The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-04-14

BANK STATEMENT
is SENSATIONAL
Made Public Late in Day, 1t
Does Not Affect
% Market.
CONDITIONS ARE STRONG
Figures Bear Out Recent Asser-.
lions OF Responsible Bank
ing Houses.
CONDITIONS ARE STRONG
Especial to The TImes.Dispatch.l

Especial to The Times Dispatchl
New YORK, April 1.-THE most
noteworthy development In the
financial district to-day was the
Sensational change and In "A favorable
direction that occurred in the weekly
tank statement. News OF This. Of
course, was not made public until
AFTER the close OF the stock market
ana, therefore. the matter was not In
any way market factor OF the day.
Inc character of the returns Indicated
with great emphasis, the truth OF
which responsible. banking interests
nave all along maintained, that the
Underlying financial position was one
OF exceeding strength ana that recent
weekly statements pG the clearing
house institution have been so affect
cd by superficial ana temporary in
huenccs that they did not reveal the
actual state OF affairs In to-days
statement the average ngurcs report
ed the extraordinary decrease OF s2S.-
osI.o00 In loans. which with an in
crease of 100000 in specie. made an
average Increase in the reserve oil
sh,i3S.00o IN the actual figures al
most as great decrease in loans was
exhibited. along with an altogether
unexpected increase OF nearly S.
100000 in cash. This caused an IN
sl3.oQo00o.
In the stock market in the first
hour OF trade there was u continue
tion Of the sharp selling movement
which was in fun progress on Friday.
Then the usual recovery in stocks by
SPECTATORS FOR the fail set in, and
This process left tho final prices OF
the greater number OF issues at adj
vdnccs over the prices OF a day be-
fore.
An advance OF 81 in the price Of
steel bars by the Carnegie Steel Com
phny was announced and interest was
SIN great in tne result OF the Tenn
Sylvania primaries. which We're TAX
ing place during the day. At tn. same
Time conservative observers were
pointed out that the present tendency
Is strongly to cAasgcratc The proper
influence OF occurrences Of this Kind.
The q thcr unexpected nature ri
the outcome of the Illinois primaries
poor wheat crop reports, talk Of high
~ money rates and la Dor controversies
united in bringing about q reaction
~ stocks later in the past wecit ms.
however, was only the oStcns!blc cause
OF the movement. \ recession in the
market mas been overhanginS FOR some
tine for general reasons incident TO
the rapidity OF tho recon, advance
There Is no trouble at all in the moucy
situation. and at the end OF the week
the plain tendency OF money rates WAS
TO DECLINE under "a Hood OF offerings
from Interior cities, caused ~ the
slightly higher price hid here cor imam
r!al accommodations. Neither is There
any real anxiety felt as TO la Dor mat.
ters, While demands for higher wages
nave been numcrously presented ialg
spring thcsS ts no bad booli he.
tween the employed and employers.
Snd The NANTES, disposition on the
part OF everybody concerned Is 10 set.
Tie these disputes as quickly and de.
Gently Is can be done. The govern.
hcni crop report carly In the week
c9rroboratcJ the fact mat has long
bcen known iIat wheat east OF the
mississippi has suffered some damage.
rherc was also some temporary dam.
age 10 other crops by Hoods. and II,
may nc that soma wheat lands have
ptcis washed out in the valley regions
But the lands thus ovcrno,y,d uju
ne painted 10 corn or other grains
s Inner t; 1 most mos. favorable circum-
W"cE ~ t9f rare crop Yields. AS tho
"eth ie!t OH me newspaper stories
OF damage BY the rise OF the winters
vas compressed into small space. and
II Is eviucnt that the Hoods OF 1912"
nave already passed into history
Really the only development thai
was provocative or selling in The mar.
H Hn was The news OF the result of the
iit!hols primaries, coming as II did
when conditions were ripc for a
speculative fnll in stocks: and rccov /
ery from this drop was prevented BY
the natural anxiety feel, as to the out
come ot the Pennsylvania primaries
to-day. Meantime every other develop.
!ncnt has been favorable to the stock
market, ana 10 business and financial
optimism.
y general review of the week mus,
also include the release given to in
dusttial life in England by III. trrini-
nation OF the coal strike there Finan-
cal and business enterprise, that has
been held in check in the country for
over month. is once more spr!nging
forward with new visor, and tho
whole world is feeling the effect To-
ward the close OF The week there was
some discussion In Englands financial
circles as 10 the possible adverse cf-
feet of the Introduction and passage i'm
Parliament OF the new home rule bill
for Ireland But the upShot of II all
was that people in England were too
busy TO spend much time with talk
or Tears OF this sort.
New York, April IL Money on call
nominal. Time loans easy; sixty DAYS,
} l-2M3 "a per cent: six months,
S-iM4 per cent. Prime mercantile
paper. II to ~ per cent sterling
exchange steady; $4.Sl for sixty days;
Si.S705 for demand.
RICHMOND STOCK MARKET.