The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-13


NEW YORK. July 12.-An advance
of cor to a new high record price
for the year checked the advance In
the stock market to-day after great
strength had been displayed in the
early trading. This advance in corn
was followed by A sympathetic rise
in wheat and was due 10 lack of rain
In the middle West. In addition to
the official reasons for the movement
of prices rust was reported in spring
wheat. Hot winds, boil weevif and
frost have Yet TO be heard from, but
the season for crop scares is now
open.
Because OF the open season for crop
scares the important interests are do
ing but little In the stock market
They have taken a definite position
IN the bull side and are letting the
little fellows play with fluctuations
from day TO day. The big people are
working on the theory that this crop
In now so we'll developed that II there
should be a crop disaster in any one
section h prosperity of some other
section would save the country as a
whole. 1t was the corn crop that
came to the rescue last year when
spring wheat was a failure. and this
year the cotton crop seems able to
wipe out the disa sters Of tina Whole
country, for present indications are
for a yield of about $4,000, 600 bales.
Brooklyn Rapid Transit made a
new high record early In the day, n
ACKNOWLEDGEMENTS drifted a frae-
ton higher. Brooklyn Rapid Tran
1ft fr A-a
expects to get the subway extensions.
and Interboro- Metropolitan Ia ad-
+ane3ng beea the does
not expect to get subway extensions.
By getting no subway extensions the
Interboro Metropolitan will for the
next live or six a handle such Il
congestion OF traffic that II there are
no riots as a result of Il ought to
put 80. 600. aao or 20, loot. goo Of sur
plus earnings into the treasury OF the
company.
Chemical TO Profit.
Bankers who look far ahead are fig-
uring on . campaign In Virginia-Car-
olifa Chemical and American Cotton
OIL. The record breaking cotton crop
in sight for this year promises big
profits for the cotton oil departments
OF those " companies. and the
wealth that will come TO the South
as a result Of q big crop viii make ii
certain that unusually large quaint
ties OF fertilizer will be purchased for
next season.
Southern RailAsay Ia strong because
OF the big cotton crop. and there is
an active speculative interest In the
shares of the company. An the South
ern Railway needs IN n new roadbed.
new rails and new rolling stock to be
1 a rrnnt rnftNNna 1J,Ak r~za $500 ~
Erie has come to life again there Is
no reAaon even why Southern Rail
way should not be resuscftated
American Tobacco securities were
ffreaktsh In their movements. On the
exchange the common advanced 2
points and the 6 per cent. bonds
nearly rs. On the curb the com
mon stock broke to the lowest price
touched since the Supreme Court de-
cisior was rendered. The street quit
long ago trying to explain movements
in tobaccos tocks and bonds. but the
action Of to-day may foreshadow
some announcement In regard TO cor
ganixation. It Is known that the in
stders have for some time been buy
inK shares of subsidiary companies at
whatever prices they happen to be
offered. $50 @sr9 ~
An advance OF $40 a share in the
stock OF Hanover National Bank ear
ly started rumors of the organization
OF the Hanover Securities Company,
There was nothing 10 indicate that
there was anything more in 1t than a
rumor.
Money Market.
NEW YORK, July 12.-Money on
call al the Stock Exchange to-day
opened at, 3-S per cent, highest
21-2; lowest 2 IA, closing . Ia pei
cent. Most Of the loans were made
at 2 SIS.
Over the var one Is the mos,
sought after maturity In the time
money market, and the quotations are
8 5-S13 "a per cent. for that date
Other maturities are quiet and steady
Rates are 2l-2 per cent. for sixty
days. 23-46S. pei cent. for ninety
days. 3031-4 for four monthA ; ia
o. Ia for Ave months, and 36-40
3 "a per cent for six months.
Commercial paper 10 somewha,
nrmer. but the supply IL very. Hm:te1
The best names are quoted at 5 "a " 4
per cent. and there Is a good inquiry
from the banks for this class.