The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-06
GROWING SIGNS
OF PROSPERITY
Big Harvcsts in Sight, and Out
look Is for Better
Business.
ADVANCE IS ABOUT DUE
Curtailmcnt of Loans and Gen
cral Retrenchnent Among
Market Factors.
ADVANCE IS ABOUT DUE
ny II. c. rounEs.

should emerge from business dcpres-
sion within the next few months and
enter an era OF uneNampled prosperity.
Commercial housekeeping, however
is not yet over. \ good deal of debris
remains 70 be thrown out.
France, on the other hand. has APP
parently finished it's process of cxpur
cation. Recovery in securities is now
due The probabilities are that there
VIII not be fresh wave OF liQuida
ton. carrying prices much lower, but
OF course, no human being can forecast
the ups and downs OF stocks.
But ii can he said very definitely
that the best securities are now on a
bargain basis, that measured by all the
recognized yardsticks. prices are not
too high, and that sooner OF later pres
ont buyers Will reap substantial profits
in addition TO tho generous income they
will draw every dividend or interest
date.
Some Vital Development.
Developments Of vital moment have
occurred since last Sunday. Nearly all
have been favorable. or. where not
pleasant. exactly in line with cXpccta-
tions-as, for example. the discharge
Of thousands of employees in wooden and
ether industries affected temporarily by
coming tariff changes
First place l would assign TO some
thing that passed almost unnoticcd out
side OF banking circles--namely, the
Comptroller OF the Currency's report
giving the condition, OF the countrys
200 national banks Between April 4
and June loans were Curtailed $685.
o0o,000 and cash increased fully S25,-
1000. demonstrating clearly and en-
couraEingly that the imitation which
threatened TO eliminate in disaster dur
ing the autumn has been taken in
hand.
New York City was responsible for
half the gain cash and two-thirds of
the contraction in loans.
AS compared with year ago, how
ever, national bank loans are up $780,
100000. despite loss Of sal 900. 900
cash, indicating that there is still need
for caution.
Fine Cotton Report.
The governments report ON cotton
was so gratifying that quotations for
the staple at once declined sharply
The condition is far above expectations
and everything points to n good crop
1nasmuch raw cotton is our most
valuable export commodity. this is dou-
bly, helpful.
Grain experts" after their won't
have been shrieking that the growing
plants were being Scorchcd by the sun,
killed by frost or devourcd by insects
But the governments reports do not
substantiate these calamity tales
The gross harvcsts Of 1913 can easily
reach $4,000. 600. 900 given normal con-
ditions from now on.
Political developments have not been
hurtful TO the business world The
astounding revelations OF David La
mar nj Washington have opened the
eyes OF people 10 the inner workings
of certain anti-capital crusadcs. The
motives behind more than one "invcsti-
cation manifcstly have not been solely
patriotic
Hereafter the origin OF attacks on
this. chat and the next corporation
Will be sifted and it is just possible
fewer probes and fewer suits will be
instituted
L. i. Settlement Helps.
The tardy solution Of the Union Pa
cine divorce problem, although clumsy
and not free from complications in the
future. has removed a weight from
Wall Streets mind.
The proposal TO tax dealings in cot
ton futures has aroused storm Of
protest. for it would cmbarrass cotton
growers. cotton manufacturers, spin
ners and every one associated with tho
business, 20 say nothing of driving
dealings In the staple from New York
ana New orleans to Liverpool where
the advantages Of a free. unfottcrcd
market arc pr6hcrly appreciated
The manufacturing who undertakes
10 make and supply so many gross OF
shirts or dresses or sheets at a stipu-
!ated price, IN order TO escape risk
terra! delivered to him ut a spccincd
price. ON the Cotton EXCHANGES he
can buy this material for future de-
livery, as there IS an active market
al the time for Du,ures" Rut If
every bale thus traded in be taxed
81 or So this market will lie ruined
The manufacturers viii have to pay
more for his protection against unccr-
tain fluctuations and the grower Will
not find ready market for his crop
the moment he has il gathered ana
baled.
balkan Situntion.
War has again broken out in the
Balkans among the Servians. Bulra-
r!ans and Greeks. but although Euro
pean financial centres were disturbed
and British consuls declined the
chances are that the trouble viii not
he protractcd The thirst for blood
has been satatcd-and treasures are
about empty.
Cur own security markets were ex-
tTemcly dull. as they usually arc OF
the eve o! holidays
But the undcrtonc has grown firmer
Sentiment in high places is less pos
simistic. The buying looks better ihar
the selling OF outside liquidation
there has been practically none. Will,
odd-lot purchases have been a signin
cant factor
Currency Reform.
Most bankers are becoming recon
ciied 10 the OwcnGlass currency bill
and are cooperating 10 win amend
ments rather than clustering that ma
tonal charters would be given up i,
exchange for state ones
The measure has importan, merit
and certainly VIII he preferable t,
the present system, which has fos
tered Capitalization u banking powc
in too few hands
'Indcpcndcnce Day" In the fnancia
and business world is drawing neare.
LOCAL MARKET QUOTATIONS..