The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-12
BROKERS ARE GETTING
THEIR HOUSES IN ORDER
Cleaning Cp Uneven Accounts Where
Are Possible. While Markets
Are Still i'll State of Siege.
CREDITS ARE DoLED OUT
Those Brokers Fortunate Enough to
Have Cleaned Their States Are or
Tor Vacations, and Wall Street Is
Nearly Deserted.
.Rr pNoApAN NALL.

Brokers are getting their houses in
order bN cleaning up uneven accounts
whenever possible. The stock markets
Of the world are still in state Of Siege.
6ahkers dole out credits as a COM
missarist would rations
The special committee. known as the
committee OF ve.-<ruled that whenever
a loaner of stocks gives one DAYS no
,ice ot ms willingness to have the same
returned and the borrower SO fails to
return the securities. interest thereon
shall cease
This viii hasten the settlement be-
tween the borrowers and lenders of
stocks, and Is part of the sitting out
process That when completed will even
up ~. Transactions between Stock EN-
change members az they were never
evened up before on this or any othe,
exchange.
Those who have been fortunate
a holiday. and the attendance OF brok-
'ers down town to-day was smaller than
any day since the closing of the eN-
have put their clerks or half pay and
sent them away for indefinite holi-
Quite the most important news to-
day Was the report from Canada that
a branch of the Bank of England
would be established at Ottawa to re-
ceive shipments, of gold from the Unit
cd states. Gold so deposited would be
Immediately available for the Bank OF
Englan The news was not received
AS every effort has been centred on hus-
banding our resources until the ship
ment of wheat or cotton can be utilized
to offset our debit position in foreign
exchange.
The market for call money was again
practically at standstill. AS negotia-
tween the banks and their customers
numbers of the money brokers have
left for vacations.
Odd lot houses had succeeded in
transferring and delivering vast
number of small items. and while the
settlement OF these contracts cleared
the books OF the brokers of consider
able detail, the total OF these purchases
is not great when compared with large
blocks received from abroad. so that
no reduction of loans at the banks can
he directly attributed TO these settle
nlents.
Investors are inquiring for stocks
tons. There is good inquiry for Con
soiidated Gas. whose earnings. of
e s,nn,s ar, are in no way impaired This
6 per cent dividends are considered
morally certain. vi the last price rul-
ing The investment nets over per
Brooklyn Rapid Transit. paying per
cent and earning over . per cent.
should be in no way affected as a divi-
e dend payer. The last price for these
per cent TO the investor. These stocks
will no doubt be In demand when bust
NEW YORK. Angus; ll.-Beyond a
Iutther strengthening, OF the lines OF
defense. conditions in the financial
aspect. There were numerous confer
cnces regarding general conditions. but
II Is becoming increasingly evident. ac-
cordtng to observers, that any initia-
tive looking 20 the resumption OF nor
NAL business must come from abroad
Foreign advices threw no new light
10 -tf all -
communication with London was more
frequent in the course of the day. Such
WAY news as was available. whether
from London, Paris or elsewhere. Of
.cred little encouragement The bank
ing community WAS thrown into excite
ment because OF reports that the Banl.
esta blishment OF = branch In Canada.
such move was viewed with concern,
because 1t carried implications OF an
attempt 10 build un credits here, with
resultant drains upon American gold
reserves. While the report lacked con-
firmation, il was declared by financial
upon this countrys soid holdings.
pending adjustment Or the foreign situ-
alton. is likely 10 meet with complete
failure.
Money continued to lend a, to s
pc cent. many loans being made at the
higher heure. In explanation of this
directed their local corresponds not
10 make loans under the maximum rate.
because they themselves were paying
approximately that figure for clearing
house certificates.
Maturing loans were not always re-
newed, some institutions showing a
more decided disposition to build up
reserves. Southern cotton banks were
again active In the money market, but
further shipments Of emergency cur
roncy TO those sections and the intro
duct!or of cotton emergency bill In
tho Senate to-day are calculated to
ease the strain In that quarter.