The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-01-09
Money IS EASIER
ALL OVER WORLD
NUCH RELIEF FROM STRAIN IN
RELAXATION OF CREDIT
EVERYWHERE
EARLY GOLD EXPORTS
FOREIGN EXCHANGE PERSISTENT
> kEs saFs
RISE LEADS TO TALk--MrCH
IRREGULARTTy IN STOCK
MARKET.
3. syEYs&
EARLY GOLD EXPORTS

NEW YORK, Jan. s.---AithouEh the
rspIdity of Improvement IN money
market conditions tends to support
security prices. the unsteadiness Of the
share list this week was converted into
rather more pronounced heayiness to-
lay.
The appearance of the market con-
nnued to suggest that liberal profit
taking had been conducted during the
last two weeks OF relatively sustained
advance, but * seemed more clearly To
reflect the drag which general busi-
ness conditions are imposing on tbs
share list as a whole. Such Teiee-
tion was implied by some of the days
news of trade and industry pointing
10 about the most marked contraction
since the postpanic period six years
ago. At the same time the market
wise Information Of the day was also
freighted with interesting features.
nenoting the Increasingly easy circuTn-
stances Of money all over the world
Discount Rate Reduced.
There liz much relief from strain in
the relaxation of credit that is under
way everywhere This relaxation re-
ceived its expected advertisement to-
day in the reduction of the Bank Of
Englands discount rate from five per
cent to four and half per cent. the
minimum level last year, a reduction
which viii presumably be followed on
the continent and may be carried
further In tho near future as private
rates are still so far below the public
rates as to make official figures rather
ineffective.
The Bank of England's weekly re-
turns showed the rapid recovery Of
strength. which is familiar at this
time in January. and In the Wall
Street money market there was "a
multiplication of signs pointing to
ease.
Another dribiet of gold came from
Canada, but foreign exchange. despite
the official fall In discounts abroad,
persisted in the rise which has ad-
vanced sterling exchange almost IA
CENTS in the past ~o~tnieht. and has
begun to lead of talk of early and
heavy gold exports to Europe. If
these take place 1t rs not difficult to
understand why they should occur.
The country has a redundant cur
rency; the revised tariff fayors COM
modify imports. Europe has been IA
consistent seller of our securities; our
foreign markets have lost some buy
ing power The new banking and cur
rency act is designed 20 make credit
as Well as currency plentiful and
cheap, and its operations might have
an anticipatory effect while the treas
ury has made excessive deposits In the
banks.
There was a good deal Of irreEu-
iarity in the stock markets. Reading,
Southern Pacific Canadian Pacific.
Baltimore and Ohio and few other
Influential issues displayed "A degree OF
firmness, but the list az a whole was
under pressure and there was ma
terfai weakness In many quarters
New Haven was affected both by the
unfavorabie character Of current earn.
ings, and by the slow progress made
I'm settling Its affairs with the govern :
ment Norfolk and Western remain
ed under liquidation, which has been
stimulated by the notion that the
Pennsylvania may want to dispose OF
its holdings. Union Pacific was dis
tlnctly heavy after the full board al
directors confirmed the plan to dis
tribute the companys Baltimore and
Ohio shares. American Sugar Rein
ing declined sharply on reports that
+ the corporation was having unexpect-
] ed difficulty in reaching an agreement
II n the federal department Of ina
fice.
Amalgamated Copper was probably
the leader OF the days declining tend
ency. Trading was on a fairly active
scale throughout the session, with
closing quotations showing irregular
! changes, mostly lower
According to foreign advices, the re-