Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-21
BANK LOANS SHOWED
s9,G4G,00O INCREASE
Decrease OF 1,s30,O7O Is Noted in
Surplus Reserves, Accord
ing to Statement.
ALLIES WANT MANY SHELLS
Orders for 2O,OOG,OOO Now Are Be-
ing MISUNDERSTANDING Report Of
Westinghouse Company Not Com
forting to Stock Traders.
ny BuOADAN WALL.


NEW YORK, May 2G.--in view OF the
activity of the market the latter part
OF the week and the higher prices At
which popular stocks were traded in
the increase Of 33.6i6.000 loans I'm the
local bank statement today was mod
crate. The decrease Of Sll,S30.oI0 in
surplus reserves was reasonable.
In Il narrow way the bank statement
would be called unfavorablc. because
this increase Of loans and decrease of
surplus reserve follow large cor
responding increase and decrease tho
previous week. But in a broad way,
II Is favorable because ii means that
the money in the banks is working.
Despite the decreases. the reserves are
still S7s.o56.3lo above The amount re-
CURED by Law.
now confer soicmnly over increases Of
~ and - per cent III money rate
whereas under the old system rates
were constantly fluctuatng i. . aud
sometimes 10 per cent, or 20 per cent.
from week to week. There is no pros
pee, Of money being anything but easy
gntil peace is actually in sight in fu-
rorc. In the stock market there was
- rcactionary session. Reading opened
strong. but tho leaders decided they
had gone too fast with it, and sold TO
he resumed shortly. Canadian Pacific
Mas prominent. with an advance OF
more than six points
Orders from the allies for 100000
explosive shells arc being negotiated
.ia most of the big companies are filled
10 their capacity. this new business
na'uraily will 20 70 The ones that
American locomotive Company Is max
inE remarkable progress with its or
doris. and naturally Will qualify for
: pod deal Of this business. That is the
BASIS on which tho stock is being pur-
chased by traders. stock traders got
little comfort out Of The annual report
~ the Westinghouse co. Everybody
IN. IL u !, "A
Tho price OF the stock is based on pos
sihility o. war orders.
Westinghouse announces /, has on
IFS books war orders 80 the extent OF
SOS, 81 600. hut that some OF these can
10 cancelled. aud II ncclects 20 say
how many. This destroys The bnllish
is simply equivalent to statement that
Westinghouse has all tho war orders
- can attend 10 from day TO DAY There
IS absolutely no assurance OF future
business.
MEXICAN PETROLEUM
SHOWS UPWARD TENDENCY
Mexican Petroleum moved mp on
small dealings, evidently under infln.
once Of an announcement that 5000 60
barrels OF crude oil had been sold 70
,he Standard oil Company. delivery 20
he made To Standard oil ships a Tam
pico. Wall street is friendly 10 the
Mexican Petroleum Company, but It's
markc, is restrained because OF the
uncertainty concerning al! Mexican
stocks.
Selling of Kennccott Copper on the
present movement was strongly advised
to-day bv ~ least one important house
that has :, great deal TO say about
making Of markets and that usually
speaks with authority. The reason for
this advance is that there is some us
appointment about operations in Tho
Eradcn copper district u seems that
is Bradcn as was expected Further.
more IL is said that one important
operator who loaded up heavily with
Kcnnccott is anxious 10 get out OF II.
not because nc has los, faith in the
yopucrS. bu, because ne sees a big cam
raicn coming in the railroads and
wants TO hn III line 10 participate TO his
full capacity.
Tho condition Of the copper market
IS splendid, and supplies in Europe are
80 low that heavy purchases must be
made continuously. Investors nave
nothing TO fear in coppcrs
Nrw YORK. May - To-day short mar,
&or session W.. nearly norma. raiiroad
,ha-es especially Reading. showing an carly
tendency 20 yi"ld under r%a'Nns nH' w"
"ntlre Est improved 'st"r in rosp"ns" q"
fresh INQUIRY. sr'tculsriy Canadian Ia"ihc
Which advanced - POINTS {" 49,. Win =:
roir,s FOR 500" and Vo,nt OF more for
,-nion p.cinc ard som" other standard
Cnppcrs wore marked by large dsalinEs
Westinghouse fairy strong. the annual
reror' showing lining Of Almost ~ ''F
i.oadlnC ir1ustrl%is. as represented by
United States Steel. showed li,;l" change,
and equipments were mostly inactive hard
rniuE toward tho close. Marines were dull
Ind inclined To ease of. unclass!acd stocks
.vorc inactive, hut motors rcraincd par.
81 their recent losses Continental Can and
United States Industrial Alcohol denoted
further activity by c!iques and pools. Total
sales. $1,000 shares
Instead OF an estimated cash gain. The
hank statement showed actual cash loss
~ almost $1,000 600 loan increase OF
virtually az much and further contraction
IN reserves OF almost 81 900 600. reducing
tho total excess 10 about t77.a 400, tho
lowest figure since tho now form or bank
statement became operative
Foreign excha nGe WAS sluggish. but steady.
Bunds were irregular. Total sales, par
value. s2,i?5.c9.
United sta,ok coupon IS Advanced = rer
cent and Panama coupon IS per cen,
cal, during ;he week. =
NEW YORK. May co-Mcrcantlo paper
7lA. Sterling. siNty-daN bills. itIea. demant: