The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1903-06-12
FZNANCE AND CONNER CE.
CURRENT NEWS AND GOSSIP
OF INTEREST TO INVESTORS

Unusual interest will be taken in to-
morrow's bank statement. 1t is expect
ed the liquidation early this week will
result in marked contraction Of loans,
and should this prove the case, specula-
tive sentiment will be much encouraged
One of the most pronounced bears in
the market is out in an interview with
the statement that the selling move
ment is not yet over.
The London market is strong, with ST.
Paul up rs per cent. 1t is said during
the last day or two there has been
heavy buying of Americans by foreign
investors
The banks have lost to the subtreas-
ury since Friday, 1,464. 900.
Earnings of Baltimore and Ohio for
May, gross increase, $6O7. 237; net in
crease. 1927, $50; eleven months, gross in
crease, $4,S12. 45S; net increase.
81, 4S6 SOB
Street has been filled with rumors re-
garding certain Wall Street houses and
certain we'll known speculative opera
tors, and PEOPLE interested in depress-
ing prices Aave made every effort to
CT cate belief that large failures are
pending. a careful examination of the
situation by the biggest money lenders
il the Street shows that there is abso-
lutely no warrant for the present re-
ports, except possibly. in the case of a
few weak operators and certain unim-
rcrtant houses, whose downfall would
not affect the general position of affairs
in the financial district The large liqui-
Cation in stocks has caused a CORE
spending reduction in bank loans, but
the statement of the clearing house in
stitutions fails TO reflect the decrease in
speculative loans, owing to the trans
Ter Of loans negotiated abroad TO local
account. This country has liguidated a
large part of its foreign debt through
the transfer of loans to this side,
through gold exports and through an
excess of merchandise exports over i'm
ports. II it We're not for the high price
OF cotton the export trade would be
much larger than ii is, but. as the sta
tisticaI position OF cotton does not favor
year, foreign buyers will eventually be
compelled to come into this market, and
as a consequence our export business
vii, show even better results than those
recorded at present. The outlook does
not favor disturbance in the money
market this summer. but, of course, high
rates must be expected next fall, when
the usual out of town demand for crop
movement purposes develops. Last
autumn New York was compelled to
send a large amount of money to the
West, and there is no reason to suppose
that large shipments viii not be made
this year Stocks are now selling at
level which apparently is attracting
large purchases for investment account
The Wall Street Journal says the
heads of the great banks and trust
companies seem TO be as much at sea
as to the full significance OF the move
ments in the stock market as is the
present public The president of one
of the greatest trust companies admits
that he is unable to throw any light on
the situation. He regards the long
continued liquidation In stocks without
q single disaster as forming one of the
most remarkable chapters in Wall
Street history. People are certainly de-
pressed. They cannot help being that
in the prevailing atmosphere Of Wall
Street, but he has not the slightest in
timation of any impending trouble, and
moreover believes that the depression
is confined mostly to New York. The