The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-27
in its history. although latterly bust
ness has slackened appreciably.

IN It's history although laterly puSi-
ness has slackened appreciably.
Copper metal is going up encourage
inCly. partly. however. on account Of
strikes The demand has Quickened
our foreign trade is breaking all
records, with a handsome balance OF
exports over imports.
Tariff uncertainty has put New Eng
land cotton mills on half time. wooden
mills are also only partially employed
and silk factories have suffered from
strikes (now, however, setted).
Commercial failures are rather
numerous. and are likely to continue,
OF the banks determination TO check
credit imitation.
Financial Skies CIenr.
Our banks are strengthening them
selves In preparation for agricultural
demands. New York Institutions are
we'll fortified. and 1t Is now believed
The strain will not reach the breaking
point. ChicaEos best known banker
claims that the banks there have also
husbanded resources to an extent that
minimiZes danger of acute stringcncy.
! The Bank of Eusland's percentage Of
reserve is the highest recorded at this
season in many years, with one eN-
ception.
The Bank of France now has the
huge sum of sG7S,oOO. 900 gold. thanks
in part to the Withdrawal OF some
S45.O0O,O00 from New York since New
Year.
The Imperial Bank OF Germany
gained fully sloooo.00o cash last week,
and is to-day carrying much the iarg-
est amount in its history
Eurupc's Position Better.
Danger of a general European war
is no longer a factor
I Governmental and corporate borrow
! ing has been discouraged on all sides
The return Of confidence abroad can
not be long delayed. and with IL viii
come 4 considerable quantity OF hoard
ed money
Under these circumstances the
United States should he able TO draw
upon Europe for any facilities il may
require to market the crops
Delay in enacting currency legisla-
tion viii occasion no alarm, but Will
undoubtcdly bring out the need for
amendments to the bill as it now
stands.
Finally, the new tariff should be out
OF the way 10y the first OF September.
Some Convertible Bonds.
The strongest banking interests arc
opposed 10 animated speculation in
stocks on borrowed money.
investment in the best grades OF bonds
and stocks
New York, July 26.-Tradins in
stocks during o-day's brief market
session was Characteristic OF the mid
summer season. The undertone was
irregular and at hrst mainly down
ward, the only striking exception being
the Hin groups, these stocks respond
ing 10 favorable crop advces. Lehigh
Valley and minor railcrs and special
ties also contributed slightly TO the
constructive side, while Canadian IA,
cine. Louisville and Nashville and 500"
We're weakest In the standard railway
shares In the Special group American
Express yielded five points and made
another new low record.
narrow row &c General news Vas without
direct bearing upon market conditions,
except for the hcaviness of the Lon
don market due. II is was declared.
10 fears" OF another outpourinG OF new
securities. The outstanding feature OF
the London market was a decline of
Railways OF Mexico first preferred.
Washington adviceS again dealt with
80 tho New York Contrars refundinG
project and OF Il general halt by the
Interstate Commerce. Commission in
freight rate advances
The general bond market was quiet
and steady United States coupon 3s
advance ed - per cent ON call. but
p'hoe ISSUES were from TO points
lo".r ON the week
Sew York. July 2G- Money on call
u"'gnai $40 loans, time loans easier
AN Gays i-24 Ter cent ninety
Prime mercantile paper. 6 per cent
Sterling exchange steady. with actual
business iu bankers Bills at $i.S33J for
siNN.day hMls and At $iSGs5 for do
mand Commgciai bills. $is3. Bar sill
Yer ~ IFS Mexican dollars. A. Gov
eminent bonds irregular; railroad
bonds steady