The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-05-19
MARKET IS TAKING
AN UPWARD TREND
Rise in Prices Is Greatest
in the Industrial
Shares.
NO DIscouRAGIne NEWS
Indications OF Strike Settlement
Have Favorable Effect
on Street.
NO DIscOURAGING
Especial to Tho Times-Dispa,ch. !


stimulus to-day from the strong indi-
cations that the miners at their con-
Vention at Wilkcsbarrc would. before
the end of the day. vote TO end the
coal strike. and this fact lent especial
strength to the various anthracite
shares yet advances were SO generally
distributed through the list of stocks
as to leave no doubt that the tendency
OF prices was again strongly upward
Indeed. every one Of the active and
leading shares participated In the
movement and 1T could no longer be
said that the market was one of spe-
cialtics. The rise was greatest per
hnps In the Industrial shares. but there
was no diseountinr the breadth OF tao
market. Tho fortnightly report OF the
Idle car surplus. which has been run
ming into slightly higher figures in
the last few weeks. showed a decrease.
due probably TO the gradual resunp.
ton of coal mining.
News of the most favorable charac-
ter was again received from the iron
and steel trade. md the weekly bank
statement indicated as II was be-
lieved 1t would. tho release Of money
that was recently tied up as the re-
suit of bidding for the city bond sale.
Both forms OF tho statement showed
large decrease In loans and very
considerable increase in bank cash
age surplus OF 1854. 900 and In the
actual surplus OF nearly $4,000 900.
The week left off with n considerably
greater degree OF optimism in Wall
street than was expressed seven daya
previously. While the weather was
again disagreeable. signs OF q clearing
up arc beginning TO make their APP
pearance; and although mercantile
trade has been impaired by the un-
seasonable conditions. tho crop proe-
peot has decidedly improved. Indeed
II is now conceded TINT every prospect
has bettercd since the first or the
month.
In the speculation for the rise in tho
Chicago wheat market. which Was real
~ the most notable development OF
the week.
But more encouraging signs IN plen-
T. are Afforded IN the copper and iron
and steel trades, In rubber manufac-
turing. leather and in pretty nearly all
classes OF manufacturing industry ex-
cept in cotton. where has been a re-
action in progress for something re-
scmbling the nature OF n previous
boom In consequence OF this de-
cided strength has been show in sub
stantially all Industrial stocks in the
security market. and il remains for
those who have criticized the advance
in these specialties to show that they
have not had any basis in improving
business.
The price OF eiec,rotype copper rose
TO Is 1-2 cents n pound. and X is Inn
possible not to believe that this was
due to forces of genuine nature.
rather than, as has been commonly
asserted. to manpulative efforts. On
tho contrary, there is the best reason
for belief that producing interests
have done their best TO keep the price
nf he Tho hchirAi
tho rise has plainly been enlarged
consumption. The electrical manufac-
turing companies OF this country and
of Europe are now doing the largest
business in their history and this bus
mess is constantly growing
The inroads of consumption abroad
werc such as to result In a decrease
of nearly 10000 pounds in the Euro
pcan copper stocks. and higher prices
for the metal are. therefore. newt
able II is indisputable also that
fundamentally Improving conditions are
asserting themselves In the iron and
steel business. The Whole financial
and speculative community was shock
ed In the latter part of April ny the
unexpectedly poor report of the Steel
Corporations earnings In the Prev
Gus quarter.
Yet tho impr ession Is steadily gaining
ground, and with good reason. that the
deficit of $6.oo0.oo0 in the corporations
revenues, after the payment of divl-
dends. represented the cleanup OF bad
business in prolonged period or
trade depression. In this quarter tho
steel Corporation received little or no
benefit from the advances in prices
that were made during 1t. Since then
advances have been made. and these
have seemingly served to stimulate
orders rather than to decrease them.
There are we'll informed people, who
think that the earningsof the corpora
tion In the present quarter Will con-
siderably overrun the S:5,0oo.000 esti-
mate made at the beginning OF the
month.
The country's foreign trade state
ment for April. published on Thurs
day, attested the exports of cotton. The
exports have been so enlarged by the
fall In the price of the commodity
that 1t looks now as 1t their money
value would be as large that OF last
year. when cotton prices We're at a
very much higher range; and the
trade statement taken as n whole in
dicated that the huge balance in our
favor last year is to he exceeded in
the present year. The influence of
politics upon financial conditions is
growing constantly less and less, and
for reasons that nil sensible people
now appreciate fully. continue nee
OF worldwide case In money is assur-
ed by last weeks reduction of the dis
count rate of the Bank of France. fol-
lowing the reduction in the official
rate of the Bank of England, in the
previous week.
New York. May 1s.-Money on call
nominal. Time loans easy: sixty days,
per cent; six months, 1-2GG 81
per cent. Prime mercantile paper. 40
4 Ia. Sterli.sc exchange firm, S4.s45o
for sixty.day bills; S+.sT10 for demand.
Commercial bills. s4s3 IA.
RICHMOND STOCK MARKET.
By Richard W. Maury.