The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-31
MEXICAN AFFAIRS
CONCERN To MARKET
OTHER NEWS. BOTH FOREIGN AND
DOMESTIC, AFFECT
SECURITIES.
SHARP CONTRACTIONS
-
MARKET Dull IN FORENOON,
PRICES SAG AND CLOSES
HEAVY WITH DOWN
A POINT.
SHARP CONTRACTlONS

NEW YORK. Oct. 30--Nexicar
affairs seemed 20 weigh on security
markets here and abroad today, hU
there were other matters both Of for
eyR3 and domestic concern.
40 particularly favorable develop
rnents came to notice to strengthen
fae Wall Street share list. although
Satisfactory aedacs3ons couId DE
drawn fram the Bank ~ ErE'and's
weekly statsrue nt, and the fact that
rne hank dl3 rot raise is discount
rate.
Easy going assurances are readily
wouchsafed nowadays thai ne advance
In official discounts abroad Is really
to BE expected IN the balance II the
year s3nce the Berlin rate was low
cred fract5onA]iy last Monday This
neay be as IL may he, and undoJht-
eddy conditions !r Germany. the Eu-
rapean points cf most obvious strain
IN the past year. have improved sub
stantlally On the surface the French
situation Is eocourag3Hg. but there
are a good many tests ahead II the
European financial markets, and the
remaining months ~ 1918 are rather
likely 70 be characterized by strain
on money than relaxation,
Weakness and Uncertainty.
There was a good deal Of uncer-
tainty ard some weakness in the for
etgn security markets during the
day.
During the forepart n the day
trading tended 10 contract sharply
and the market became dull In the
Interval OF duilness prices saEged. and
when the last safteued yisihly in the
last hour. there was an increase Of
selling activity The close was heavy
with the leaders down about a point
from Wednesdays final quotations
feature If the session vas the very
heavy liquidation in the new issue
OF New Haven dehentures skies.
which are involved In court proceed
iags In Massachusetts, Contracts in
the bonds sold down to new low
levels To all outward appearances
the share Hist fell Of It's own weight.
For several days It had ruled duh
with saRging trend at the five to
six point advance established last
week in comparison with the low
prices earlier in the month,
Cause of Weakness,
Today's weak ness seemed 10 be less
a reflection Of selling pressure than
LOT lack Of buyers. At the same time
there is enc matter of which the stock
market has to take cogni2ance which
has not Leeu calculated 10 stimulate
purchases 1pLUii%tjt I'll Il EittAl -
based on currency leg5s alton, and
the possibility Of evertaal relief for
railroad credit through .Eher rates
have had To offset the ey 4ence Of in
creastng industrial cession and
weakness. a development which could
be more Immediately controlling than
rer7ote possibilities Of hopeful augury.
The rapid sale Of the new issue
Of $4,000 600 Of New York Central
notes on + Ia per cent paais. testi-
fed ~ the persistence Of investment
denast. especially when the sale was
pared with the six IA seven per
cent basis. on which notes were dis
posed OF earlier In the year by rail
roads IF quite as good credit the
New York Central. The Reading
company's report for September
showing "a decrease Of s724 600 in the
net surplus OF aii companies, and the
Southern Pacific report showing fall
ing off of $4,000 in net earnings
for the same month, conceded In
somewhat depressing fashion with this
disavowyll by the chairman Of the In
terstate commerce commission of any
intention TO foreshadow the disposi'
ton OF the railroad requests for high
er rates.
The Money Market.
The manifestations in money were
decidedly interesting. Time runds
have this week eased II anything
while call money has been rising. The
accommodation on call renewed at
per cent but some lending was eff
fecfed as high as q per cent. The
rise In call money helped depress for
cign exchange, and demand sterling
fell TO AISLE GB4S520, Possibly al
this indicates the likelihood OF furth-
or gold engagements abroad, which
In turn raises question about~the
London bank rate,
Still It IL 10 he presumed that the
tightening in call money is tho result
~ temporary causes only. one al
these has been the export Of gold &c
Canada, a million dollar engagement
teday bringing the weak's total up Il
&C. 500 GOO.
The Dominion Is taking the total
apparently in connection with the
operations of the reserve require
ments Of the new Canadian banking