The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-18
REPORT ON MORGAN
HAS No FOUNDATION
EXAGGERATED sTonIEs ARE CIR
CrLATED CONCERNING FrNAS-
CIER's ILLNESS.
CLOUDS AGAIN DARK
MARKET BEGINNING no SHOW
FRIGHT ON SATURDAY.. SUI
FERs THROUGH REPORTS
ON SUNDAY.
CLOUDS AGAIN DARK

NEW YORK, Feb. 17.---Exaggerst-
ca stories circulated Of the Illness OF
j r. Morgan made an additional con-
t-ibution today TO the current pes
smisln Ia Wall Street. and caused q
greater or less amount of professional
selling OF stocks. The decline, which
took place in the market, was not.
however. wholly on this account. The
sacts concerning Mr., iorgan's con-
dstion OF health were authoritativeiy
made known. and these were not of
a nature 10 induce any actual liquida-
tion OF securities whatever
Nevertheless over Sunday the
clouds over the speculation situation,
which were moderately lifted at the
end OF the week again darkened.
When the market left of on Saturday
the Mexican outlook seemed more
peaceful: the tlremen's difiiculty APP
peared improved. and the financial
situation in Europe as TO the out
come IF affairs IN the Balkans was
encouraging; but hope in these re-
srects was iessened when the market
opened today.
Security Market Unsteady.
The security market opened at de-
clines running from one To two points,
and continued TO sell off with a good
deal Of rapidly in the first hour of
business. Covering of shorts" by
PROFESSIONAL HftaTEtE Operators result
ed In a fair rally. but upon this the
market became dull and the next
movement was another decline. Clos
ing prices were. however, above the
lowest
According to common observation
a considerable quantity Of stock was
sold for the account of foreigners, and
the Canadian Pacific shares, which
are held largely abroad, were es
pecially weak Otherwise there was
no very striking feature in the mar
het. The trunk line stocks gave as
good an account of themselves as any
others, and the Southern Pacific and
American Telephone and Telegraph
shares. stocks that have been lately
affected by underwriting operations
were conspicuously firm. There seems
to be no doubt that the recent s67.-
o00 600 issue of American Telephone
and Telegraph Ia per cent con-
vertihle bonds has been a great and
surprising success
Gold Exports Stop.
The call loan renewal rate was four
per cent, which was below the highest
recently touched. but the inroads
upon the cash resources of the banks
made by the gold exports in the last
thirty days, was again responsible for
"a further rise in the price of time
money.
The undertone Of the sterling mar
ket was weak. but as quotations there
are more than~half a cent below the
current some time ago, the prevail
ing feeling is that there viii be nc
more gold exports to Europe direct al
least until money rates on the other
side make another advance. Gold re.
na+ttances to South America may take
place. but II is thought even as TIC
this that they will not be in as large
quantity in the future.
IT may be said finally. regarding the
present market conditions. that sales
of stock by bear operators would
probably he larger than they ", W are
were it not for the fact realize by
all people of common sense that many
Of the current difficulties" from a
speculative point of view are of q
sort that may disappear overnight.