The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-11-17
NY. Sun S Weekly
Financial Review

NEW YORK. Nov. l6,--The Suns
weekly review of the financial situa-
tien tomorrow viii say:
About the most obvious aspect Of
the WAL Street stock market is that
/, has discounted large decrease Of
general prosperity The same state
nent may be made of the market for
securities commonly regarded as hav-
ing a less speculative and more or an
investment character, i is also true
Of the foreign markets. where de-
preston and relative staRnAttou have
in some cases been even more pro-
nounced than in Wall street. Both at
home and abroad values have offered
d striking degree of at least passive
resistance 70 day-to-day news. ar
week to- week developments, which
could be considered had. although
prices have not had the support Of
much occurrences which was cons
spicaousIy Of constructive nature.
The Influences which IN the long
run must make for sustained I'm
provement In she security markets
are such as are represented hy thr
i!ouliating and contraCtlEes. Processes
that have been tor a yrar or more.
ard are Sill. operative SRI trade and
industry on the commercial side, and
in credits on the financial side. Such
Influences are not likely 70 advertise
in any spectacular fashion The COM
pletlon u necessary establishments
conducive 70 q new economic forward
movement and the resam ptiHn ~ the
task of creating new equities go he
translated by the medium oI price
III ESQ processes are Hn1er way how
ever and must have na5- much pre-
Eress toward a conclusion. furnishes
a more solid basis for financial and
business positions. which have rU-
dured the tests of strain. bat Il would
be an i3le and hazardous task ~ this
lime 70 attempt TO predict. and ~ anE
coni lecture as 20 the suGicieuEy of
liquidation so far the probable
course II quoted values N the near
future
II would not however. involve SO
mpeh risk 70 infer from the action
OF the securities market In recent
weeks, after ali the record of decline
and collapse made In the previous
twelve months that in most f'ree-
lions the prices Of stocks and bonds
had anticipated very closely The az
ereeate Of effects likely TO he pro-
duced on corporate earning power by
the factors which have induced moro
or less commercial and manufacturing
depression.
There Is evidence that capital has
heen very modestly. very gradually,
and with "A careful discrimination, GO
ing back into securlte1 on this
theory. encouraged also by the mani
fest extent TO which adverse condi-
tons in politics. in money and In
general business, have been discount
ed
Accordingly while expansive move
1nents have come to an abrupt halt.
and have been quickly converted into
reaction, and while the experience Is
likely to he repeated as long as gen
cral business continues 10 fail and
the forces which have worked FER
financial and commercial depression
Continue 10 Restrain nags~eE er4lriSa14- j
is not renna rkabfe that from time to
time, as was the case last week The
share list should make an optimistic
response TO favorable considerations
however slight Such features Of
weakness as have been presented con-
spicuously by the New Haven shares,
only show that In the stock market
as in banking and business positions
there has been debility which could
not withstand the general strain.