The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-06-23
MARKET |SCALMLY
AWAITING EVENTS
Prepares Itself for Any Political
Contingency at Chicago or
Baltimore.
PRICES Do NOT DECLINE
On Contrary, Underlying Adj
vancing Tendency Is Shown
During Week.


New York, June 22-The rise in
stocks on Friday and generally in tho
latter part of tho week was attriD-
uted by a good many observers to the
Indications 1T the time that a com
promise candidate would he named by
the Republicans at Chicago over
night on Friday and during business
hours to-day the indications were
strongly To the effect that the choice
would fan upon Mr.. Taft. 1t might
nave been expected therefore. that II
there had been any ground .or the
previous Judgment OF the market
prices would to-day decline. But they
dif not decline. and the market. taken
as a whole, stood stiii. Therefore
actions were in very small volume
hhd prices remained throughout the
day substantially unchanged There
was an absolute dearth CT news and
the weekly bank statement was entirely
without Significance. a smaller cash
gain was reported than that to which
the known movements of money
pointed. and there was a decrease in
the bank loan account as lueAplicablc
az the increase shown a week aEo.
The result was an increase OF $500
coo IN the average reserve. while the
actual reserve was increased in the
tmmaterial sum of $4,000.
or course. political topics occupied
substantially all OF Wall Streets dis
nussion last week. and yet interest in
the Chicago convention did not ap-
pear after all to be IN anyway intense
or absorbing III ;he financial district.
and the stock market, the greater
share OF the week. was practically
motionlcss. 1t displayed, however, an
underly 'rE advancing tendency. ana
there We numerous indications tiat
tho market had done. as IL usually
docs at such times, prepared itself
fully for any political contingency
that Nigh, result from the action OF
either the Chicago or Baltimore nomi-
mating conventions. and thea settled
down calmly TO await events.
Again. following the usual course in
ruch things. the strong chances are
that when both Of these conventions
arc over there Will be for some time
stopping of political discussions
;ltogothcr. \ month Of cXcited talk.
incident to the meeting OF the con-
vention leaves most people anxious
TO discusg something else From
broader point of view. there is room
for tho contention that politics is not
going 10 play such figure In our
business and financial history this year
as has been supposed for long tinie
in the past and the reasons for TINS
are that after all no political issue
OF vital interest Is up Tor debate, anu
that business and finance has made
fun preparation for presidential
yest
prophecy tina, II the crops this year
turn out good there vii! be an al
>ancing movement in the security
market anyway. There is abundant
precedent for a development of this
Kind in a presidential year and such
n movement has occurred in past oc-
cas!ons when general conditions were
eimllar to those now presented Mean
time IL is undeniable that these gen
oral conditions are already favoraple
to irmness If not positive strength
in security prices; and II IS admitted
on all hands that they are such as
10 discourage selling of stocks at any
rate The weather for the crops last
week was excellent, just al II has been
ever since the first OF the month All
reports from general business was
good, and the centre OF trade interest
for the time being is. IL seems that
of building operations. statistics dis
close the fact that tho contracts Tor
now buildings now made form the
largest total in the country's history.
The bond market is very dull. but the
REGULARITY OF the situation here is that
offerings OF high grade securities which
bear an interest rate somewhat higher
than that which has hitherto prevailed
arc eagerly snapped up. An excellent
instance of this was the rapid absorb
tion of the BROOKLYN Rapid Transit note
issue put out on Wednesday. This was
the more notable because the Offering
was not advertised. but was ma 10 in a
semi private way to select buyers.
The gradual pctering out of the Mex
ican and Cuban rebellions. display
of greater quietncss and amiability
on the part OF labor and the satisfac-
tory conclusion OF arrangements Tor
the coming half-ycarly German and
English financial settlements were also
developmcnts of thc' week that must be
mentioned. although. no great interest
appeared to be taken in any of these
I'm financial circles. Sterling exchange,
which early in the week was irm as
the result OF renewed extension of
credits to Germany. declined later when
tho German borrowing was concluded.
The most significant occurrence OF the
week in every way was the pronounceS
weakness shown in the grain markets.
owing to the general crop promise.
which grew brighter each lay as the
week advanced.
New York. June 22.-Prime mercan-
tile paper. { to Ia per cent Stor-
ling exchange steady, with actual bust
ness in bankers bills at si.S4I5 for
eiXty-day bills and at S4.SI35 for de-
mand. Commercial bills. StS4 Bar
silver, CO; Mexican dollars. IS. Money
on call nominal. Time loans steady:
sixty days, 3 per cent: ninety days,
q to 5 Ia: six months, IA.
SOUTHERN COTTON MILL STOCKS.