The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-09
BUSINESS MAKING
RAPID PROGRESS
Big Crops in Sight and Feel
ing Everywhere Is
Optimistic.
STOCK MARKET VERY QUIET
Absolutely No Feature to Week 5
Closing Day in Wall
Street.
Especial to Tho Timcs-Dispatch.l

Especial to Tho Timca-Dl spatch.l
New York. juno S.--Aside from fur
Their pronounced strength in the SUI
gar and tobacco manufacturing STOCKS.
duo In tho ono case TO The prospect OF
a large sugar anq fruit crop TINS year,
and in tho other ito enlarged earnings.
tnero was utterly no feature TO TO-
days stock market and no declines or
advances Uf Importance in any guar
tcr. The general tcndency of the
market MAS. perhaps. L. sag slightly
under the current inertia of business,
and this disposition was perhaps mod
erately increased by knowledge that
inasmuch as the Supreme Court of the
United States adJourns On Monday un-
I'll October, decisions Of interest TO tho
financial public may Ia expected on
that day.
Tho usual inarke; leaders were al
most entirely neglected. The only
movements of Interest were the to-
bacco shares. which added materially
To their gains OF the preceding days
Of the week. Speculative interest in
these issues is so limited however.
that their Sensational gains wre of
little real significance. One OF the In
dependent tobocco companies. which
won IL suit against the American To-
bocca Company to-day. declared an
extra" dividend in addition to the
regular disbursements.
The bank statement was only not
able for the influence displayed In II
Gf transactions during the week incl
dent to the State OF New York bond
sale and other special transactions. In
both the actual and average forms of
the statement there was large In
crease IN bank loans on account Of
this cause. but AN inflow of cash re-
suited in anly small increase in the
average surplus, and an increase OF
over s5.00o.ooO In the actual bank sur
plus.
The general financial history this
week was that OF steady improve
ment. both in the stock market ami
mercantile and commercial business.
Prices of stocks recovered in such
sustained way from the drop OF the
week before to make Il evident
this this break was caused by raid
upon values which was more than
suspected to have heen tactitly en-
Outraged by certain large spectators
for the rise for purposes best known
TO themselves. II was AT all events
reasonably plain that the only effect
OF the drop was TO shake out weak
holdings OF stocks.
The record OF bank clearinGs for
Mav when compiled showed that the
operations OF financial institutions in
tho period were the seventh largest Of
those made any month III the coun-
try's history. The monthly figures OF
pig-iron production indicated FUR
Their large, Increase, the tendency of
railroad earnings was better, build
ing activity over the country in -'lay
was per cent. greater than In the
same month a year ago. the govern
mcnt's estimate of the condition OF the
cotton crop taken from observations
made on May % placed the statistical
condition OF the crop ct .s.9. which az
;orded promise of a large yield Cot
ton prices did not decline much on
this statement. but Were sustained, as
they have been In all recent weeks by
the continued enormous export OF com
modify. and the large purchases OF
cotton made for the use OF domestic
spinners. The weather over the coun-
try was better In every way for bust
ness and agriculture. and the leading
commercial agencies report that all
mercantile ana industrial trade was
distinctly stimulated thereby. Tho
winter wheat crop will undoubtedly DO
short. but the spring wheat prospect
Is in every way as brilliant as II was
two months ago. that is to say, for
large harvest
The prominent event OF the week
was. OF course, the statistics of the
Cooper Producers Association, pub
lshed on Friday. showing that stocks
OF copper were down to 1850, 900
pounds. or the smallest on record.
was under the stimulus of higher
prices for tho commodity. and the same
cause operated naturally to restrict
consumption. actual production Was in
creased by 100000 pounds, while do
mestic deliveries increased 100000
and export deliveries 100000
Political considerations were with
out any influence at all in the financial
district this week. The strike fever con-
tinues in the country. almost every
day bringing story OF new labor
troubles. But these difficulties all
seemed to be settled without causing
any great embarrassment to business
and at any rate. business Is making
progress in spite of II.
The foreign markets We're somewhat
depressed by the liquidation OF over
extended speculative enterprises in
various minor directions. such as the
Marconi and Tin shares in the London
market. The German financial mar
kets were also undo ra little strain
In connection with the approach OF
the quarterly and half-year financial
settlements. But bankers in this
country in close touch with the Ger
man situation say that affairs there
arc well In hand. are in no way seri-
Gus, and that when the July settle
ments are over matters are REASONABLY
certain to run along quietly in Ger
many through the remainder of the
year.
New York. June S.--Money on call
Loans stronger: sixty days, per cent.
and ninety days. 3Q3 Ia; six months.
"a Fer cent. Prime mercantile pa
per. 3-4G4 per cent, Sterling en-
change steady s4.s66O for sixty days
and S4.SI150 for demand. Commerciai
bills. s4.s3 1-2.
SOUTHERN COTTON MILL STOCKS.
Quotations Furnished by
A. NJ. Law & Co.. Spartanburg s. c.
For Week Ending June :. 1912