The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-08-18
STRONG OPENING.
BUTSOFT At CLOSE
Entire Market List Falls OFF
in Last Hour OF
Trading
ALL REPORTS FAVORABLE
Wall Street Disappointed That
Congress Holds Over
Another Week
ALL REPORTS FAVORABLE
lspccial to The Tlmes-Dispatch. ]

Especial 10 The Times Dispntch.l
New YORK. August l7.-After a
strong opening this morning with Steel
common ana several other active stocks
selling above Friday close. the entire
list became weak. and in the last hour
became SOFT and closed Win numerous
losses OF = TO / point or more The
earlier strength was in keeping with
tho brisk rally which set in with the
news that the Senate had refused toi
override the Presidents veto OF the
steel revision bill. but this strength
was soon exhausted. ana realizing
sales b. commitments over the week
end and operations by bearish specu
lators encountered no great amount of
interest.
Trade reports were favorable with
out exception. ana the other develop
ncnts from which bearish construc-
lions were deduced emanated from
Washington. At the. beginning % the
week It was hoped that Congress would
adjourn on Saturday. The end OF the
week showed a certainty OF another
week OF Congress, and this prospect
was more Encouraging. because the
action OF the House OF Representatives
in tho course OF the week had tended
10 diminish confidence IL such cons-r-
vat!ve professions as those made in
Governors wilson's speech Of accept
ance- The effort TO enact nasty. crude
and ill-considered tariff bills. though
1t failed. nevertheless indicated what.
might be expected from 4 Democratic
victory, and the unpatriotic features OF
tho Panama Canal nili naturally IN
tensifed the disgust with poliucins. !
VINO seemed to have 40 iesard for the
business interest % IT,. country or
oven its good name
Particularly wide declines we're sus-
tained b. American Ipua eco and ca
na1!sn iacinc, though inc latte! raj
He'd AFTER loss Of more than SIN 4
points. IN Canadian racihc. IT was I
reported that The selling came from /
Beriin and o,hcr foreign holders VINO /
prefer not TO exercise thelr r!sni OF
Subscription to the forthcoming stock F.
issue That Involves sdtlt!oaa! car
iial. ana though tne new stock wil
undoubtedly no offered iaf below ine
market price. many ~ the holders nave
considered j ADVANTAGEOUS from the
standpoint Of thc!r own positions 20 &
sec-re their prohis from ,he market
as u stands
Another movement cNtraordinaTy was
IN Ontario auc Western. which rum
ming counter 10 the general list con-
tinu-i an Upward movomrn. based on
an expectation - restoration OF d. /
The ~,ekls Danx statement showed
no chanecs ~ particular consequence
or significance Leans eNpaudep 81.
there was sn lucrcaSe or 81 QUO
in deposits AMI the !nconsequentia 1
decrease OF s-5dnoQ ign SURPLUS ressrve.
leaving the snrpluH al $40 552 900 Thu
Interior, as the statement shows. mas
not yet begun 70 draw money from THIS
centre for Purposes 81 crop moving,
ana no important movement iu that
direction is .Apcc'ed THIS month Bank
oioar!nss 30 tne country OYER Increased
l-- per cent IN the course ~ the
week The gain In This city
r.. III rr 90 .
- per cent We're reported from
Baltimore OF 20 per cent from
Hcw ORLEANS. 70 per cent from 81
Louis, and @; q per cent from Chi.
Weather reports from the principal
cotton wheat and corn sections were
asain favorable as they were general I
.y ihroushoHi the week The week
Improvement Ia cotton has lnpe!lel
most OF the students of cotton cond!-
tons 10 increase their estimates OF the
years crops II is PROBABLE also that
the splendid harvest weather in the
Northwest has made possible q spring
wheat yield greater than that esti-
mated By the government and prob
winter wheat VII! exceed l25,0po.Q0D
bushels The continuation 81 tao favor
able crop conditions las Increased tho
demand for many steel products for
roads. in particular. have been in
sistent in their demands for equip
ments for delivery IN the fall and win
ter. and one OF the features OF = sat
istactory business week was the volume
OF orders for rails and equipment
In the West there was reported
record dcmand for dry goods IN anti
cipation OF an active business in the
fan, and il was the opinion ~ tn.
reviews that the week mad been an
other OF steady Improvement IN prac-
tically all departments.
New York. August l7-Monev on