The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-09-22
RISE IN STOCKS
AGAIN GENERAL
Betokens Entrance of Public
Into Market on Large
Scale.
BANK STATEMENT FAVORABLE
Money Situation, at Least for the
Moment, Is Less OF a
Feature.

Feature.
New York. September :i.--The rise
In stocks was steadily continued to-
day. despite the operation of the usual
influences making for a duh market
On Saturday. to which WAS added the
additional force of the practical sus-
pension of business in Jewish fiancial
houses, owing TO the religious holi-
day.
The rise was again general and
seemingly betokened the entrance
of the public into the market
on a larger scale than has been the
case at any time during the present
summer An especial advance in Lee
high Valley. Reading and other hard
coal shares was. however, doubtless
due to the current Indications OF un-
usual activity In the anthracite trade
In its statement Of August earnings.
published during the morning. the Lee
high Valley reported a gross increase
of $4,000 and a net increase OF
$4,000 and II 10 known that the
earnings Of all the anthracite roads
in the present month are at much
larger rate.
Corn prices were lower. despite ru-
mors of frost In isolate portions OF
the corn belt
Sterling exchange continued heavy.
The fortnightly bulletin OF the Amer
lean Railway Association reported
shortaRe of Idle freight cars on sep
TENDER IL Of $500 cars az against
a surplus of $3.50 cars two weeks
previously. showing oeerease o.
over $4,000 cars In the pesioo.
Although IL was expected that the
weekly bank statement would be IA
yorabie. the outcome was even pet
ter than had been looked for. BANK
carh decreased onky moderately, oct
loans fell off at an extraordinary rave
resulting in an increase OF nearly 90.
Oo,. 600 in the average surplus and OF
s3.15l,0Q0 in the actual
The reason for the sudden outpurst
Of strength manifested in the stock
market last week must be found la
IN. opera,ion Of general rather than
specirc conditions. II mas oeeh pia.h
enough for some time past that the
,rue word to describe the dulness OF
the marxe, was not torpor. inertia or
arv other term OF like import, but
rather something siGnifyinS the I'M
position of restraint.
II is still TO be doubted whether the
pace set by the upward movement u
the last few days can be long maih-
rained because of the existing cnaracI-
er OF the money situation. ana JET
.. ~. week closed this situation wore
a more kindly face than 1t has done al
any time through the last month.
Meantime sterling exchanges have
fallen to d point where gold ainpotts
are not only possible, but actuaiiy IN
vi,ed. On Friday. the day when Wall
street arranges its loans until the
coming Monday. the renewal rate for
cali loans was lower than on any day
previously during the week. while the
Tim. funds were also slightly easier.
The money situation therefore, FOR
the moment at least, has become less
of a feature. Further, profound I'M
preston has been made In the nnan-
cial district not only by the Develop
ment of business itself, but by the
increasing evidence that this pros
pertty is not being held in check by
politics. :,
Later in the week frost was noted
over the extreme northern and western
portions Of the corn belt, but no dam
age to amount 10 anything was aiioro-
ed. and the price OF the corn options
on the Produce Exchanges was not
materially affected.
The annual reports OF the Chicago
and Northwestern and Chicago. Mil
waukee and ST. Paul Railway Com
pauies, which appeared during the
week, bore witness, as every body ex-
pected, to the strain undergone by
these companies as the result OF busi-
ness depression in the past and par
ticularly because of the reduced har-
vest Of last year. The railway earnings
are now making vastly dinerent
Allowing as a matter OF common
knowledge.
Brads,reets's compilation of July
gross earnings published to-day made
out an increase Of 16.s per cent as
compared with those OF the same
month in 1911. the increase In net be-
ing le1 per cent July and August
cover a period when the country's ex-
port trade IL usually At the lowest. be-
cause these are months when agricul-
tural shipments are naturally reduced.
Nevertheless. exports In August were
IS Der cent more than last year. while
imports, chiefly in the nature of ma
serials used in manufacture. we're %
per cent larger.
New York. September cI.-Prime
mercantile paper. IL TO s per cent.
Sterling exchange steady. with actual
business in bankers bills at Ss.s225
for sixty-day bills. and at S&.ss5o for
demand Commercial bills. ss.s1s5.
Bar silver. So as. Money on call nom
inaI. Time loans steady: sixty DAYS
l-&As I-z: ninety days. 1-2H5 50:
oix months. 1-41s IL.
RScNNoND sTOCk MARKET.
BY Richard ". Maury
ltoek ana Bond Broker. 1915 z. Main Street.