Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-10-29
SPECTATORS WARNED
TO REDUCE BANK Lines
several Such Firms Called Before
Stock Exchange Au-
thOritics.
CHEER NEWS FROM AUSTRIA
banters Determined to Discourage
ANY Great Stock Market Opera
lions Based on Peace Talk-W'ur
Stocks Heavy During Session.
CHEER NEWS FROM AUSTRIA
by nI,oADAN NALL

NEW YORK. October 2S.--Stock Ex-
ehahSe authorities called representa-
Ives or several speculative nrms be-
!ore them to-day and, requested them
70 reduce their commitments with the
Tanks TO the level Of September Ii
when the first warning was issued
against over expansion This hit those
nfns that had been chiefly RESPONSE
PIE Tor the advance In Mexican Petro-
ieum and southern Pacific.
IT WAS the movement In these two
STOCKS that got the market excited
ABOUT ten days ago. Selling begun in
thcsc issues after Wild opening
nish records. soon extended through
OUT the entire time. Even stocks that
hsd not benefited materially from the
speculative movement were affected
United States steel lost three points
Sumatra nearly four. Southern Pacific
General Motors. Studebaker and al, the
were heavy throughout the session.
NEWS RECEIVED WITH
CHEERS ny nnOkEtS
Just before the market closed there
came what apparently IVES official news
announcing The unconditional surrend-
er OF Austria. THIS surrender carried
with IL President Wilson'S d.minns
regarding the ncw nations ;hnt have
been formed out Of former Austrian
territory. ana reccs aizcd by tn. allies.
Inis news was received with cheers
mere was an attempt TO rally the
market. but The cause for the market
Inc loan situation. and, therefore. at
tenipts proved unayailing. |; is cx-
actly because peace will excite peo-
pie TO buy stocks that the bankers
are determined to keep the market
nmder strict control during the period
OF transition from war TO peace.
GREAT INCREASE or
BANGS SURPLUS RESERVES
The extraordinary increases OF sur
plus reserves IL the bank statement
OF saturday made the speculative Gle
As the market opened to-day. The
bankers suspected that this would be
done and word Was pissed cut through
few high grade houses to cheek the
movement II possible. several Of these
houses urged their customers 10 sell
AZ the very opening. bat the spccula-
tive element had such perfect control
OF the market that in spite % heavy
selling prices advanced for about twen-
" minutes. Realizing tina; the s!tua-
t'on could MOI be corrected with mere
selling, the governors adopted the cN-
pedient or calling members O: the Of
Tending firms to account FOR their cx-
tended loans. THIS had the desired
effect. and liquidation soon became gem
cral
The chief Offenders were found 10
be members OF the so-caIled Waldorf
crowd. They We're not compelled ~
sell because ;hey yer. weak In the
slightest degree. The liquidation is
no reflection on thcir financial stand
ms, but rather confirmation OF their
.ir'.'NA ~ D4'h sbcI tbCchS. IRelI o.
Tense consisted OF being too SUCCESS
iul at a time when success meant a
disturbance Of general conditions
Therefore. although Mexican rctrO-
leum, for instance, ia we'll worth all
II ever sofa Tor II cannot lie advanced
unless the money its advance reu;c-
senis can be obtained ny the rcduct ION
in the price OF some Other stock IS
10 other stock secms to want 10 de-
cline In order /" accommodate MeNi-
can Petroleum ~ H. desire to rise
there IS not ~ the moment any other
solution or the problem than for McXl-
can Petroleum to 20 back and await
a more favorabl" market condition
United states Steel after a fractional
advance declined three points nrd ~.
causes inquiry reEardiuv possible
reduction OF the dividend on which
action Will be t:.kca Tomorrow There
has hecn II" official hin, as To VIVA,
the dividend Will Do" but steel cX-
pertss think the rate viii not be changed
ut this time.
NEW YORK. October .s- mercantile ,a-
pcT o. Sterling ,!Sty.daN bills. s'.13. com
merc!sl sixiy-'lnv b!iIS on banks AI:!,. con.
merclal Sky dtv bills. iT-n4. demand
at'5i5: c10les ti.,a... Mexican dollars ~.
Government bonds IRREGULAR: railroad bonds
IRREGULAR. Time 'oaus strong: s.S,N days
ninety dnys and * months. 6 I'D