The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-10-17
PUBLICITY Will BE KEY
TO REOPEN CONFIDENCE
Outside Markets for Listed Stocks
Are Discrcdit to the Stock
Exchange.
MUCH ALARM IS NEEDLESS
Banks Carrying Obligations, and
Must Continue to Do So Until Nor
NAL Conditions Return-Problem
of Adjustments Must BE Settled.
ny BR0ADAN WALL.

NEW YORK, October 16-Publicity.
not secrecy. will be the key to reopen
confidence in Wall Street.
Outside markets for the listed stocks
are discrcdit to the Stock Exchange.
The public may well ask: why are
we deprived OF quotations under the
supervision Of responsible brokers in
this crisis
All efforts to strangle the outside or
New Street curb. as It is called. have
failed, and dealings take place each
day at prices that represent the only
market known 10 the enforced seller.
To call this market irregular or UNI
place. stocks are delivered and certi
ned checks received In payment. and
these checks come from the leading
banks and trust companies of the city
No questions are asked of the seller If
the delivery is good-that is the end.
omen o"r n,n ark ''v We're nonduete .i't on the
floor of the Stock Exchange. banks
would call loans. Such alarm is need
legations OF the stockholders. and must
continue to do so until normal condi
tons return. No doubt bank officials
would feel relieved were it known that
all cash trades were conducted upon
the exchange. AS the case stands.
banks are insisting upon wider mar
who is debarred from closing out the
account of n client is compelled by the
ruling OIL inc committee 10 assume the
responsibility for his customers lack
of lnarg in.
Until Stock Exchange committees
take the firm stand of resuming their
functions towards the public. fear and
uncertainty Will rule in banking circles.
nnwitengS or Ite ,ns sir
uation in the present exchange market
when he was reported as stating:
London in regard to American accept
ances-cNcept in the case of banking
houses with German affiliations" This
OF Fl the
Until this problem of adjustments be-
tween the German. English and Amer
change will be an impossibility ire
spective of the gold pool" cotton
pool" or other combinations 10 as
sure the settlement OF our debit bal
ances.
American manufacturers are making
sacrifices. to keep mills and factories
open until exports can be renewed. The
suited in a cut in prices where the FIN
s dl ar rte is nov sod at tn, the bare
condition prevails in the iron and steel
trade.
Currency movements for the week
indicate that the cash gained by. the
banks will wipe out the deficit, not
withstanding the shipments of gold
that had been made TO Canada. Time
funds were easier to-day. and call loans
were quoted n per cent
New York october i6.--Despite the more
tavoraSse aspects presented by the domestic
monetary situation. foreign exchange con-
iinues to work against this country. Gables
aud sight drafts on London rose TO $499 and
SIPS. respectively. to-day, these figures rep
rescnt!nS the highest quotations OF the
month. Inquiry for exchange again
largely due to the urgent necessity OF meet
tas maturing ihree-month loans contracted
IN London 6y local interests within II fort
night ot the outbreak OF the war, and for
which foreign lenders show little inclination
TO graft renewals.
Prospects of another favorable bank stnte-
Ss.e)l,d0t to s!2e0o.0oo and the likelihood OF
another reduction of the existing deficit
contributed TO greater ease in rates for time
and call loans, but quotations were UNI
changed
Dealings In listed stocks, wherein the Stock
smaller, but In the unofficial market some
nI tnHse same securities We're offered at
further declines from July 80 ngures.
Preliminary figures OF the ccuntry's for
eisn trade for September discoses very large
aecIines In Imports and exports the latter
Indications point to a vastly better showing
Tor the current month by reason OF the
larger outflow OF cotton aud foodstuns
The proposed S5o.oll.000 cotton pool to lie
conducted under the auspices Of the Fed
o;d! Reserve Board made further progress
to-day. but financial Interests Mere AWAIT
ing definite details before com.uiftinr them
selves 20 the plan.
New York October i6-Closins: Mercantile
paPsq CO. sterling exchange; firm. FOR
s..?SS5: for demand. si.9,;SaslsS Exchange.
sS:s'lsS,''S; balances. S!S,2o2StS. Bar silver