The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-06
BALKAN RUmORS
NOT CONFIRMED
No Invasion OF. Troops and
Ministers Are Not
Recalled.
FINANCIAL CENTRES HOPEFUL
Plain It Is Desire of This Coun-
try's Market to
Advance.

failed to confirm the alarming runors
of the day before regarding the Bal
kan difficulty which were current
both on this side and In London.
There was No invasion OF Turkish
territory b. Bulgarian or Servian
troops snd no recall Of ministers. II
may perhaps he realized by newspa-
per readers sooner or later that there
IL q certain news agency In Constan-
tfnople famous for It's sending Of SEN
sationai and fake dispatches.
At all events. the disposition In
financial centres Is to take q more
hopeful view OF the Balkan trouble.
and the result was a rise In prices
In all directions. Here the feature
Of business was not only the recovery
Of stocks having international markets.
hut in other shares. though entirely
Of the standard order. which are all
Gelt in only in this country. Promi-
nent among these was Lehigh Valley
and the specific reason for the ad-
vance here was presumably the dis
bursal Of knowledge Of their large
earnings which they are now making.
There was conspicuous strength In
Consolidated Gas. st. Paul Common
and many Of the leading issues. and
the favorable impression made by this
was uOS ~ al u1AbSu10h<o W &hS 49,
that conservative people looked ask
ance upon the rise OF such stock A.
California Petroleum. which was in
PRODUCED to dealings on the exchange
to-day for the drst time. The Great
Northern reported . net increase OF
$30s. 900 for August and the fortnight
ly statement as to idle cars showed
a net shortage In cars OF 1880.
against $3.50 last week. The shortage
Is now the largest seen at any time
in recent years. The weekly bank
statement was at variance with TO-
days estimates in that 1t showed =
decrease in surplus bank reserve.
The matter most talked about In
the financial district this week was
the Balkan war scare. although no one
on this SIDE Of the Atlantic was scared
about II at all. Really. the only re-
markable feature Of the affair was the
ease with which our market absorbed
the selling of stocks for London ana
the European continent account.
A wider and broader market de-
veloped than most people had sup
posed existing. AS the week ended
there seemed to be doubt In all the
worlds financial capitals whether the
Balkan States would really wage war
against Turkey or not. Probably the
next few days will decide this ques-
ton Meantime nothing 10 palmer
than that II is the desire OF our mar
ket to advance. United States Steel
common shares In which the rising
movement has latterly been most live
~ were held last week within GER
tain limits. but ii was obvious that
some body was very anxious to buy
St Paul. Lehigh Valley and Reading
and not a few other stocks. and the
general undertone Of the market was
not only nrm but resilient.
Financial occurrences during the
week outside OF the Balkan war cloud
were neither numerous nor sensational.
but with the Balkan affair excepted
they were all On the constructive side
OF value. One report OF the great
railway systems after another came
TO hand with a showing OF large In
creases in gross and net earnings Tor
the month Of August and the tale
from every side was Of the greater
breadth and sweep to the movement OF
national prosperity.
In the iron and steel trade the price
OF the basic commodity. pig iron con-
tinues its advance. No attention Il
being paid to politics and general con-
hdence In the soundness OF the pres
ent business development IL unmis-
takably growing. The money sttua-
ten has become easier both as re-
CARDS call money and time money
rates. and there Is At least . tenn
porary lull In the movement OF money
sway from the great financial CEN
tres to the west From now on the
cotton crop moving may be exported
to Increase and this will call Tor some
financial assistance, but the banks In
the south appear to be particularly
we'll fortified with funds at the pres
ent time, and their seasonabie de-
mands upon the New York banks for
money will probably be less than they
were last year.
Meantime IL appears from tie gov
eminent reports Of the condition OF
the cotton crop, which almost invari-
ably suffers . good deal OF deteriora-
~ during the period from August
IS to September IS. this year suffered
less deterioration than Il has In the
three years
GsssaD - sAe StsesG
The business for foreign account to-
day indicated that the element OF
fright had been removed from the
transactions Of foreign spectators.
There was no hurried rush 70 action
conflicting reports from southeastern
Europe. but more composure and more
orderly dealings. The London market
1Or A@SIIC8U8 VIZ 80o
the transactions In this market Tor
London account showed . preponder-
ance OF sales with steel common the
favorite Cndoubtedly the technical
position OF all the foreign markets
has been Improved by the weeks
liquidation. In most OF them aud over.
extended long account existed This
has now been reduced and the local
market has not % much concern over
Developments Ia southeastern Europe.
whatever they may be.
When On Friday. Illinois Central re-
ported for August . decrease q &3sA-
oee In net earnings and for the two
months Of the current fiscal year .
decrease Of Ss3S,eee In net earu1ngs.
IL was recalled that the comDaayS
failure to earn It's dividend b. more
than 1s.eee.o0e In the last fiscal year
was explained By untoWord develop