The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-07-07
NO DEVELOP MENTS
IN STOCK MARKET
Bank Statement Not Accepted
as Indication OF Financial
Conditions.
PROGRESS IN INDUSTRY
Volume OF Iron and Steel Bust
ness Larger Than Last Year
or Year Before.
special 0 The Times Dispatch

Especial to The Times d is atcA.l
New York. juno G.-Tne movement
of stocks to-day was steadily toward
recovery. Presumably. THIS was due
mostly to the retirement Of commit
mcnts for the fan ia values freely
entered into on the preceding day. but
there were many signs that the an
omaly OF declining stock market.
while the nets from almost every
quarter of the Industrial and agricul-
trral world was extremely good had
made its appeal to other IDEAS than
merely speculative.
Advances ran to nearly point M
case Of como OF the most active
stocks. There were no developments
durlns business hours except those
referring to further favoraplc pro-
CESS being made b. the crops. The
gain makets. after their violent fall
vi Friday. were relatively quiet
The bank statement with It's sho,v-
ms Of q decrease of Sls.7i+.Q0Y 30 ne
average reserve md nearly 81. e0O.uoc
in the actual reserve was. az course,
accepted by no one as even an approx
mate indication OF p-esont financial
-onoitions at this ceatrc. II tao ac
ilal statement were anrwher. near
the tfuih there would D. at ;ne nc
81 .
money would 300 praciically unat-
tainan!e Tic character of the show
INK was, 81 course. affected by the
Du.now - money, incident 10 the
very heavy Julr disbursements. 20
the large syndicate transactions ia
which many banking houses have
lately been engaged, and to tho un-
usually puzzlins influence exercised at
,mes by the interro!ations % the
banks and trust companies
Whue up iY the beginning % last
week the Weather for asr culture, aua
especially IN tho spring WHIST section.
had been by no means bad set There
were sili some complaints % loo hish
temperatures and too little moisture
lu the nortuwest Wheat pr IS broke
heavily ana the spring w'.,a. cs,5 "a
particular ia 80 near maturity that ola
eFaln c2osrt OPT liDn - sweeping
strongly to the co.r.as on that only
unexpected disaster can p-eveM,
very large hnrvegt ~ TINS sr.in.
The gov..nments cotton report
caused a rise In the cotton options
since l. asserted that there had been
= large roducoon 10 cotton acreage
since last year The governments
figures are gpueraiiy considered an
oY r-statement ia cotton circles
Last week trade and Industry in
general made steady PROGRESS. The
volume OF the ron ana steel business
is larger than II was either las, year
OF tho year beforc. Bank claar!ngs
arc almost up 10 tho nigh record al
though they have naturally been
curtailcd IN tho last fortnight by the
conditions. Inc demand for coal j.
better ana loadings on the railroad
lines have enlarscd.
The number % business failures has
lat 80
this is accepted as not uutavorable
phenomenon inasmuch as IL is that
when almost invariably takes place
toward tho end OF period of bust
ness depression. Aiercantil. collection
over tho country arc more prompt and
although something OF the midsummer
dizziness IS noted In business orders
for goods AID material from the
western farming sections In particular
crease.
one OF tho sooaled adverse occur
reaces of the weak was the develop
mont OF weaker undertone In copper
metal, but no well Informed person Or
ore having the best interests Of
American trade and industry at heart
would call this an unfavorable hap
peains corper IS now selling at
hisn price and one that gives enor-
NOUS profits to the copper mining
0mpanies.
me local ana international money
market keeps easy which is IN itself
suiiiclen, rcJoindcr to the impress
SION said 70 be conveyed In various
quarters that there L. generally
sirained hnancial position In Euh5pe.
The half yearly German hnancial ser
Elements have passed OF without tlou-
Pie. while the recent exports OF gold
from THIS country to France repre-
sent the assumption by the Bank of
rance Of its time-honorcd policv OF
increasing l. gold reserve whenever
4 secs an opportunity 10 do so. The
decline in consols in London
las continued. but this is of no
significance whatever. since it simply
Illustrates the competition Of other
iieh grade securities with the English
]. omier issue.
There has been not little selling
Of consols by banks and other large
ina cial interests in England. which
have been obliged TO raise money as
tho result OF over confidence in UNDER
writing various security issues at too
h.Gh prices. But the best and only
answer al all times to questions re-
earding the money situation IS the
prevailing money rate. and this rate is
now low almost everywhere.
New York. July 6.-Money on call
nominal Time loans. hrm; sixty days.
3 per cent; six months. 4@4l-2. Prime
mercantile paper, to 4l2 per cent.
Sterling exchange steady. Sass for
sixty-day bills; sis7S5 for demand.
Commercial bills. s4.s41-2
SOUTHERN COTTON MIL STOCKS.
Quotations Furnished by
4 N Law & Co. Spartapburs. s. C.
Tor Week Ending Juy 6. 1912
Bid. Asked.