The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-02-16
SECURITY MARKET
IS FAIRLY STEADY
Prices at End OF Session Practi-
cally Same as on Pre-
vious Day.
sPEcuLAToRs ARE TIMlD
Street Docs Not Respond Ac-
lively to Improved Tone
Of News.
SPECTATORS ARE TIMID

LOT securities was, however charac-
tcrizcd BY fair amount Of steal illness.
ana at the close prices We're not far
from where they were at the end of
business on the day before, although in
the main lower. There was some dis
appointment that the market tailed TO
respond more heartily TO the inn
provement in the Mexican situation TO
the obviously stronger undertonc in
financial sentiment In equipment ana
10 me somewhat more peaceful pros
pect furnished in the morning news
papers In the iiremcn's controversy with
tfe railr oads. There was ncvctthc-
less. an indetinitcncss in this improve
ment which did not relieve TO any
great extent the timidity OF spectators
FOR the rise. Official dispatches from
Mexico were lacking. London did not
puy any great amount OF stocks. and il
was said that an open market for COP
per metal was at last prevalent ana
mat tho commodity could he obtained
for fifteen cents a pound,
Talk about coming financing by the
Transatlantic and presumably respon
sible for the weakness shown in this
quarter. The coal stocks were again
depressed ~ the government suit
brought against the anthracite compa-
mics. but there was no development that
gould account for tho selling of Great
Northern preferred ana Northern Pa
cific.
Sterling exchange WAS again weak.
which was favorable factor Thc
bank statement presented an unusual
discrepancy between the average and
actual figures In the one there WAS
q decrease Of surplus reserve OF over
s6,oo0,o00 and In the other an in
crease of almost s7.000.ooo This was
because the figures IN the particular
Items or the two statements were al
most exactly reversed but why this
should BE- no one pretended to know o.
explain.
Shipments OF gold TO South America
doubtless will go on for an indefinite
ncriod. but the peak OF the movement
LAS apparently been reached IL may
he said all this represents no vast or
decided Improvement, but enough bet
terincnt has taken place to modify
the extreme bcarishncss OF professional
market operators.
Ia response TO the frmness in money
here there has been decline OF over
nnc-half a cent in the quotation for
dcm;Ild sterling. and this has FOR the
time being, any way. stopped gold ex-
ports to France.
There is no doubt that general bus
mess is characterized by u greater de-
the new year began. as almost always
Is the case at this season: but the Diff
cultics 10 which attention has already
been drawn have contributed toward
spirit OF Increased cautiousness on
tho part OF business and financial in
forests.
Wall street Gossip.
Some OF the Eastern railroad stocks
notably Pennsylvania, were heavy
throughout the week. The only bear
ish argument appearing in them par
ticularly was the chance OF a strike
though on the PENNSYLVANIA there were
circulated reports Of a Forthcoming
stock issue. Spectators disregarding
precedent were impressed by the prac-
tical unanimity with which the firemcn
authorized their representatives to de-
clare a strike. and vcntured on short
commitments on strike news which is
the most hazardou OF all short selling
Many Of them left their short contracts
out over the week end. though the dis
putc may be submitted to arbitration
before Monday, and the argument de-
stroyed.
It was just year ago to day that
the great railroad strike in England
was settled That strike tied UP all
the railroads in the kingdom, and was
the most thoroughly organized and sue
ccssful strike in the history of union
ism.
The managers were practically
obliged to conccde the demands of the
men. but at the same time they were
urging the concession OF the ministry
that they would be permitted TO in
crease rates IN manner remuncr-
ating theif stockholders
The authorities of the Stock EN-
change. though generally diligcnt and
efficient, have at times adopted the
policy OF locking the stable door after
the horse has been stolen New rules
and disciplinary measures have fol-
lowed rather than preceded scandals,
and it turns out now that the accept
ancc of an insecurely margined ac-
count preceded the adoption of the
resolution that the acceptance and
carrying of an account Tor a customer
either member or nonmember.
without proper and adequate margin.
may constitute an act detrimental to
the interest and welfare OF the en-
change and the offending member may
be suspended"
Ambassador Leishman's account. was
so insecurity margined that the debit
balance exceeded $4,000 With the
rule IN force an adequate margin
would have been required, and attcn-
ton would not have been directed
anew to the temptations offered By
the exchange or to the indiscre tons
Of an American diplomat
Although bankers are not as busily
engaged as at times in the past in
new financing OF industries i'm this
country, the International banking
houses are steadily increasing their
influence that is. the Influence OF tn,
business men of the country, in for
cisn countries. The latest case in
point is the performance Of Brown
Brothers 4 Company. and r g w
Scligmah & Company in reforming the
finances of Nicaragua. The monetary
system OF that company, as unstable
and confused as possible up to rn-
Gently, has been put on a stable baeis
by the bankers. and American in
fluence in the trade of the country en-
HANGED accordingly.
New York, February 15.-Monev On
call nominal; no loans. Time loans
strong; sixty days. l-2@5 per cent:
ninety days. 3-41s: six months
s-406.
Close: Prime mercantile paper, ) per
cent. Sterling exchange steady. with