The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-02-09
CONDITIONS SEEM
UNUSUALLY SOUND
Optimism in Security Values
Based on Unusually Favor
able Ease in Money,
SPECULATION AT MINIMUM
Forces Gathering Strength Pre-
paratory to Renewal of
Activity.
SPECULATION AT MINIMUM
ny BRoADAN WALL.


New York, February S-Optimism in
security values is primarily based on
the unusually favorable ease in domes
tic and foreign money markets. Ma
tionnl banks, according TO the Comp
/ troller OF the Currency had on hand
January 10. 1914, over s3l. 100000 caal,
more than tho previous high record. and
individual deposits were over $4,000
600. 900. the highest point ever touched
while notes and bills discounted show
eQ reduction over October, 1913, of
81 100000.
All this on the adoption of tho Fed
cfai reserve act, which promises clnsti-
city Tor more excessive demands that
/ may arise from crop conditions or an
ther reduction In bank rates attests the
universal ease In continental markets.
With speculation ut n minimum and
any undue expansion held In check hy
! the conservatism that rules in financial
circles the month OF February. viii no
forces are gathering. strength prepa-
ratory To Il renewal Of market activity
with advancing prices.
New York bankers have been slow in
While many of our transportation com
| panics would gla,ly come into the mar
Keno KEY Tor nIw fun, $; 1t is felt that the
Issue Of railroad bonds. until some as
surance is received from the Interstate
commerce Commission. that fair re-
L..
Semiprofessional traders, over keen
TO scent coming movements in securi-
ties. are devolving attention to indus
trial Issues. arguing that the larger
companies. Many of the trunk lines
have deferred placing orders for equip-
Incnt and supplies, owing to their in
ability, to finance their requirements
| Therefore. orders Tor rails, engines
and cars Will give the first profit to
manuiacturers before thoy will show
profit to the public. the ultimate con,
sumner of transportation
Increasing Optimism.
With tho steel business the baromc-
| ter, there is a gradually increasing op-
timistic feeling towards steel common
There is good inquiry for the COM
mon shares Of the equipment com
panies and n broader demand for cop
per stocks
Copper Is moro and more OF n ncces
sitr In modern transportation, and Is
to-day. more of u universal commodity
than amy OF the baser metals. Tonnes
tention both to tho present manage
tnent and the future prospects OF the
company Now paving per cent and
with the prospect Of an additional i
per cent 10 the stockholders, during
tn" present Year, the shares may he
considered reasonably cheap. abroad,
n buying movement Is noted In Ana
conda, Amalgamatcd. Utah and latter
ly in Chino.
In due time speculation will be di-
rccted 10 the local fractions Brook
iyn Rapid Transit, paying per cent
anu earning 10, appeals 10 many. Di-
Eidend action on marlborough preferred
Mas no doubt been restrained by the
disclosures regarding municipal con-'
tracts and accusations of graft and
corruption, while the leading bankers
or this company find 1t necessary to
spend good deal of their time In re-
pairing their financial fences.
There is little To encourage opti-
mism In rails. New Haven affairs are
10 receive another coronor's verdict
New York Central is hopelessly en-
tangled with Its short term notes and
decreased earnings Baltimore and
drlbbling of liquidations, and Southern
facinc shares Viii hardly prove as at
tractlve as tho new convertible bonds
about 10 be issued.
Rock Island shares have now reach
cd the point. where any further de-
cline may occur without menace To
tho general list. Presenting that il
VIII tie necessary to suspend dividends
on the old stock for year or two. the
Shares OF this company as represented
ny the collateral As dollar for dollar
may be considered cheap
The stock market is unusually free
from manipulation. Public speculation
IS or such small vaiume, that the ont
side interest is in no sense n menace
Looking at tho market from n dozen
different angles, conditions appear nm
usuaily sound Low priced industrials
VIII probably offer tho best indnca"
mehtS coupled with the smallest risks