The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-16
CALL MONEY is FREELY
OFFERED AT 7 PER CENT
First Pronounced Sign of Accumula-
tion of Idle Funds That Eventu-
ally Justify Reopening.
MANY COMPLICATIONS ARISE
Position OF Stockholders Now Is
Most Unhappy-Stock Exchange
Must Soon Find Way to Protect
Feilow-AIembcrs With Banks.
nY nRoAnAN MAIL.

81 By BSOADAS VAIL.
New York. October ls.--Ca!l money was
freely offered to stockholders To-day ut 1
per cent, This IS the first pronounced sign
of the accumulation OF Idle funds that will
eventually Justify the opening of the stock
EXCHANGE and the resump ton of trading In
listed securities.
The position OF tho Stockholders is most
unhappy To iius,ratc: One house had n
client long of 1000 shares of Amaigamnted
Copper. with tcn-point margin nj the OIL
cta, closing price OF 49, When tho banks
requested wider margins this broker asked
for securities or cash from his client. but
wus met with response that, inasmuch as
the Stock hxch'nse had yGG AN s, Gi'c,a ,s
margin The broker. in endearor to pro-
&c, his rSssn s9nSht atI bS, Mas told
he could not close out the account OF ms
Inc clearing house at tho official price.
Amalsamated Copper in the meantime had
aropped unonicially Some ton points; Ine
duo;ion Of The quarteriy dividend from $3.50
TO 50 cents. or from TO per cent n year year:
banks Banks nor by tho market The broker has
no protection. and Is compelled TO stand
in the breach for whatever losses nmy be
This Is a single illustration of tho com
plications that have arisen owing TO the
efforts Of Stock Exchange officials TO MAIN
The stock Exchange mus: soon find
to PpoienS s s nsnk eashier are
asking Impossible margins that customers
a large operator whose stock Exchange
commitments we're rela,XeS small .,i, was WAS
eal'Sd hs reason for
your request" he wrote TO his broker
neNt thirty days | have several time loans
maturing. and until am definitely assured
ing officials l cannot endangcr my position
by turning over my available assets or cash
Thus the s!,ua ton is complicated. and
must necessarily remain In that stats until tii
market whore values may be accurately de-
ions op'r sEat 0F wo1la Justify restoration Of
values. outside markets have been Ignored
oriccrs feel bound to insist ON a lower
schedule Of prices in estimating The value
not theories. Confusion will continue until
the stock Exchange is tsHpens ed upon n e anx
thus eliminating all forms of speculation
Mafeshifts have been adopted in creating
tradins prices In unlisted and outside securi-
u vide line betwee the real market and
the artificial values that are established in
Banks are Iresponsibie for deposltors funds
intrusted 10 their care To shelr stockhoid,
and surplus. Righttully, the demands OF the
puhlc--particularIE speculative Interests
downtown banks have shown consdera-
tion 10 the Stockholders that merits high
The co operation OF the stock Exchange IL
essential to the protection of the investor, the
bank and the stockbrokcr.
Following the announcement that all open
commitments OF July 10 had been settled
through the clearing honse. u feeling of OPP
tinism spread through the financial district.
This is gradually being replaced by pessi,
mlsm because no progress IL made toward
solving the problem OF compelling members
stocks from their fellow brokers who bor-
rowed shares before The exchange closed.
Until this nut is cracked. public trading is
4 out or The question. and ii quick solution
OF this problem should be found
for call money from TO per cent
was the most significant financial development
TO-DAY The M ,&. rate was established s"on
amounts were placed at the reduced rate. and
some reIaxat!on OF long time maturities
naturally followed. Foreign exchange was
stronger az the direct outcome OF call to
participants in the recent New York City
Siocvo2ee5 note Issue FOR payment of another
attended by large gold shipments to ottawa.
N point OF TACT ;o-day's exchange market
in cotton bills.
Brokers declared another fortnight OF ef-
ported vii! produce large credit bal
ancc in London with resultant lowering OF
existing rates Of exchange at this centre.
The cut IN the AInalEamatcd Copper COM
pany's quarterly dividend from si.5) 10 70
cents was IN line with general expectations.
The proposition to organize n SiS5.ool. 800
Federal Reserve Board engaged tho atten-
ton OF some OF the leading banking inter
definite conclusion reached. Local
hnanc!ers. il Is said may withhold their
support unless the plan is considerably modi-
fed.
New York, October l5-c!osinE: Mcrcantlle
slSty-day bills, Sig3b0. for Bles for