The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-01-21
Bank Statement Shows Conii-
ton That Is Almost
Unprecedented
SURPLUS RESERVE is HIGH
Question as to What Effect 1t
Will Have OH Security
Prices.
Especial to The rimes.Dispatch.

character that might be called SEN
satchhi' were II not FOR The fact that
pretty nearly everybody knew in ad-
vance that an almost Unprecedented
showing would be made. The Inflow
vi cash during the week was so great
az TO bring the average surplus re-
ferEe 81 the combined Institutions up
10 s3"3o2,Vpo, and the actual surplus
reserve 10 si2.0ii.0GG All this was
ucspitc the very large increase in bank
loans caused necessarily by the we'll
hish complete retirement from the loan
market Of private lenders. the loans
ordinarily made by individuals and
corporations whose accounts do not di-
fcctly figure in the clearing house re-
'nrn being transferred under the ruling;
nominal rates Tor tho use of funds To
liic banks AS there are no signs or
any siackening IN this ns,vcmcnt "a
mighty Interesting question is pre-
sehted as 10 just how far bank re-
serves may mount before the existin,,
situation l. ended ANA just what Will
lie The effect Of the development upon
security prices.
In tho stock marltc, there was Il
continuation OF Fridays general rise
III quotations with the bond marke;
again active and strong and with spe-
'ial stocks making exceptional gains
.o"hrd tho close OF the day the usual
srantity of realizing salos reduced The
GAINS somewhat, bur considerable net
advances were still recorded al the
lose. The rise WAS particularly no.
'ccaoic In all the traction Issues based
H2on an idea prevalent after the pub
iehuon in the morning newspapers OF
ne results obtained at to-day.s con-
terence between the Representative. OF
me traction interests ANA The city OIL
sials that an agreement between tho
TWO parties az 10 he construction OF
ec" subways, and concerning local
,hction affairs generally had been ar
rived at. Heading stock wus also CON
spicuousiy strong.
u remains ior events 10 demonstrate
whether The general advance in prices
n4th "hich the Week closed wns any
more than a mere profcs ionaI sprcula
tive movement of ;ic same sort tina,
haa occurred many times in recent
nioh'hs. The advance, however, seem
ca 10 nave more substance than any
thing Of the kind that has lately oc-
cured, and It proved pretty clearly
tHal there is no overaDundanl amount
OF stocks in The market awaiting
sale at current prices
The considerable advance on Friday
and saturday was accomplished on a
relatively small amount OF buying Ex
ccpt Tor the movement OF the last two
Jays The weeks market wns lIstlcss
ana pcrfunrtory, although, ncverthc-
Legs, various small drives at IL were
w. ~ an SNcccsSlul. Also certain
special stoefs We're conspicuously
traction group, the Great Northern
preferred and Northern Pacilic. or nm
stocks all. the different and newly
created tobacco stocks. not to speak OF
WESTERN Union, Lehigh Valley, Louis
vile and Nashville, and various other
issues commonly favored by investors
While the bond market has MOI hean
as active this year as 1t usually ia, a
lar amount OF buying has taken place
IN IL and the leading bonds are nearly
all higher in price. Such new bond
Issuts as have been brough, out have
net with favorable reccption and
II seems impossible - believe ina,
such increasing stores OF idle money
as are now accommodating In our own
and other financial centres viii no,
result eventually in larger nubIic
demand for securities of invcstm.nt
nature.
The weeks actual news include,
some important features or tbcse
the most striking perhaps was tbc
governments bulletin cont.tinin.- thc
summaries of the country's foroic,
trade in 1911. Our exports in Tho vca,
We're S2.o92.37a,ltl, or more than sI00
100000 larger than they ever wor. ~,
fore, and the country's foreign ,raG,,
balance was S553,i41.2SG, the larrcst
That has been seen since 1905 md
when has been only exceeded fou-
times In the cOurtry's history. TIL.
ihrush of money here from the IN
'nriof "as such as 10 force call and
s'nre a'ohep rates to merely nominal
hSures, accommodation for siN,y davs
being obtainable on Friday at a1e ner
cent. 1t appeared to be the case 10,
mat although tho German banks nrc
uhuer ihc necessity of taking care of
iaIse russian and imperial govern
'hrnl loan, yet they are in such an
easy position that they are uuwIti;nt,
10 renew their standing loans in ,his
market at anything that may be caIiad
high figures
No great change in the business at
nation was noticed during the week
but all lines OF mercantile trade seen,-
ed to be maintaining an! even nan,
without sensible diminution. Tho
labor difficulties In the cotton-spipninf
district in England have been tei.n,,
mated, ana II was observable IT ON,
own country that much less uneasirns.
Is felt regarding the general labor
situation. There Ire even those who
p,ed'ct that contrary to the popular
idea there will be no coal stri;ias H.,
the anthracite regions this spring.
Gossip of Will street.
The banks to-day reported {. surplus
reserve of more than $4,000. 900. hav.
Ing increased their cash holdings sl7.
0000Oo In the course OF the weak and
having added $7,00o,000 to the pre- sious
~ large surplus Domestic exchange in
most of the important points In the in
terror and in Canada continues in fav-
or of this cityi that is the movement
Of funds from the interior continues.
Wherefore bankers to-day welcomed
applications for subscriptions to tho
sl25,0O0.000 ( per cent German bond
Offering. and were pleased because
German bankers desired renewal of
many of tho loans made TO them In
the latter part OF last year. If condi-
tons are such that money cannot be
used probably at home, 1t can he used
with profit abroad, and the German
opportunity is one that will not be
overlooked.