sim
ply because the steel mills are already
flling up for nearly half year In adj
vance. and something may happen in
half year TO make even an optimist
change his opinion. The resumption
Of dividends tsday on the preferred
stock of the Republican Iron and
Steel company WAS further evidence
~ the belief of the steel men In tbs
genuineneSs of tn" business recovery.
II will be surprising if the banks
do not make q bad statement this
week, considering The drain that has
been made upon tho local money mar
ket.