Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-22
Market Conditions Continued
Very Much Unsettled.
MANY STOCKS DROPPED
REPORTS OF CROP DAMAGES
WEST DISTURBED PRICES.
Reading Common Was the Weakest
and Yet Most Active Feature
of Days Dealings.

Special Dispstch to The Star.
NEW YORK. July 22-The stock market
continued very much unsettled in this
mornings short business session. with a
number of important stocks showing de-
clines extending to more than one point.
In explanation of the palpable result upon
the market there were advanced only the
same matters which were the chief sub
jects of discussion yesterday afternoon.
Among them were further reports from
the west of serious damage to the wheat
crop through black rust, the approaching
investigation of The life insurance COM
panies. the apprehended dissolution of the
British parliament and the alleged threat
ening labor situation In the anthracite coal
regions. The fact that the present agree
ment between the coal companies and their
operatives will remain in force until next
spring seemed to be wholly ignored
Houses with western connections were
again the chief sellers of securities this
morning. and continued to disseminate dis
turblng reports with regard to the wheat
crop. although, as a matter OF fact, grain
prices were reactionary.
Reading the Feature.
Reading common was still the weakest
and most active feature of the market, but
the other anthracite coal shares were COM
paratively dull. The London stock market
was closed today over one of the customary
midsummer half holidays at that point. so
no influence was exerted from that direc-
ton. In the thoroughly pessimistic temper
prevailing upon the stock exchange much
stress was laid upon forecasts of the weekly
bank statement. indicating quite a large re-
duction in surplus reserves.
There were few exceptions of any signifi-
canoe to the common drift of prices. al
though among the issues actively dealt in
Amalgamated Copper was relatively firm.
The United States Steel shares declined in
common with the remainder OF the list, de-
spite forthcoming developments Of peculiar
interest in those securities.
The most extensive losses In the railway
list were in Reading, Baltimore and Ohio.
New York Central and st. Paul.
The Bank Statement.
The bank statement showed the very
large expansion in loans of $19O5S.O0O. and,
as nothing more than a nominal change
took place In the cash item. the whole OF
the increase IN loans was reflected In the
deposit account. which rose $3.50. 100.
Actual cash holdings increased s21, 10000
In consequence OF the changes In the de-
post and cash items surplus reserves de-
creased 81. 573. 600. which reduces the banks
holdings of cash in excess OF the lawful .e-
quirements to s14, $4,000. In the corre-
spending week of last year surplus reserves
stood at SD.909.0O0. in 1903 at .eO
and in 1902 SIS SOP 90. The very large sur
plus reserves held by the banks twelve
months ago was reflection on the fnan-
Cial arrangements in connection with the
settlement of the Panama canal purchase.
This week heavy expansion in loans was
a natural reflection of the low rates for
money which prevailed and which resulted
in a transfer OF loans from the trust COM
pan!es 10 the associated banks.