The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-01-03
rock MARKET IS
! YET VERY SLOW
& nEyERAL INDUsTRIsLs. HOWEVER.
SHOW GRATIFYING SUSTAINED
STRENGTH
LOAN TO ARGENTINE
NEW YORK BANKERS BEAT ION
DoN TO coon PIECE or SOUTH
AMERICAN at SINE>s-LoNDoN
SELLS GoLu.


New y ok. Jan. g. stocks were ia
a state OF continued sjaguHtion today
The market was supernciaily little
heavy. but except for some familiar
features there WAS no weakness which
was as significant as the sustained
strength shown by certain Industries
The ST Paul convertible = - bonds
made a reaCiicnary response to re-
ports about forthcoming sale %,
some o,000,V zoe Of new long term
bonds by the company but there Is
nothing IN new financing 10 make any
but feather headed spectators bear
i&h. The most huiiish sign which
could offer would be a good deal %
financial activity Of the sort, because
It would mean the generatlon OF
forward nsiness impulses
Foreign exchange exhibited renewed
symptoms OF ease. and sold fellow the
levels OF Thursdays recovery A.
usual on Saturday no domestic money
market was quoted, bat the aspects
OF money in all departments are
suspicious.
The weekly bank statement eXhlbI-
ted the influence Of the Nr4r-end al
justments. An Increase OF almost
sac, coo. 600 was shown in deposits, but
the decrease In surplus reserve was
only a little more than $4,000. 600.
To what extent WAL Street macs
witty In the last few DAYS has been
owing to "a disposition TO await the
opening of the London Stock Ex-
change Monday Is a question The
sinking OF the british battle8hip. For
midable. was rather a poor prepare
ton for the Londan resumption, ont
the rest Grafton 81 the London mar
ket Will be SO much matter 81 form
- t.xst sy.r# no la h,tgaT
no reason 10 regard 1t as anything
more than marking the point of de
pArture fer financial improvement
later on.
Two items of news whiCh came ou'
over the New Year holiday and at
trActed much attention had an I'm
portant bearing on our. external fnan.
cial relations It was stated that the
Bank OF England had sold more thar
&5,00o.o00 gold. and there were i'm
plications that this represented some
kind of shifting in the nature of
transfer from Ottawa II New York
AT the same time It was reported tha1
about $500 zoe geld was on the way
frem Brazil To London.
Money for argentine.
The other significant piece Of new
Nas the success ef a group Of leadinf
American HANKS and banking housed
In taking from London competition
q ArRentine Government loan Of S15.-
100000 of one, TWO ana three yeai
nix per cent notes, The loan Will bt
offered for public subscription. anf
will undoubtedly be readily absorbed
The arrangements thus made to pla1'
American capital at the disposal o
ono Of the leading South American
nations is hBt an earnest Of what thi'
country can do in the direction o
promoting The reCoVerey Of con- mer
Ciai enterprise everywhere Anlcri
can attention has been turned to tn
Possibilities Of entry into the world
banking business. and steps have al
ready been made TO. establish tn,
American banker in Il new capacit,
In the international money market
The Argentine loan follows pidiy OF
the loan Of almost $1,000 600 mad
to the city of Montreal, and both ar
uf encouraging omen for the furthe
nrom0tion OF the country'a expor
trade. and it's favorable reflection OF
ffomestic enterprise