The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-09-29
FEARS Of MARKET
ARE UhF0UhOtD
There Is No Danger of Money
Stringency Over First OF
October.
STEADY ADVANCE GOES ON
Business Prospects Buoyant AMI
Feeling Everywhere Is
Optimistic.
STEADY ADVANCE GOES ON
Especial to The Times-pispatch. ]


ment OF the clearing house banks
available after the closing OF the
stock exchange to-day showed how
unfounded were the fears that pre-
vailed at one time during the week
Of a possible money stringency over
the first OF October. The actual con-
dition OF the banks as taken at the
end Of business on Friday shows that
there was a decrease OF loans OF over
10000 900. a decrease OF cash Of less
than $l.50o,000. and d decrease Of de-
posits OF $S,oo9,0o9 resulting in an in
o0ease in the banks surplus Of 81
$4,000 All OF this has been accom-
plished without resort TO any outside
aid. that Is. solely by means Of the
internal resources Of the banks them
selves Gold importations figured only
to a slight degree in the statement
OF condition. and no money has AS
yet been deposited by the treasury In
the banks. Stimulated BY the more
encouraging outlook In this regard
and by the renewed impression made
upon speculative and financial sentf-
ment by the extremely buoyant bust
ness prospects. the advance in the
stock market was to-day resumed. al
though in . way that signihed that
the market itself was thoroughly
movement In any direction. but a con-
has Characterized the market as .
whole throughout the week. To a
greater extent than heretofore the
railroad stocks were favored In to-
days dealings although the United
States Steel common shares made a
new high record on the present move
ment. Beyond the publication OF the
various Reading companies report for
August there was almost no news.
Sterling exchange was slightly hrmer.
While occurrences CT financial sort
through the week were mostly OF q
routine order. they were nearly all
OF them important. They comprised in
general increasing evidences Of ex-
pansion Of trade in the country. Bank
clearinzs enlarged decidedly. and rail-
road earnings made a splendid show
ing. Special attention was. Of course.
directed TO such reports for August
as those Of Atchison. showing a gross
increase OF 37s3,00o. Lehigh Valley OF
ss1s,0ee. Union Pacific OF $1,000
Southern Paeifs OF si,o0o.s0e and the
Readings increase In net surplus Ok
nearly }1,soo.o6o. But there were
many other statements OF minor roads
and OF weekly reports Of earnings that
made relatively as good an exhibit
The copper market 10 gathering
breadth and strength daily and there
is no pronounced activity IN the textile
trades. The iron and steel is booming
and reasoning by analogy the infer
ence is plain that the country Is en-
tering upon the most prosperous era
1t has ever known In iron and steel
production. Politics are practically
cease-. to he factor OF business in
.terests. and. in fact. the Most serious
feature appears to be at the present
time the scarcity Of labor. Aside
from the daily and mutitudinous
proofs of enlarged business. the mat
ter which seemed TO engage Wall
streets attention most was the money
situation, and when the week closed
the feeling was growing In the imam
ciai district that there had been SO
many warnings regarding this .situa-
ton and SO much preparation for It.,
including a torpid stock market all
through the summer. that money
strinzency might not develop after
all The rise in call money rates TO
s per cent in the last days OF the
week. little money even lending at
q higher rate-was sunctent to send
sterling exchange tumbling down
again, and 1t caused heavy lending OF
money here by interior banks 1t has
become plain. moreover. that the self
same interior banks are In much bet
ter condition to resist the nnanctai
strain of the crop moving than has
heretofore been supposed In the re-
ports Of condition Of these institutions
made to the Comptroller Of the Cur
rency and now being collated and pub
lished the bank reserves throughout
the greater part OF the aSriculturai
section appear to be fully a. large a.
that Of last year.
The attitude Of European investors
toward our securities IL always . mat
ter Of great interest to Wall Street
waIl street Gsssep.
A sudden drop In the price OF Anglo
American Oil to-day from 81 IS 70
~ Ia demonstrates that the specu-
lasion In the former STANDARD On SUD
sidiaries 10 not to continue Indefinite
IL q one sided affair. and that. al
though there may be some OF these
eompauies which are earning far more
than they are discussing in DIVIDENDS.
there are others whose business Is
no, run at a profit at all
The particular reason ascrtbed Tor
the break in Angio-Americsn 10 that
the usual time for the declaration OF
dividends has passed without any Of
fetal announcem INT being made Tue
COMPANY pail dividends Of TO per cent
on April Ia and July J.. last The
dividend has not been omciaIiy
passed but this does not necessarily
mean that 8; will be paid Scnetfm IS
dividends arc quietly omitted or action
n deferred indefinitely which amounts
to the same thing
The extraordinary rspidisy Of the
movement OF grain Go market SO far
In the current season hes been ire
ouepsjy referred 20 during the past
f.w weeks The appreciation Of the
magnitude Of this movement can only
be gained by q study OF the actual
figures covering the period for the
four weeks ended Saturday week
ago. Not only DID deliveries OF grain
az sne primary markets set q new high
mark for the period. but they wers
o Gar ahead 81 anything that has
been seen before that the old records
hxsA ha To-