The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-09-01

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i1Hw FORK. August sls--wish
Y opSrY sxH niaed. she coed ship "Pros-
sSsgaiyss u easuang hsadEsy an its
4 VavaGN 10 sh4 Promised Land OF bsf-
{ II times, FInanoisrs and captains
~ Industry in tho crows nest re-
port Ill h wei, but they are. never
i tho1ees. strAining their eyes In search
- possible signs Of danger.
Attention at present ID directed 70
fhe money situation. which In now
io0mtng mp ia greater proportions.
nov that the decline ON the banks
\ supplies Of funds In under way. The
past week has witnessed world
vide Increase In the demands for
money, and this has been reflected by
afiefening OF rates at all the Inn
purtAnt financial +centers. Advances
4 ii rates for both call and time szscnsy
s.ave occurred In this country the
4 paat week, while the Bank OF Eng
4 ianA raised its discount rate from
n 70 1 Per cent. Although the ofii-
caal bank rates Of france and Ber-
I'm have not been Increased, the pri-
rate mArkinE up OF discount rates at
thone financial eenters has taken
plnee. The advance in the Bank Of Eng
land.s rata is an Important step In the
arrangement Of monetary situation
III over the world to meet the sixty
!. ma ninety day bills issued for crops
HI Al countries.
cisarinss inersass.
Industrial expansion In this coun-
! &xy II rejected by the incFsaae OF
nAarfy fifteen per cent In ciearfngs.
NTH The present assAfHess Of secure
fftea nobody can sag that the expan-
sion In ciearfngs IL due TO spscuia-
] fiDn by Wall Stree:.
A. the movement OF crops gains
i NnEfiaentum, and the wheels OF our
factories increase their revolutions.
I banksrs expect q further stiffening
! n money rates. Arrangements were
1le<fibuticn on Tuesday OF about
{ 4t13. 900 In dividends, and inter-
The increased business OF Amsri-
1870 u shown In the heavier tonnage
A0w flowing over our arteries OF COM
nnerce. Railroad earnings submitted
I 3or July were distinctly favorable,
\ showing large increases In gross ~
MeII as III net. This impaired firfn-
re- to railroad shares on the Nav
xcfk Atock Exchange, investors be-
11NxtnG that the roAds are not AZ bad
- a. they have been told. Ever
oiAce the railroads wers refused an
advance In rates by the interstate
commerce commission their oflicials
hare been calling the attention OF
Nth which they are approaching
5 bankruptcy. Reports OF eArnlngs now
N0HAng to hand CAUSE the uttefances
I ~ ~ treated with indifference.
I'll A1jeurnment Brings Centsntnssnt.
s Perhaps the enc thing that furnish
N most confentment to business men
IN dnAncters the past week was the
adjournment OF congress. Upbuild-
Aro Of commerce and promoters Of
new enterprises have lived in con-
ntAnk dread Of what our radical con-
1re1Emen might do. but the lawmak-
&ra Will not be back at their desks
axAin until December. They arc not
Axpected 10 pass any importnt legis-
Ihtion until after the Inauguration OF
< 1s3r. meH president. 40 that business
can now 80 ahead minus the mill
& At0n0 OF pnaafhie legislation
Glowing reports Of the big busi-
] Mc1A being done BY the steel compa-
MlA9 are received daily. Orders be-
fnx received by thu Steel Trust are
Ia excess OF production, 80 that its
4 st4tsnsnt of untitled tonnage AZ OF
tOday n expected to show q further
ancrease In the tonnage on Ito books
Earnings Of the corporation for the
month Of August are estimated at
shout 41D. 600. 900. II II that they will
! aiso approximate that figure this
month.
Speculation Quiet,
Speculation on the New York Stock
EeAaAee this past wreck waH uutst,
pTicAs OF securities holding firm. Wall
Street II witnessing the unusual spec
stAcle or quiet stock market coinci-
dent with industrial and commercial
Attfvfty. In former years stocks have
zone ahead OF business but this year
II seems to be the reverse.
Europeans continue to hask in the
ToldAn rays Of increased prosperity.
London bankers and business nlsn
ars taking more hopeful view Of the
Future The Berlin boerse has felt
tbs quicksninE influence Of q bright
az outlook for peAcA in TrfpnH. and
boom In its merchant marine. Ger
many 10 still receiving financial as
distance from France. Paris II dis
counting expectation OF an armIstica
In the Erspoii sans Wa. SAD a resultant
-4ncEAAhe Ia Industrial ana-eanEaeE-I
cfaf activity ~