The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-22
NY. Sun S Weekly
Financial Review

NEW YORK. Sept. 2l.-The suns
weekly review If the financial situE-
ton tomorrow will say:
A survey Of the trade and financial
situation emphasizes the suggestion
NAT the foundations of the past year
were quite effective In bringing values
into line with the continuing uncer-
taintles 4 the influences which most
closely touch values, and with the
impairment Of prospects for expan-
slva acffcitges some lines of business
are holding their own quite satisfac-
torilv. and N stock market has made
further recovery on the average from
the extreme II depression Invest
rnent demand is sustained. although
mt large Crop SHORTAGES are ohVl-
,usfv holding trade and industry In
cheek. and abroad the reacuonary
condition az business Is plain. The
circumstances of the money marFHf
are not comfortable. and m forecast
NAV he safeiy verturcd as % the dis
count and interest rates which are
13kAlv 20 prevail during the strains
~ the last quarter Of the year Europe
&c much concerned about tho wide
snreaf d. n7and for gold with which
- augment hank reserves, and our
nos;f}ou NAV be further tested on this
account II he domestic accumulation
of cash next winter is much larger
than normal on account Of business
slackeninE.
Nevertheless. there ta M sign II
grave weakness auvN here in the field
in which values are created. and
rather surprising revelation az trade
activity was made by the countrEe
foreign trade statement for August.
This showed an export increase 81
500 6nh coo compared with the i'm
Dorts decreased $1,000 06h an export
balance ~ $4,000 600 resulting In
bringing the export excess for eight
months mr. - $3.50 GOO 900. a g against
s2es coo 00n in the same period q wear
ago The falling of IN imports testi-
f1ee probably - tariff revision In
Huenceg. hut there is encourage ment
In the fGures denotinP The world 8
consumption of our goods and staples
When the tines very evidently call
for conservatism. the Wall street
stock market has been manifestine
aggressive confidence, which is not
rna.chea elsewhere Despite all the
dra ~ backs Of direct interest. such as
the sorry plight Of the New Haven
railroad and It's shareholders, the
sold out position which developed In
securities last June has continued
10 reflect itself in a broadening for
ward movement Of quoted values,
with an increasing volume ~ dealinga
on the advance The expectation Of
an extra distribution on Union Pacific
shares has directed attention to some
fhinr which Wall Street is always
forgetting and always learning anew
That is that real values are usually
overlooked and lost sight Of in n
period Of declining markets. and re-
covery s very often nothing more
than an expression Of the discovery
that vaiues had remained superlor 70
quotations If the Unicn Pacific Is
able to make a substantial extra dis
Nurse ment on it's shares II II not he
cause of any recent financial coup
The analogy Of recorded and remem-
hered values applies In the case a
Reading and Of other stocks, which
have lately been displaying conspica-
ous strength II should be noted
though. that the stock market in the
past week was characterized by q
pronounced disposition to. favor the
selling side