The Washington herald., 1907-04-14
Grain NIarket Anected.

49, a. ~ -AflA DNIAA tAt0A = AAtdu discounted
in the recent fan in the price of copper
stocks.
Grain Market Affected.
The grain market again evinced to-
day as It did yesterday. the force of
reports as to unfavorable crop condi-
tions. these having reference to dry
weather In the southern portion of the
winter wheat belt and to indications Of
possible damage TO the crop later on
from insect pests. So far. however. it
appears to be very questionable if these
reports have any more significance than
that pertaining to an EFFORT 10 foster
speculation for the rise in the Chicago
wheat pit
To-days bank statement was not
good, I'm that it disclosed a surprising
increase in the bank loan account OF
nearly $4,000, 900. The cash held by the
banks Increased s7,64S.0 .000, OF much
more than was yesterday estimated,
this representing what was pretty well
known 10 be the understatement Of
cash reserves IN the bank returns of
the last two weeks: but the great in
crease in loans Offset this and brought
about a diminution in the bank sur
plus of S3.500. .000 The total surplus.
however, stin stands at high figure
for this time Of the year The explana-
tion commonly made Of this astonishing
increase in loans was the familiar one
that the late violent decline in call and
time money rates has caused tranfer
10 the clearing -house institutions of
loans formerly shouldereG by private
and out-of-town lenders. but no doubt
the payment to the banks during the
week of 24.O00,000 on account Of the
Great Northern Railways stock issues
had something to do with the matter.
The stock market itself was weak
continuously throughout the session,
the selling OF stocks being decidedly
Cccentuated after the bank statement
was issued. There was closing rally
in the last few minutes of the trading,
out il still left prices OF the standard
stocks at such declines for the day as
21s in AmaIgamated Copper. 81 in
American Smelling and Refining COM
mon, ~ in Union Pacific, "a. in Read
ing. As. in Great Northern preferred
and from 1 TO > points generally else
where.
y
discount rate from TO - per cent, was
the leading event OF the week in financial
circles. and this did not serve to avert
a declining tendency in values that was
almost as notable In the foreign markets
as IL was in this country. Considering,
however. the ease in money that has de-
Vel0ped in London. ii seems more than
probable that a further reduction of the
Bank Of Englands discount rate cannot
be long postponed, and If this action is
taken, "a fair presumption is that 1t will
produce a better market for investment
securities in London and on the conti-
nent Of Europe.
Exports Make Coed showing.
There was one or two other develop
ments right at the close of the week 70
which due attention was hardly paid In
Wall street. The first of these was the /
appearance of the government figures of /
our staple exports during the month of I
March, which made a special showing /
Although exports Of breadstuns and dairy |
products in the month fell off a little /
there was an increase of over SIC. 800 600 in |
of cotton which resulted i'm an 4
increase of $13 10000 in the value of total /
exports for the month as compared with /
that OF March last year. and made value l
Of exports for the period very consfdera-
bly, greater than that of any correspond I
ing time since 1897
If it shall be discovered that this in /
crease in our sales of agricultural prod 1
ucts abroad is not offset by a falling of /
In exports Of manufactures and an in /
crease in general imports. it viii truly
testify to the encouraging condition
Of business On the other hand. the
figures Of the national bank returns to |
the Comptroller Of the Currency under
his call of March 2. that were made pub
llc yesterday. were not quite such pleas 1
ing reading. Although the cash held by /
the national banks decreased in the month /
ss9. o00,o00, the loans of the banks Increased /
I, as compared with a year
an increase Of 1894. 600 GOO in /
increase of but SS5. 0O0
proof gathered from this ex-
, be that the credit situation
ry is still In an expanded
attests. of course, that gen
throughout the country is
We and fiouTishing.
Il RANK ATFrBsu.HT