The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-11-02
STOCKS ADVANCE
TOWARD F|RMNESS
SOME WEAK FEATURES OUTSIDE
THE ORDINARILY ACTIVE
ISSUES
TRADING CUR I AlLED
TOTAL TRANSACTIONS ron THE
TWO HOURS BEING ALMOST
Down TO SEASON
" RECORD
TRADING CUR T ALE D

NEW YORK. Nov stocks
moved slightly IN the direction Of
arrnncss to-day. although there were
some weak features outside the ordi-
nari1y active issues, Closing prices
showed Irregular changes with pre-
ponderance Of fractional advances.
The striking feature Ell the market
was the cur1ailrneat OF trading, total
transactions for the two hours being
almost as low IS shis years previous
record day * dulness in July last,
rrt44eA WAS t44t nest --taat4SsE3t half SEES
sion since May 1903. Obviously
such q market has acquired a good
deal Of immunity 20 bad news. and
adverse arguments even though II
seems TO anticipate nothing construc-
t3ve In the prospect.
Bank Statement Record.
The bank statement established
record fer the year In %closirg a
deficit Tn actual reserves amounting
70 slI7.o56 The exhibit attracted
, much attention. because cf the peeu-
Tar course 81 call money during the
week. ana tho statement threw some
Tight on the abrupt rise in lending
rates. although the Interpretation Of
the arures wss not obvious Loans
in tire actual showing increased S24.-
coo. 600 with an accompanying =. In
crease OF about $I9,70o.eo0 In de-
posts,
The loan Increase was clearly at
tr.butable to the arrangements for
CORPORATION disbursements at the be-
ginning IF the month, complicated
somewhat by new financing which has
been under Arrangement, but II was
the loss Of cash which accounted for
the recent call money market. None
~ the forecasts Of cash changes had
pointed TO any such reduction in re
serve holdings
gratifying feature Of the weeks
stock market was its increasing dull
ness. despite some reaction In prices,
Dealings contracted with values and
because very few Developments bear
ing on the financial and business pros
pect were optimistic in their import
an intrinsicalIy strong position Of the
share list was suggested.
Trading Professional.
Tho trading was continuously pro-
fesslonal to high degree. and heavi-
ness was owing 70 lack Of buyers
moro fran % ms application Of pres
sure.
IT might be n reasonably safe con-
lecture that around the current ieVe!
Of quotations the thought Of financial
Interests IL less concerned with the
selling cnportuntttes of the market
than with the buying Possibilities which
il may present from time to time, as
mark etwiee factors induce weakness,
particularly II liquidation is forced TO
an~ extent by the increasing reces-
sion ~ general business
That funds are available for invest
mont and have a tendency To seek
i-~ ND no
ssstent absorption of new security Of
ferlnrs IN moderate amounts. The
average level Of outstanding bonds
gtteefpd bv high grade railroad issues
declined last month. and Is now very
lttic above the low average Of June,
but October gave n satisfactory &C
count az itself In moderate total OK
successful promotions OF new BONDS.
ard noses. Moreover, the basis OF
sales to4ay is not as costly to borrow
ers as II was four or five months ago.
Review OF Week
A review Of the weeks happenings
and considerations shows how little
there was OF a favorable nature from
the Wall Street standpoint, and &C
cordirgly how parativciy unre-
snonsiye stocks were 10 depressing In
Auences Tho Mexicans affairs seem
ed obviously worse in their threat OF
cornpelline the United States 10 In
ter-vene. rot only because the sltua-
ton failed TO Improve, but because
Europe was urging action at Wash
fnrton The whole budget Of do1nes-
tic political news was unsettltng. the
exasperatinR Crudities OF the income
tax law began 10 make themselves felt
In connection with the November In
terest disbursements, and were UNI
douhtedly responsible to some extent
fer the rather violent tightening OF
cali money In Wall Street.
Abroad some signs pointed 10 real
f,nnrovernent in money conditions al
though skepticism was manifested re-
gard,ng the Justification for the Bank
az CermanF's reduction Of its discount
rate from per cent 70 l~2 per cent
All the foreign security markets, In
Guiding Berlin, were weak and on
4he engagerncnt pf 81 Geo coo. gold IN
London for export 10 New YORK intl-
nations were promptly given that the
Rank Of England would not take kind
lv TO me substifGtions Of New ork
for Berlin as q grshber ut She London
markets goia supplies
The weekly reviews by the com
rrereiaI agencies admitted recession
In induatry hut reported fairly well
sustained mercantile activity The
cnuntry's bank ciearngs for the week
decreased about L per cent in com
parison with the corresponding week
last wear. and in the light Of the con
tinuous record Of shrinking exchanges
4. cannot be doubted that trade is
falling.