The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-27
BANKS SLOWLY REDUCING
THEIR INTEREST RATES
Brokers In No Position to
Force Issue.
COMPLAINTS ARE STILL HEARD
Deposit of 80 Per Cent Collateral on
Loans Considered Too Heavy "a
Demand, and in Some Cases Gus
toners Refuse Further Margins.
ny pnoADAN wALL.


NEW YORK, October 26.-Banks arc
brokers' loans. Rates that had pre-
viously been dropped from S to per
cent were marked down to-day to 8 l-2
and per cent. While experience shows
that while rates sometimes rise per-
pendicularly. the decline Is usually as
broken as pair OF stairs. and the
issue at this time.
Complaint is still heard from brokers
collateral on loans. In some cases Gus
toners have refused further margin,
claiming that until the banks will as:
sure the brokers that these calls will
not continue Indefinitely they will re-
fuse to respond further.
PLACE GREAT HOPE
IN NEW YORK SYSTEM
Brokers now hope that when the
Federal reserve banks are In working
order there will be some unity of action
regarding rates. standard of collateral.
and amount OF marSan required. For.
under pres mt conditions, demands vary
to a degree that embarrasses the
broker, without protecting the customer
or the banks.
Advices from London indicate, that
stock brokers loans there probably
gin until the end of the war. and then
renewed for a longer period If II is
rSua M nnsss loans is
anteed by the Bank of England. prices
70 stand at the closing figures of July
cent
Many commission houses believe that
sall money will be a drug in the Wall
Banks are. expected to retire clearing
house certificates RAPIDLY, and many, of
ehe eea dTs ns
ties will be available under the Federal
reserve law, Brokers accommodations
free as they are tight to-day.
The further drop in the exchange
markets mar has relieved the local situa-
gold is rapidly passing.
Union Pacific was offered at 1o4 IL
New Street curb. Pennsylvania sold at
20, but block of 10000 shares is being
fgure: Great Northern preferred
traded at los "a and Southern Pacific
at &c; New street brokers have learned
one lesson from the, Stock Exchange,
and carefully conceal from the public
as far as possible. their larger dealings.
MARKET FOR BONDS
IS REPORTED FIRMER
shade firmer; with bids and offers close
together. Notes are steady, although
not much Ugh, business , was reported to-
tribnted, and the daily transactions in
these. issues have become insignificant
Standard Oil stocks were dealt in at
the slight concessions that were au-
thorized last week.
In the unlisted securities that do not
appear In local bank loans reduction
was made by the committee OH unlisted
securities in the quotations ut which
dealings can be made.
Business in the steel industry awaits
the action of the Interstate Commerce
Commission on freight rates. Condi-
Of the October interest by the Algoma
Steel Company on Sli.0o0.000 first mort
gage bonds.
Good business was done in the COP
per market at II l-2c per pound: with
one contract for 100000 pounds for
tinues to broaden. with a good inquiry
for wire products.
days. important financial development. but
serve system would Become operative the
middle OF November, and indications that
stimulated confidence
ss cssl s,sf On Los 81 sS sold of to s with
lowest quotations since week before the
"I improx.m %, inc WA war noted :, ~, -
men! situation, With moderate demand for
bonds but oernss "S eonnueT eis n sass Of
purchases Further price CONCESSIONS in un-
mittee but dealings in the unofficial mar
ket were at low ebb
and h ,n. ssSnF s is ssn in the steel trade
United States Steel directors, when action
keen In other lines Of manufacture reports
deal mainly with more curtailmen, OF oper-
atoms.
Sew York 80, octonsr :6-c!os!ns: Mercan-
asmaaS . S: sss ef saSlss s'oss fSi
COTTON MARKETS. ~ :,
New York October "4There .was., IaTser
attendance on the floor of the Cot IN. ES-
moro optimistic.
The census report. showing 7s,o, $50 bales
s. cd vI,I, e COZ
bales in the 1911 bumper crop. was consid-
cred In line with larger estimates Of the
announcement that Great Britain had de
would not nte4fere WITH a",oa s Tfp ns
In neutral bottoms. made a fnvorabie I'M
for fncnc.ns surplus supplies in the South
Would htp the situation within the next
Local spot handlers reported no Immediate
improvement IN demand. but said their OF
20 3Ec higher.
r eca Moyenent-Expor ?'75 bales: stock.
.rotal today n, all po-,s-Ne, receipts.
W. ha'c' exports. iS.iN halcs= stock. Gj5,6$.
T@,ai fo 9, y, wesk-Net receipts. ss,.5i bales;
Ioifs: exports. i.s.7i5 bales
New Orleans. October ?e.--For the nrs, t.,,,-
~ Vntks the loca spot market to-day was
quoted hrn Prices were no: changed mid
Est anary 1as s,tsdy AT ne S 'sa" avon ar
Of five points over the last prices Saturday.
me market had better tone all around.
m n :" NC announeement that the English
soEernnlenl would not stand in the way of
tn@ insurance companies accepting war rates
on c9''on ana reports indicating tina; the
tntur"S markets p. baby would be reopened
rr-tN III N"N.nunr.
Expo''s To- rhe .dav amounted to $500
nates cot'on clearing from United states
ana Mexico ' ''"
Spot cotton: firm. sales on the spot esl
aa'es 10 arrive. $40 haics
es2, az ~ Tor both new and old crop. sales.
basis OF 565d. for middl!ns: Imports 80
naies. including a.531 American
NE" YORK PRODUCE EXCHANGE
New York octoher, :G.--Raw sugar. weak:
no!asses. 3.3G: centrifugal. i.0i: rehned easy.
Butter. hrm. Cheese. steady
Coronseed oil developed further weakness
to.aay under general liquidati and hedge
kets and continued duness in outside trad.
rlna! prices were !oQ22 points ne. lower
frime crude. go: sales: prime summer veil
low. 80; October. i.Gl: November and De :
nember, 4.sS: January iSi February 49,.
March, 81: April. 5!s May. sac: prime