The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-05-12
FEE[|NG|N MARKET
IS OP TIMlS TIC
g.
Steadily Prices Are Creeping Up
wards Despite Occasional
Decline.
LEHIaH VALLEY STOCK UP
Advance Probably Due to Favor
able Survey of Company's
Property.
LEHIGH VALLEY STOCK UP
Especial to The Timcs-Dispatch.,

~ AZ i, may ll-FOr the
pronounced rise which occurred in the
STOCK market to-day no other explana-
ton can be offered than the general
ono that the more cheerful feeling
caused In the financial community by
the TACT that upon the recent decline
liquidation appeared TO run it's course
very quickly, and that the decline 1T
seil was more in the nature Of a mere
market reaction than anything else;
that despite liquidation creeping ad
vance has been going on in the mar
Aet mas been obvious for two or three
DAYS, and IT became manifest at last
mat this rise was not solely due to a
retreat of the market short Interest
outside OF the circumstance that
wheat to-day was weak upon more
favorable crop news. there was no i'm
portant market development except
tho deductions inevitably drawn from
the strong and definite trend OF the
market Itself. the feature OF the day
was further advance in Lchlgn Val
ley stock. which was again connected
with the idea that the strike OF an
thraclte miners was approaching a
formal settlement 1t probably viii be
FOUND, however, that the advance was
due TO other reasons not the least
among these being the fact that a
general survey and accounting OF tho
Lehigh property has just been made
at the instance OF the company b. the
best experts In the country. which
has resulted in an estimate OF the
value of the property very much in
excess Of that indicated by the present
market valuation OF the STOCK.
AS tho weekly bank statement was
colored entirely by the preparations
made b. financial houses in connec-
tion with the city's recent $4,000. 900
loan, 1t was looked upon as possess-
Ing little Significance. A large in
n Of
in both forms OF the statement, re-
sulting In n decrease In the bank sur
plus. u was. however, noticeab bic that
there was large increase in bank
cash
During the forepart Of the week the
stock market was st!ll under the In
iucncc of the depression OF sentiment
cAertcd in the week preceding by the
poor quarterly statement OF the Steel
Corporation by the renewal OF labor
uncertainties and by continued poli,i-
cal agitation. But the week ad-
vanced tho market Importance of all
these matters seemed to diminish: at
any rate liquidation on their account
grew steadily less and less. The gem
eral feeling In regard 10 the market
and business is still strong apparent
~ that business and securities liaui-
dalton was exhausted In last years de-
cline, and that the country is begin
INNS hHoNHtE year OF prosperity. This
ma? be subject to periods OF hesita-
ton or reaction. and even of temporary
dependency: but for The time being
wall street appears to be convinced
that its general path will be as stat
cd.
rs for the country'a trade In the
mass the weeks statistics were again
encouraging, Bradstreets reporting an
increase Of total bank cicarinss in the
United States OF 1876 per cent. over
thosc OF last year with the Financial
Chrinicle's compilation ebou, the same
one branch OF Industry that has been
amply active has been the building
trade. the total expenditure on this
account in April being larger than for
any month since April. 1910. Commod
1t? prices are at another high point.
rs the same time the weather was
untaForable for business cScept In III.
last few days OF the week. and tho
crops. retail trade and about .y.ry
thinS else has suffered from excessive
moisture The governments May
crop report as OF date Of MAY pub
lished on Tuesday indicated that dur.
ing April no deterioration to amount
to anything had occurred I'm cron
prospects, and the report was th4rA
Tore good deal better than expected
IL sun has to be Sdmtted, however
mat the winter wheat crop inevitably
- ""St - Gazing the spring wis ,
9ieiu more Important TO the country
than 1t has been at any time in rcnan,
years.
Indications as to spring wheat are
sui Tor an excellent harvest. and.
therefore there is no particular de-
spondency in financial and business
oi'cies because OF agricultural condi-
IONS The stock market was natu-
raily benefited by the United States
Steel Corporations statement OF I'M
iiiied orders at the end of April chow,
ing that there had been an Improve
ment in the corporations volume n,
business In the month OF about IL ner
cchl. mere is sun room for improve
ment. inahmucn as events have made
1t plain that even If the iron ana stenl
mills or the country are now runnInp
at nearly full capacity, they arc TAX
ing orders at low prices. and that bet.
ter prices should not be looked for
until the pressure of orders becomes
much greater than it now is Al tho
same time the picking up I'm business
during April was welcome, inasmuch
as II testified that business was oct
ting better rather than worse. ana III,
matter was doubtless CHIEFLY resnon-
sibic for the sharp recovery that oc-
Cured in the United States Stee,
shares.
Money also tended easier durinr tho
week not only in our own. but In
other countries. and a reduction o.
CURED in the Bank Of England dis
count rate which had the effect OF
course. of inducing greater cheerful
ness in financial sentiment abroad.
Not s good a price as was looked
for was received from the city of New
York's bond sale on Tuesday but the
quotation for the bonds when issued.
advanced afterwards in the open mar
ket. AS the week closed bankers and
others Interested were disposed 10
think that the legal obstacles that
have presented themselves to the
money trust investigation by Congress
along the lines planned and the diff
Guilty that would be found in removing
the obstacles had nulified the investi,
cation as source OF business dis
furbance.