The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-05
TRADE SIGNS ARE
QUITE D|SQU|ET|NG
Caution Is Watchword, and Bus
mess Men Must Watch
Steps During Year.
DEPRESS STEEL AND RUBBER
Contraction Of Business Gcner-
ally Warns Financial Interest
OF Need OF Conservatism.
ny u. c. FoRnES.

~
must watch their steps during the re
maindcr Of 1913.
Nor Is there any prospect Of an in
mediate boom IN stocks.
l understand. however. that very in
iuential efforts will be made 10 raise
the market value of gifted gcd bonds
before December 81. when the savings
banks and other institutions have to
compile balance sheets. Were quota
lions Of investment holdings low at
that date many organizations would
mako d disquieting showing.
Easiness In money rates may be
brought On by quieter business and alb
sencc Of active speculation. This would
facilitate the movement TO mark up the
best bonds.
Recent Developments have excited
surprise and cha;yrin in circles where
blind optimism was persisted in. Read
ers OF these articles have been fore
warned that things were not likely to
80 smoothly In the commercial world.
What has happened?
DisquictinE Signs.
Steel products are falling in price
beth here and abroad, and though SON
sational predictions OF fatal losses Of
profits need not he taken seriously n
period OF instability and demoralizing
uncertainty is at hand.
The world wide rubber boom has col
lapsed ANONYMOUSLY, the price of the
raw material having fallen from SO TO
40 cents per pound.
The copper boom, of which so much
has been said and written during the
last two months, is beginning to show
signs of flag EinE. Personally. ] have
had little faith in the inspired stories
or the official statements emphasizing
universal scarcity OF the metal and
Unsuitable absorption.
Why should there he n boom in COP
per when the demand for steel has
dwndled SO sharply? Tho whole
movement has looked suspicious. and
relapse would not be astonishing,
Both tho metal and the Copper shares
have been woboly lattcrly
Trade Contraction.
Contraction IN general trade is re-
fected by a shrinkaec Of 10 per cent in
bank ctearings last week
commercial failures in September
were 30 per cent heavier than a year
ago.
Tho governments report on cotton,
issued on Thursday, demonstrates that
there cannot possibly be n big crop
harvested this year.
Latest railroad earnings are dis
tinctly bad. particularly in net results
after allowing for the fact that me
Eastern roads are pettioning for an
advance in freight rates the figures is
sued are not Inspiring. Net losses for
August ranging from S2J0.c00 10 almost
100000 dn the case OF New Haven)
are not uncommon.
Stock Sales DwindIc.
Sales OF stocks on the New York t,x-
change during September reached only
100000 shares. the lightcst in many
years. Only once Tin 1910 have the
September transactions fallen below
100000 shares This century, while in
1909 the total exceeded 90 600. 900
shares. and in 1906 10000, 600 shares
Bond sales on the Exchange fell 10
s36,50oooo last ncslfh, also much the
lowest in 4 lons-sertes OF years
The Bank OF England. very unex-
pectedly, raised its discount rate on
Thursday, thus plainly warning Amer
lea tina, II must not draw gold from
London, and warning other countries
not 70 lean too heavily upon its small
stock Of gold
on Friday disturbing bank failures
occurred In India, and disposition
was manifested by Germany 10 force
gold from England.
Country's Leader. Cautious
The strongest financial groups are
urging caution
They vii. not frankly predict lower
quotations for stocks but they do
state enphatieally that there is no
reason for expecting any general adj
vance
III blunt language. The country's
financial and Industrial leaders are not
bulls on stocks
hay" already drawn UP dcpress-
ine catalogue of recent happenineA
Other matters exercising attention
and. Il might 10 added. more OF, less
anxiety. arc:
Confidential reports from Washing
ton that aggressive anu-capitl legis
lation viii be taken NJ ~ Congress
1T It's next session Several radical
measures Q! far-reaching importance
are looked for Including acts 10 cx-