The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-27
MARKET WATCHES
BANK STATEMENT
More Interest Attaches to This
Than Any Other Financial
Development.
RESERVE SHOWS DECREASE
General Cplift in Prices, but
Otherwise Market Is
Colorless.
Especial to The Times Dispatch

Especial to The Times Dispatch.l
New York, October 26.-More inter.
est attached to the weekly bank state.
ment to-day than to any other devel-
opment in the financial district. AL
though this was not a factor in market
trading. tnasmuch as the statement did
not appear until after the close Of
business. According to the actual
statement, which is now generally ana
properly regarded as more tliucainat.
ing than the average figures, the
amount of cash fell OF almost $1,000
600. which was just about the decrease
indicated in fridays preliminary esti-
mates. But owing To the stock market
liquidation of the week. bank loans
were reduced $s.1es.00o. even despite
the fact that the bank loan account
had to bear the weight OF the stocks
recently thrown on the market through
foreign selling. The result was a net
decrease In the reserve Of $I,3s4.o0e
This brings the net surplus down to
in the nei9hborhood Of Ss.090.090. or
10 practically the same figures a. rec
crded three weeks ago.
The stock market was colorless. sx-
sept in. SO far as concerned. . general
uplift in prices. Gains Of a point were
commonly made and held in the active
stocks. and these succeeded advances
in all the foreign markets. The Re.
ports OF bank clearings for the week
Bradstreets. there was an increase OF
ass per cen: last week in exchanges
over those OF yea- ago. and accord
ing to the Financial Chronicle. there
was 80 per cent increase.
Banking houses were In receipt OF
advices. stating that 4 Joint statement
was likely to be issued by Russia and
Austria on Monday. assuring the world
OF their intention to bring about
peaceful settlement OF the Balkan rev.
olution.
The large decline in the stock market
last week was, of course, provoked in
the frst instance by the fact that IMAM
Sial interests here were compelled to
fake a considerable amount OF stocks
:rom European holders. who were
forced to make liquidation on account
Of the Balkan war.
There is no doubt that the amount
Of this foreign selling was immensely
exaggerated. Estimates. with which
Wall Street was full that from $780,
100000 to 5000 900 900 worth OF stock
has been sold in this way. were Gimp
ly absurd. and those who should have
BEST reason to be informed about the
matter say that a large estimate
would be SG5,veu.9ee.
Even though the selling came upon
dull market here and IL made ac-
tive the latent desire on the part OF
spectators and others to reduce their
lines OF "iong" stock before election
day.
As IL was general liquidation spread
and went much further than II should
have gone in the opinion OF conserva-
Awe people. The average price OF
stocks Oh Friday night was down to a
level, as low as that shown before
il was known that the greatest crops
on record were to be gathered this
fall. and before the present revival
OF business started. All Of the ad-
vance based on these favorable de-
velopments has been lost. Al the end
Of the week IL was perfectly manifest
that Europe had regained its financial
composure. which was so rudely
shaken by the Balkan revolution One
reason for this was the same as that
apparent in our own country. the buy
ing Of securities by investors who
were attracted by the very large re-
cessions made in prices. Another was
the return to a common sense view
Of the Balkan situation There Is al
most no danger OF a general European
war as q result Of this trouble. At
any rate Europe liquidation In this
market has ceased and there are no
signs that it will be resumed.
other occurrences OF financial or
business importance last week were
favorable. There was no sign any
where Of . diminution of activity in
any line OF business. The traflic move
ment Of the railroads was greater
than at any time previously during
the fo!l. and the movement Of this
,ra6c, particularly Of coal. favored
By comparatively open weather and
q heavy rainfall in the eastern part
OF the country was beneficial locally.
The governments cotton ginning re-
bort issued on Friday pointed. although
rather vaguely, to q seasons cotton
crop Of in the neighborhood Of $4,000.
coo bales. or one Of the largest ever
picked
The 1890. 900 bale crop Of last year
was, OF course, purely abnormal.
Il 10 worthy Of note that the husk.
Ing Of corn that has lately begun in
d,cates considerably larger yield than
the governments last reports.
There are no political developments
Or scares of any sort
We'll street Gossip.
Every financial community always
aumbers among its members persons
who have the habi; Of predicting To
persons naturally pessimistic and
naturally inclined 60 tn. belief tina;
sooner or later the markets must go
TO wreck and ruin Occasionally when
a series Of unfavorahie events occurrs.
the pessimists attract . large follow.
ing. and every one then is on the look
gu, for trouble. For that reason .
pr.dicted panic never happens. II con-
s~rvativc men sec . chance they make
provision for u. and when the time
comes. the expected troublesome event
IN Of little effect So " - thu; No Do nic
ga. ever predicted The mere FAC; tia;
q IA mic has been predicted has warned
people to he cautious. In any psn,c.
nct the entirely unexpected ~ the big
element. In the panic Of 1897. no one
expected the run that was made on tie
New York banks and the consequent
boarding q money. and before tie
demo, aIizasion on the European sx.
changes recently, nc one. even IN the
h,ehes, banking and court circles.
know that the Balkan states had made