The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-08
FURTHER PROGRESS
MADE BY WALL STREET
balances Between Members Are Be-
ing Settled Up and Differences
Wiped Out.
CRITICAL TIME TO COME
Brokers Are Counting Days to Date
When Borrow and Loan Market Is
Hcopencd and Burden Shifted to
Real Owners OF Securities.
BY BKo.AnAN WALL.

Ncw York. August Further progress in
rip!ns OF differences and settling up bal
ancc, between members o: sac Sto EN-
snsusS YES feCTas1 G,sa% mn G 10 ;i
paving or OF loans. Practically al the e
curtc> that arrived from abroad on the
lions were acGun TODAY 10 hanl!e those
INA; are coming ,ron, IN. Ma.rcu.n'a ny,
shipments on this steamer viii no; DC known
P shoa sJv in %ew Yor II 6 %eN Mon nGrk
There is no reason 10 change the ,oriS!nal
osuin"ie made In ms column OF s:;9nH9ot
figures. however. DO not by any means rep
tcssnt ;he total amount OF recent sales In
our market for foreign account. Fully
S-5.p1Hc"o more await shipment to New York.
ana must sooner or later be ma :ed here.
1dcnis 10y denying exchange facilities until
The ioca! strength OF our speculation posi-
SO" week ago. when the exchange did
not open was more apparent than real. The
house. plus Inc domestic Short nt4'est,
made q unusually easy for brokers to :"gn
interest viii % eliminated by tho delivery
81 ~, SSot,o 80 OF securities that viii have
10 in! louEment In loans with margin of
= 10 . per cen; over the low figures recently
Brokers Counting the Dn,s
Brokers are now counting the days to the
lrobahe onie when tho governors 81 the
market for stocks and the burden can be
shifted 10 the real owners Of the securities.
can only be Abridged by the co.opcratiom
., ] pn5'i1 The n5sses;gd Public stock
question
There was 10 market for call money to-
dsy, although several institutions reduced
ihe!r rates from S TO per cent and some
rhe market for foreign exchange ne d peDrT@
PACK TO quotabie hsures and business was
poune. with demand sterling at J 5'is. 'o' '"e
Bond brokers report fairly good demand
for such Issues az Southern Pacific convertible
g., nj lS
;. rsn, genera 4,;s. and Union Paclic IS,
BUSINESS 'na ru deae on hd ,Me
eyer; as bankers are firm in their denial
For the first tine in tho history of Wall
se' a i9Tms OF Speeuia,'%m are absc.
essential II intrinsic values 10 hc main
tanned
New York. Angus, REPORTS from wall
Street to-day tina, tho New York Stock
denial. Tho committee appointed to main
ain active supervision over stock Exchange
"nairs during thc period q; suspension made
This statement:
''rhe special committee Of i've will no,
recommend To the governing committee the
lndrment. the financial situation warrants
u, aud, as before stated, ample notice will
be given OF tho proposed rcopcnins'
Tbs statemen, was made primarily because
80 Was felt reports OF early rcopeniur
" allowed 10 spread unchallensed. would
give alarm 'hroushout the country l; was
bear upon the governors 10y some members
10 consider au early reopcnne. The posi-
ton OF the brokers is rendered dimicult 10y
ihc heavy losses during the time OF diencSs
ana II was felt by some members that there
would be small danger o: heavy luuida ion
by European holders of American securl-
ties. such as upset the market last week.
This selling, Il was said. was for the pur-
pose of securing gold. and with virtual
embargo on additional gold exports now in
effect, Il was thought, Europe would have
NO further reason tor dumping securities on
this market
rhe committee Of 1--WE. however felt it
would be highly dangerous to rcopcn the
stock market unit! the financial skies had
cleared definitely. particularly in regard 10
the credit situation and the foreign cN-
change. 1t may be stated uuthoritutiyeiy
that the governing committee intends to be
guided by the luoEmcn; OF the most promi-
nent financial interests Of the country. and
not by pressure from impatient exchange
members.
There We're indications that the outlook
was improving. 50 far as the position OF tho
"ut,oi-town banks was concerned. New
York banks received assuring messages
which showed that the tension was not so
acute as - few days ago.
An easier tone pery"iled in tho marke; for
would lend more freely next week
New York August 7.-Mercantne paper
. p.r cent Exchanges, sls5isl .35j. balances
SS..t",oo1