The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-16
POLITICS BLAMED
FOR DULL MARKET
Ncarness OF National Convcn-
tons Restricts Buying
OF Stocks.
BANK STATEMENT PULLING
Week, However, by No Means
Barren of Financial
Developments.
Especial to The Times Dispatch. J

New York, June lb.-Aguin to-day.
ab WIS the case on the tHo preceding
days. there were rains ever the great
CT portion of the agricultural section.
but to-day these rains were heavier
and more general than previously. cx-
tending over the entire spring wheat
and winter wheat territory. except in
the extreme Southwest where harvest
ing operations are in progress Con
bLuucnty there can nov be no doubt
that the ground In this region that has
been suffering from lack Of moisture
has received ii thorough wcttinS down.
Ihe result was another fall in the
price OF grain. which was once more
materially assisted ~ arrivals of new
wheat in the market. Outside of this.
tc-day's chief Developments comprised
the announcement OF large decrease
in the idle freight car surplus. the net
surplus OF cars standing on June g.
at S6.3S6. as compared with ll1.20l
two weeks ago The decrease is due
In part To the greater use OF coal cars.
following the ending OF tho miners
strike, but nevertheless the Increased
use Of cars was general In all sec-
tons OF the country.
The weekly bank statement is puz-
cling. in that although = large increase
in cash was shown, to-day's advance
of figures made certain there a
great increase In loans. which had a
! visible effect upon the bank surplus.
There were many rumors as to the
cause OF this loan increase. the prn-
cipal among these oeiaS the lending
TO Germany and various large syndi-
cate operations; but no clear cXplana-
ton WAS afforded. The stock market
manifested recovering tendency. de-
spite future attempts TO get IL down
By speculative pressure brought to
bear against Reading stock
The last week was by no means
barren OF financial developments. al
though the stock market was most OF
tho time so sluggish that people gen
orally spoke OF the situation AS be-
ms one entirely without important
news. II was true however, that the
greater share or the news that WAS
announced was OF kind that had
teen thoroughly anticipated, and so
was naturally without great effect
upon market prices. Th'3 applied par
tIcularly TO the gover4ment's June
crop report. which was wholly In line
with previous expectations rs 10 its
character. The condition OF winter
wheat dcter!oratcd somewhat In the
month Of May while that OF spring
wheat improved. leaving the general
prospect for the seasons wheat crop
OF about the same size as that OF
last year. The agricultural outlook,
us a whole taht is. including a II grains
ana food and forage products. accord
ing To the government estimate. Is
better than II WAS year ago at this
time. ana therefore. while rising prices
on the produce exchanges were wild
on the day Immediately following the.
government report stump followed
later ana was continued through the!
remainder OF the week. y new force
also Just entered iu-o the grain
market. in the receipts OF wheat from
the present seasons croI. This will.
Of course. press upon tine grain prices
&c "a greater or less extent.
The Steel Corporations report of
hr increase Of $1,000 tons in its un-
filed orders on the first of the
month was less by q few thousand tons
Than the figure tina; gossip had fixed
before the announcement but it stin
Indicated state of great activity in
the corporations business when due
reckoning is taken Of the enormous
quantity OF the current deliveries.
Slow, but sustained Improvement again
vas Enthusiastically shown in an en-
;arEemcnt OF bank clcarings for the
week OF SIS per cent as compared with
the same week last year, these being
the figures given By Bradstreets.
The monthly report OF the Copper
Producers Association. indicating a
decrease OF l5,50o.000 pounds in the
supplies OF copper, represented sur
plus stocks as being the lowest on
record. and ii is plain that If the la
Dor troubles az so many large cop
per smelling ana refining works con-
tinue, that stocks OF copper VIII he
reduced next month to a considerable
extent. y decrease in surplus caused
by the temporary eNiSencies OF this
kind affords no basis for a permanent
upward movement III pricc2. but 1t
illustrates the dangers that consum-
of hI
ing light supplies of the article. The
policy of understanding has been
pursued by copper consumers for a
couple of years back, and they are
now perhaps going to see the folly
of their course.
niclc. railway gross earnings in May
Increased 6.S per cent, as against
those In the same month of 1911, and
excluding the results OF the three
large canadian systems which are
making disporportionately larCc earn
ings, the increase on the roads in the
United States is reduced 10 3.24 per
cent. But this compa rison is made
with pretty large earnings last year,
and it again proves that business
is picking UP rather than the reverse.
The weather over the country In.
the week was favorable to the crops.
with the single exception perhaps that
1t was a little colder than was de-
sirablc for corn. Shipments of coal
were heavy. now that the labor dis,
putes in the coal mining regions are
over and the general trend of the,
price of agricultural commodities is
lower. Exports OF domestic mer-
chandise in Nal, reported on Fri
day by the Government Bureau of
Statistics, were about Si.000,000,00U
less than they were II year ago. bug
the showing was obviously. taken al
together, Of highly satisfactory ma
ture.
When tho full statement of our ex-
ports for the month. including those
of manufactures, is made public short
ly il will undoubtedly show another
considerable increase III our foreign