The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-11-29
FAILURE RECEIVED
WITH INDIFFERENCE
REAL ESTATE SECURITY COMPANY
HAS BALANCE SHEET OF
Sc, o9o.o@
POOR REALTY MARKET
CRASH TAKEN AS INDICATION
or UNSATISFACTORY CONDf-
TONS, But HAS NO OTHER
EFFECT.

NEW YORK, Nov. 2S.--So far as the
present stagnant stock market CON
tfrues TO signify anything IL gave
further evidence today Of the thor
oughness with which IL has been
speculativeiy liquidated 1t had TO
Withstand tho adverse sentimental in
anences Of severe tightening of tho
local money market, although the
actual force Of ten per cent call funds
was broken ny the common SUPPOSE
tlon that banking conditions had been
only temporarily straitened.
The announcement Of the failure Of
the New York Real Estate Security
companysA ftve-year -oid corporation
reported No have balance sheet totals
OF about $40, GOO. 600 on each side. was
received ,n Wall Street with the same
general manifestation of Indifference
that the share list has -accarded lately
to bad news of any sort Inquiry
during the day did not indicate that
the Insolvency OF the realty concern
in question was likely to have any
further consequences. and Il was re-
garded as merely outward evidence
OF the unsatisfactory real estate mar
ket. which is in keeping with the
impairment Of speculative markets az
all descriptions, and In line with gen
eral business decline.
Weakness hi Specialtfes.
Weakness in certain speclalties ap-
peared in various quarters Of The day $
stock market, some OF which was
plainly a sympathetic reflection of
real estate developme The mar
ktst as whole. however. while It re-
suited in net average fractional de-
cline Of prices was relatively steady
The total Of transactions, only lit
lie more than one hundred thousand
shares. was eloquent Of anything but
al h ftVgg q
some selling disposition was manifest
ed and Europe was reported a moder-
ate seller There was no particularly
noteworthy aspect of the foreign
security markets, and there had been
none over the THANKSGIVING holiday
here.
Most OF the other Wall Street at
tention with political matters was rep
resented by curiosity respecting Presi-
dent wilson's address TO congress
next week Presumably IL will be
found that as usual the financial dis
frict Is not surprised by the tenor OF
the presidential communication.
Trade News Monotonous.
Trade news was OF monotonous
sort, and in keeping with the decline
noted in copper metal abroad. The
high ten per cent rate for call money.
the maximum for the year so far,
was accompanied by seven per cent
renewal rate. The usual heavy shift
ing Of funds Incidental TO the turn OF
the month in preparation for corpora
ton disbursements mas been compli-
Gated with an extraordinary move
rnent of cash TO san Francisco. and a
surprisingly hcavy expectation of gold
TO Canada. Canadian takings Of gold
for the past week was increased today
TO sl3.S00, 600. and adding N the
movement 10 San Francisco, New Or
leans and elscw here. the local banks
have been called upon in the closing
DAYS Of November 10 endure "a reserve
drain aggregating fully 100000, 600
The deafness Of the security mar
kets and the diminishing demands Of
declining business enabled the bank.
ing community TO regard the periodic
uncertainties Of the money market
with some equanimlty, but the facil-
ity with which money loses it's aspeG
Of ease Is not particularly relished.