The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-14
SHORT INTEREST
IS Still i ] HUNGRY ! n j \
Market Shows Pr on ounccsd
Strength, Although Busi-
i ness Is Dull.
CROP REPORT NOT q e.oD.
America Cannot Hope to Export
as Much Grain as
Last Year.
'[specialIto The Times-Dispatcil.l


Especial to The rnes-Dispatctl.l
8 New York, August 13.-Pronounccd
strength was seen to-day In the stock
market. although business was dull.
The short intcres. seemed hungry as
ever and In addition to that cor,sid
cradle odd lot buying was in evidence.
The close was firm with substantial
gains In all standard shares. Union
Pacific and United states steel were
tavorites. The selling OF Shelters
i stopped suddenly and the stock rccov-
cred sharply. Official assurance was
given that the dividend will not be
reduced at the next meeting.
Cash increased S10.3s5.700 in the To-
cal banks, according to- the statement
OF their actual condition. Loans In
& creased 320.7s7.40o, and deposits $31,-
2S9.s00. The banks now have re-
4 surplus above legal requirements 0f
$53.873,625. They are ready to handle
any emergency that may arise an u re-
suit OF the Western banking situation.
Reports on the crop and on the cop
z per and steel industries, together with
annual reviews OF the great railway
systems OF the country. gave Wall
street q fair picture last week OF the
condition OF business in the United
# States. Judging by the course of
prices at the close Of the week. this
picture seemed fairly pleasingy The
Increase OF operating expenses SHOWN
by most roads was noted more than
the Increase Of gross. The crop re-
port in general wau disappointing. all
though IT promises abundant food for
this country The copper re port
proved that the output is being res
stricted. and 1t Is understood that re-
striction amounts to 10 per cent. AS
natural result. the stock OF the
American Smelling Company began an
important decline. The weakness OF.
this stock was the most important
technical feature OF .hc week, but had
little influence on the list.
Report Not Flnttering.
According to the government report,
indications are, Aor corn crop Of
about 2.s00000,000 bushels. Ti:!s Is
about the same as indicated last year
on the frst OF August by the govern
n,ent. bu. the actual deterioration In
August OF last year was about 225.-l
O00.00o bushels. AS The acreage this
year is fper cent greater than last
reason. the deterioration should be
about 275,O00,O00 bushels this year 70
be on a par with that. But wnetnes
conditions are DeAtGk sAAtA - 1870 -
phont equal to that OF last year Is
generally expected. Considering the
increased acreage, this Is not ilatter-
Ing. .eo (.
nm noo bushels for both varieties OF
rrair. Counting stocks in farmers
hands and In the warehouses; mo .o .a1i
supply OF wheat this year VIII pc -. ~
Goo. 600 bushels, compared Win s1ao,-
ooo, 900 a year ago. Last year the -. =. .
ports were s7000,000 bushels. 50 tnas
ttisI year America cannot hope to ex-
port more than 60.000.o0o
western bankers are repenuns OF
their unwise loans made early In the
season. and are doing still more un I'M
wise thing by forcing the farmers 70
rush the grain to market THIS WIN
have tendency to mislead the gen
era1 Spublic az to the abundance OF the
r.reaI and will give the farmers a
smaller price for their crop than they
noirht 4 otherwise have received. AS
the balance OF the trade Is heavily
against America, 1t is a serious mat
ter to force American farmers to mar
ket their great export crop at less
than might be had for It,
Figures for July show that exports
OF agricultural products from portions
OF the United States were the smallest
SlHCeE 1SVt, aOSAA6 ycObSSS'DSS}t 80
b the month.
Imports OF manufactured articles
are still far in excess OF exports. With
the new cotton crop coming into mar.
Z ket, the balance should be corrected
sharply for before the first OF January
at least 5000. 900 bales must go abroad
The cotton crop. however, is another
disappointment. and experts do not
look for more than 11,5o0.0oo bales.
h j Z fsr = -
At Expense OF Farmers. S.
Action OF the banks In forcing the
farmers to liquidate their crops calls
attention to the condition Of those
banks, which Is believed to be improv-
ing rapidly at the expense OF the
farmers This is bad business and
III proves the necessity OF sane banking
system in the United States. New
York banks are protecting themselves
at the expense OF the Western banks
and are piling UP an surplus
OF cash. Several Of the New York
sSa banks have overS.so per cent Ct re.
serves and altogether they have more
than $50. 900 900 In excess OF lie gal re-
quirements, They are deluging the
market with call money at about
per cent, but are refusing even thu
hest borrowers loans for a year under
s per cent. Consolidated Gas was com.
PEELED to renew IS. ooo. 900 Of notes q
g per cent. and no company IN the
country has a better credit
Banks claim to be providing agains
the possibility Of having European in.
stitutions refuse to accept cotton bills
freely. The idea Is absurd. Billions O
dollars in cotton bills have passed be
III tween Europe and America with sucl
trifling losses as to be not worth con
sidering. Tho fact pro ably is tha1
european banks are acting IN con,
cert with foreign spinners in the hop
&c embarrassing America In market
ing its cotton crop this year, and thu'
breaking the price. That h ope will b
88S disappointed. for cotton Is In Q stront
technical position. ! 5i5s ss3.
On the Curb. "a: ss
there was a moderate demand fcl
"A mining shares In the urb mar ket to-