The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-09
STREET AWAITING
REPORT ON CROPS
LITTLE DISPOSITION TO MAKE OR
UNDO STOCK MARKET
COMMITMENTS.
PRESSURE APPLIED
ORIGINATES LARGELY IN PROBES
sloNAL TRADING QUARTERS.
SOME UNEAsrNEss ABOUT THE
MONETARY SITUATION ABROAD

NEW YORK, Sept. S.--Indicatons III
wall street to-day we erthAt TO-DAY
-rop report by the government Wouio
he awaited with inGispostt'on 10 MAKE
sr undo stock market commitments
sending ITS publication. A feeling was
nevertheless. manifested In hn8ncia,
sircl~s that the crop estimates would
,at he worse than the expectation
aroused by the violent increase OF
strength IN agricultural staples late
:, aud that after the report was out
# the way the share list might give
more definite Indication Of tendency
than II has SO far this month
THE market Is believed 10 be stifl 1T
e relatively strong technical POSITION
aesnite the partial recovery OF 9Neteo
values from the low level reached las'
Tune. and II this is the case II n'it "a
r4snond less to the immediate constd-
,raetar ~ cron deficiencies than to such
favorable financial features as the sue
~ees 81 the Southern Pacific subscrip-
aau. the general Improvement 81 IN
westfnert conditions, the surface signs
n less strained circum stances in the
worlds money market faNor1rg pos
s,hility even Of gold imports at tnis
center and the manifestations o.
strength In some lines Of Industry such
ssfhose which consume copper
Features of strength.
cor,s nregsue was applied to the
x4aek market at the beginning OF ths
rev week. but except for foreign real
l7tnr sales seemed TO originate largely
n professional trading quarters me
ra,troad equipment issues provided Yea
lures Of aggressive strength. faoNe'
37enf EXPLAINED ny the suggestion maj
rasy,,latton Of the railroads WAS likely
81
heavy expenditures on better equip
r,enf Tho petroleum shares rose sharp.
IL for no discoverahle or asssagnablt
-easny otherwise the list SaGged gen
erel}v but recess!ons were practically
afi recorded IN the forenoon, and IN me
afternoon prices were relatively STEADY
Indeed stocks as q whole appeared u
stand up very well under dullress anc
inertia. for trading WAS again in Hight
volume.
A certain amount Of uneasiness abou'
the monetary situation abroad seem f
"a ha indicated In the foreign dispatche:
chiefly because of the persistence OF
German inquiry for gold. but the tokens
Of commercial reaction already FUR
rished on the continent and corroborAt
ed by the British foreign trade hgurel
for August point 10 diminished de
u7and for credits In one direction a
least That European finance is stu
in a sensitive condition WAS shown b.
the heaviness with which the Londoi
stock market reflected arrangement
for neww capital offerings. The domes
tic money market fans TO alscios
promise OF severe tension although IN
proffer OF time funds is again contract
Ing In Wall street,
Unable 10 Finance Crops.
That the general banking position o
the country would not. however. be u
shape to finance eopious harvests an
trade expansion together with boon
in securities Ia apparent In the re
.urn of the national banks, as of Au
gust 9Th Between the September re
turn f year ago and the last report
ret expansion OF almost $4,000. GOO u
loans was made on only 100000
cash gain, and accompanied by de
crease Of s1s0. 0o0. ooo IN Individual de
posts The spread between the change
In loans and deposits which ought I
balance. in a rough sort Of way. fs no
q particularly good sign
If the movement of prices for aRFieul
tural commodities affected stocks
was chiefly in the restraint Of tradinI
Corn rose another cent a hushei, hu
the spectacular movement was IN cot
ton. which opened up So bale, an
added another hail dollar during IN
day. The rise vas caused by the an
nouncement At Washington that it wa
not intended TO put the proposed cotto
futures tax into effect until Septembe
next year.
It was learned after the close OF busi
ness that bankers had bought $4,000
G0o of New York Central notes an
were offering them on $50 basil
Whether or not this was part Of
larger issue could not be ascertainei
The Erie has sold s2120 GOO OF pc
cent equipment notes OF "A tea-year 81
ries.