The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-24
Low QUOTATIONS IN
FIRST HALF HOUR
AVERAGE sooN REACHED IN THE
NEW YORK STOCK
MARKET
LIST REACTS AGAIN
AFTER AN AGGRESSIVE HARDEN
ING. CLOSES AROUND INITIAL
rRICE IIST--TBADING
FAIRLY ACTIVE
LIST REACTS AGAIN

NEW YORK. oct 23-The aver
age OF loW quotations was practically
established In the FRS: half hour Of
business today, After an interval Of
rather aggressive hardening the list
reacted again, aud closed around the
initial price level with substantial
array af further net declines from the
maximum Of rally on Tuesday Trad
ing was fairly active.
Impulses TO a continuation Of reac-
don emanated from abroad. There
were s5gns Of professional campaigns
for the fan. including selling ia Lon
don. and before the local opening
American stocks were well below
Wednesdays close here.
At the same time there was no par
tfcular strength TN the foreign mar
kets generally London was heavy in
reflection Of continental weakness, and
the tenor Of adyices rem the Con
finert vas not especially optimistic.
The Bank 81 France made a salts
factory weekly return. ana the Bank
81 England published an excellent ex-
hlbIt disclosing gold gain or more
than s4e0e, 000 ana tho highest re-
serve ratio fer the season in almost
twenty years
Not Regarded as strong.
The banks absolute gold condition
ts not however, regarded as strong
as It should he, and Europe is still
apprehenslve Of higher discount rates
The announcement that the Austrian
government would need to borrow
g3N 600. GEO To prevent a budget deficit
ana that an agreement had been made
for = 100000 600 FIVE power loan
to China reminded the foreign market
Of the capital demands awaiting sup
ply, and for some reason Europe
seemed q be quite a little concerned
over the status Of Mexican affairs.
There has been much talk in Wall
Street Of the Mexican situation, hut
II has been the keenness Of European
interest which has lately caused some
fear that American Intervention in
Mexico may he forced Nevertheless.
IL was only In stocks that Europe had
any noticeably adverse influence lower
foreign prices being followed by for
eiru sales here. Primer discounts
were reported In London, but foreign
exchange sold off with demand ster-
ling quoted az low Or 4.s530 q 4 $685..
Meanwhile, the lowering OF the call
money renewal rate to 8 per cent sug-
gested that the loan account Of the
clearing house banks was still in pro-
cess OF reduction through a transfer
creditor aGh-hald4nGa- were
expanding.
Cut IN New Haven
One of the bearish items or news
which Wall Street had 10 consider
overnight was the official intimation
that the New Haven railroad dividend
might have to he cut to per cent
the hope being expressed that the
company would he able to maintain II
at that level until il could raise 1t
again There was moderate early
rush to sell New Haven shares, but
the Stock rallies somewhat better
that most issues Pennsylvania was
subjected to special pressure, and was
one Of the unsettl!ng Influences in
the late dealing Its course might
have denoted professional efforts TO
break the market. but the list proved
sensitive to the weakness in Penn
svlvarta.
During most Of the session after
the 8rRt half hour the market gave a
rather good account Of Itself, rsflying
without chvlous effort, but at the ad-
vance in the afternoon there were re-
neged offerings