The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-07-28
MARKET TRADING
IS PROFESSIONAL
Day Is One of Dullcst Stock
Exchange Has Seen in
Month.
SMALL CHANGE IN PRICES
Current Confusion in Politics
Acts as Deterrent to
Business.
SMALL CHANGE IN PRICES
Especial to The Times.Dispatchl

Especial TO The Times Dispatch
New York, July 9T-On the stock
exchange to-day was one OF tho dull
lest OF the many duh days Of the
current month. In the active shares
the trading was entirely professional.
inc closing was Irregular. but WITH
price changes utterly lucons.Quentisl
ne turnover amounted 10 but $1,000
snares The weekly bank statement
showed an increase OF s6.s7s.000 IN
loans. an Increase Of nearly 90 0OO. Qro
IN cash an Increase of $7.722.O00 in
deposits and an Increase OF S7e.70O in
hurplus reserve. The surplus at the
end Of the week stood sts.23s. 900 witch
is aboi S7.00OQO0 more than at tho
end ot the CORRESPONDING week last
year The London market was aull
but strong. the rally In consois ana
British rails continuing In the foreign
'Nchange market demand stef,.ng
b.Ns sold OF ten points but there was
no Indication that THIS slight decline
betokened change Ia condition..
which are expected to lead to exports
ri gold from this city to South Amer
Tea. Tor the account Of London and
Paris
on the average stocks advances. IN
the course OF the week though only
Tor 4 shor, period THURSDAY afternoon
was tho advance az all BRISK or the
market at all active Generally the
market was characterized by extreme
dullncss but AT tho same time by j
nrm undortone ESeept tn a few
ordinarily less active shares Nouida-
uon was conspicuous by It's absenc.
Spectators and investors may have
regarded much % the current news
o. much OF tic current confusion IN
politics as detorreut against i-crcnse
or commitments thry certainiy 1ldI
rot consider any development or APP
nrehenslon an !nducement FOR the saieI
az stocks OBVIOUSLY enough. bv most
at TIC mon who cGstomarily use sur
plus funds ~ securities the week was
regarded as d continuation OF the
waiting period period OF waiting
for dennitc news from The crops and
OF moro tangible political Developments
IMAM have been forthcoming since tho
confusion OF BIZ parties.
In practically all cases the Pu--
ohasos were stimulated by the ex-
tremely favorable reports from import
Aud crop sections. by tE. recovery IN
the copper trade, hy tho decided TIM
provolncrt In the steel and iron trades
ind by business statistics that on the
whole displayed created activity and
T. larger volume OF business than are
customary AT this season OF the year
In regard TO the crops. cotton alone
excepted, there was practically no dis
sent from the proposition that the
weeks weather was favorable. The con
clrsion Of the winter wheat harvest
marked the gathering ~ a crop OF
greater quantity and better quality
than had previously been expected
Estimates of tho spring wheat ylcld
we're raised steadily one day OF
favorable weather succeeded another
Thc yield OF oats has been abundant
and that Of has larger by probably To-
100000 tons than last year. Corn con-
ditions have been improved. Thougt IT,
IS carly to venture anything moro
than an approximate estimate Of the
value az the years crop. AN estimate
OF se.oo0.00O or .l2.ooo.ooo more than
last year Was considered conservative. /
Crops Of such magnitude mean a
heavy trafnc tor tho railroads. whether
~ not tina; traGlc is ia all cases pro-
ntablc. They mean that tho railroads
must be in condition 10 handle a val.
,irnc az traffic great enough TO tax their
facilities for the first time since 1901
In the Northwest. which may harvest
a record crop of spring wheat. rail /
road managers were busy throughout
the week in preparing against a con-
restion 81 traffic. The result OF these
preparations IS. OF course quicken
ing Of the movement OF general trade.
H. tho steel and iron trade.
Those railroads are many which fear
an Inadequate supply OF equipment Tor
the fall traffic. and II has been stated
that orders for railroad eqnipm.n' |
since tho crop prospects became bril- /
liant have been greater and more In
sistent than al any other time IN the /
past five years. The result IS an i'm F!
provenent IN the steel business. which
is extra ordinary. for a season Of the
year ordinarily marked by backward
tendency, and this Improvement has
extended not only TO the heavier
grades. but to most finished products
as we'll Increases OF prices in sew
eral departments announced IN the
coure Of the week simultaneously the
reaction in the copper market was sue
ceeded by hrmer prices here and
abroad.
The little new financing announced
IN the course OF the week was put out
by industrial companies. Money con-
Increase in time money loans for the
longer maturities and in commercial
paper but the bond marke. was dull.
Sterling exchange rates advanced to "A
Lowell close 10 the gold export point
and though no exports OF gold direct
10 Europe We're anticipated. bankers
were unanimously OF the opinion that
shipments would be made to South
America.
There was. however. nowhere an ap-
rrchension that the amount Of those
shipments would be sufficient greatly
to advance rates here.
New York, July 27.-AIoney on call
nominal Time loans steady sixty
days. 1-i63l-2 per cent; SIX months.
41-2G4 3-+ per cent Prime mercantile
paper, . per cent. Sterling exchange
easy. s4.s475 for sixty-day bills; siS755
FOR demand. Commercial bills s4si.
RICHMOND STOCK MARKET.
Nv Richard W Hap-v