The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-23
DOCTORS OF FINANCE
DISCUSS THEORIES
Outsiders Suggest Nostrums Whereby
They Say business Confidence
Can BE Restored.
BUT NO REAL HELP COMES
Stockholders Grow Anemic While,
Tied Hand and Foot, They Cannot
Make Commissions or Reduce Liza
bilities-Intcrest Rates Going Up.
ny nROADAN wALL.

theories and outsiders prescribe nostrums
10 restore confidence in prices 49,,
$500. the loves, price in nfteen years
Members OF the exchange, tied hand and
their liabilities for fear OF future punish
mcnt for infringement o: rules. In the
meantime bankers screw up interest rates
and insist upon wider margins.
one brokerage hSmse re9ne nsr Een NAV was
promptly called to increase the margin 10
10 percent, on,,,,,s ,.s,r.
members that the rcopenins of the ex-
change Is impracticahle. the outside market
Steel common was reported to have changed
hands between IS and 49,. the lowest isure
since ;elS when the stock was on n per
ARE TOO oNE-SIDED
Sucn transactions are entirely too one
sided. and in the opinion OF many traders
much better price would have prevailed
the exchange By all standards of measure
ment. Steel common Is an excellent specuia-
ths ability of the United States to recover
from The presen, business depression must
include belief In prosperity for the United
states steel Corporation. With It's splendid
organization. ample capital and well-estab-
Prom Prompt recognition Of the present condi-
lions in the railroad world by an increase
OF freish; rates would instantly stimulate
activity in the steel trade. AT this time Of
the year 1t is customary for the railroads
"uirements Tor steel rails but this business
is at standstill. and will result in n con-
directors cannot place orders for replace
,ncnts or improvements now without assur-
ance that securities can be sold TO meet these
Barrain hunters have made their appear
lions by bidding for Industrial stocks Large
Company insure activity and prosperity for
months TO come The demand for WOODEN
Woolen shares. High prices for sugar In
sure large profits for holders of sugar stocks
pected 20 profit from the increased demand
Tor its product Mt rising prices.
MAY LOSE POSITIONS
The ~ aintenance of office forces is begin
ming 10 tell among the commission houses
that unless some steps are taken to reopen
the Stock Exchange by November 10 they
in tho copper trade prices appear to ,r, be
the heavy cur,allment in production n turn
Sterling. exchange was n ,rlre iirmcr. sight
bills selling At si.s5. There was fair
mercantile negotiations now under way
promised further supply Of siils; .,, Co..
ninety ''"y days. Under conditions Thai pre-
vented acceptance 10y stockbrokers. While
average rate is i per cent higher.
City bonds we're strong, the new three
established last month.
New York, October s2,-Further relaxation
In moacy rates to-day, with numerous over
year loans negotiated at per cent. testified
10 the Increasing supply of cash here. Some
sxy-day loans We're r.oorted at hhade
under per cent, while call none, also
manifested easier trend. All thee con-
tracts were secured by high class collateral.
savings banks and other Institutions. In
GLIDING the prominent insurance companies.
are said to be lending more freely. which
Mall street accepts as additional proef of
increasing confidence. In Stock Exchange
ln!s,ic The sale OF exchange member
ship at $4,000, the lowest price in many
years, measures the depth of tho deprcs-
The foreign exchange market n per-
finctory affair. with rates London viz
uialiy unchanged from yesterdays average
level.
In Tho investment field brokers found more
activity In various short term note issues
N iair demand At previous high prices.
Dealings In some OF the active stocks listed
on the cScha' Ee We're made ut further con
cessions These transactions indicated cX-
tren.e necessity on the part of tho sellers.
The unofficial market In which these sales
were made still Is looked at askance
OF the cotton poo! but local banking In
terests VIII not commit themselves to the
plan unless the Federal Reserve Board Is
placed in charge. Southern banks. which
already have large debts here, were nego-
tlating for renewals of loans to-day, and In
the main these were granted. This factor.
in the outcome OF the cotton plan. Exports
OF cotton fell OIL pronouncediy to-day, but
this was mainly due to lack of vessels.
New York. October c2.-Cioslng: AIcrcan-
tile paper. sack. Sterling exchange. steady;
s Elk Sl,s agso 70! cables $3.50
COTTON MARKETS