Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-08-13

NEW YORK. August 12.-The disposition
to sell and take profits which was mani
fest In the late trading of yesterday on the
stock exchange continued today and an ir-
regular market resulted. The hesitation
OF the London market helped to this re-
suit The movement encountered good re-
slstance at the decline and was followed
by an effective recovery, but the realizing
was renewed in the late dealings and made
the closing irregular. Some of the high
priced railroad stocks. which had made sky
rocket movements during the week. Jared
rather badly in the realizing process, al
though their wide declines were not great
compared with the preceding upshoots. The
selling seemed to be prompted by some un-
easiness over the complexion of the bank
statement. Judging by the repurchases
which set In after the appearance of that
document 1t showed all of the expected
decrease in cash reserves, but the consider
able contraction in the loan item was
total surprise in view of the revival of
demand for money in speculation during
the week. The demand for loans had been
sufficient In fact to result in hardening the
tone for money to carry over the end of
the year. 1t is thought probable that the
trust companies may have begun taxing
over loans from the banks, thus account
Ing for the reduction in that Item by the
banks. The reports from the peace con-
ference were also watched attentively, ana
the news that the counter proposition or
the Russians was taken under considera-
ton by the Japanese ENJOYS. which seemed
10 point the way to further negotiations.
helped in the late recovery. The very large
buying of Reading and Ontario and Western
kept up the tone of the market but TINS
was offset at the last by the marked pres
sure upon st. Paul and ANA lgamated Cop
per.
Total sales of bonds. par value. $Ss5.O0O
Confidence in the favorable outcome of
n
strength for some time past But tradi-
tional Importance is attached to the gov
eminent report of crop conditions as OF
August ! as being the earliest authOrita-
tive estimate which can be safely accepted
of the final making of the grain crops.
The showing Of that estimate published at
noon on Thursday was accepted as mo-
mentous in Its extraordinary premise Of
the agricultural prosperity of the season.
The winter wheat crop, now beyond dan
ger. and with the spring wheat crop, which
remains exposed to only a modicum of dan
ger, promises a combined yield only second
TO that of the banner year 1901 In that
year, 1t will be remembered, there was a
serious shortage in the corn crop, while
the estimated yield of corn for this year
under August conditions is of a total far
in excess of the largest previous yield in
the country's history. The hazards yet to
come greater for corn than for wheat
but the favorable weather conditions re-
ported from the corn belt go to strengthen
the opinion in favor of record corn yield.
The outlook for cotton is more confused,
and fears persist of a possible shortage in
that crop. Reports of bad outlook for
some of the foreign wheat crops are fac
tors that increase the promise Of favor
able position for this country In the mar
keting of It's great crops and materially in
crease the feeling of hopefulness for the
prosperity to come.
Sentiment over the iron and steel outlook
has been shaped by the statistical showing
of an increase during July OF the stock of
pig iron in spite of further curtaiment
of output.
The productive capacity of the furnaces
In operation on August 1 had been increased
nevertheless over that of July l, and this
was accepted as evidence of confidence of
the tronmakers in the maintenance of the
demand Very large orders are reported in
the meantime for all lines of finished prod
uct and the United States steel corpora
tion Is reported to be preparing to come
Into the market for iron again next month.
Copper continues to advance in price and to
be in active demand for export.
News from the peace conference at Ports
mouth has not affected stocks positively,
but some part of the restraint on specula-
ton is undoubtedly due to the desire to
await the decision of the great questions
there being worked out. The great ac
Cumula lions of reserves In the European
banks is manfestly in preparation for the
capital requirements which may be involved
in carrying out the measures to be stipu-
lated between the two governments in con-
ference or probably in part precau
ton against the possible failure of the
negotiation Financial plans, the outcome
of the conference, IL Is felt may well be
the course of the money markets this fall.
and il is not to be hoped that any of the
worlds great money centers will escape the
effect of these causes.