The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-07-07
FINANCIAL AND COMMERCIAL.
SATURDAY. July 8

bWo "a AACNbkDht ~ FlegSR
business of that upward surge in the price
of stocks, or at lenst in some Of the leading
stocks, that has continued o in almost
unbroken fashion for n fortnight. There
was little or no news bearing upon ths
market save that contained in the weekly
bank statement. which vas n good deal
more u~nfsvorable than had been looked
for. The cash IN the banks was reported
rs having decreased during the week So
OPS, 600, as against on increase of more than
this mount estimated in yesterdays fore
cast Of the return: and although bank
loans decreased slO.sl4.s00. or about as
much as had been expected. the surplus
reserve fell of 81 49, OBS, leaving the tota ]
surplus at $3.50, $50, as against SO, 465. 075 at
this date a year ago and $7,657,s25 in 1905.
The surplus now held by the banks is the
lowest known at this season for fourteen
wears. More attention would. Of course.
nave been attracted by this showing had
il not been for the general belief that the
bank exhibit rhis week was greatly con-
fused. az IL was last week and is likely to
he in the coming week. by the complicated
shiftings Of money incident 10 the end of
the half year and the paying on by the Gov
rnmen of the maturing I per cent. bonds.
The stock market. which had been steadily
strong throughout the morning, yielded a
little when the bank statement wac pub
lished, but again rallied. the active stocks
closing at the highest figures for the day
and in most cases AZ net advances Of be-
tween / and 2 points. The prominent
feature of the days trading was Amalga-
mated Copper stock. which advanced az
points: and the reason for this movement
appeared 10 be. as was stated In thisc column
Yesterday. a general belief that the dead
lock between the copper producers and
is on the point of being broken,
and that. however II may be adjusted. the
necessities Of the case assure such a level
for copper prices throughout the year as
to result in a hiving Of large profits by the
copper mining companies.
While the week in the financial district
has been extremely u%neventful. il has been
ohar~acterized by an advancing movement
in the security market and by a greater
cheerfrlness on the part of most people in
that wide aggregation known as the fnan-
cial community. The weather during the
week was helpful for the crops 80 far as
was disclosed, and the common expectation
lie that the Governments monthly crop re-
port, which will be made public on Wednee-
day next. will show an improved condition
Of all the leading agricultural staples as
compared with that of the month previous.
Nevertheless, the measure of Improvement
that has taken place in the case Of cotton Ia,
according To the official figures revealed
last Tuesday, disappointing. The weather
over the cotton belt was thought to be
exceedingly satisfactory during June. and
vet the statistical average of the condition
of the crop is now put only IA points higher
than il was on May 20 and at the lowest
point ever recorded at this season of the
year. In general, however. the belief is
becoming widely dispersed that while all
our crops this year may be less in quantity
than they were last year. the money received
for them bv the farmers Of the country will
be as great as ever before in a single season.
The export demand for these commodities
il likely TO be large on account Of foreign
shortages. and this circumstances In really
one of the greatest and most substantial
favorable factors bearing upon the prospect
for the country's business in the coming
year. Because Of n, that is to say, antici-
pating the creation OF q considerable credit
account by our merchants in foreign fnan-
centres in the months Immediately to
corce, foreign bankers are now undoubtedly
to o greater or less extent beginning to
make advances of money TO this country
through finance bills. the reasonable axpec-
tation being that these bills will be met by
our shipments of grain and cotton at high
prices later on. On the other hand, right
At the moment the balance of trade is turn
ing against us and has been turning in this
sA-1,,A@,,N Nh. 5000. -. . a.
present year. This has been due, SEEM
ingly, not SO much to OUR diminished ship
ments of merchandise and agricultural
products. although these nave fallen of
considerably. as to the great increase In our
purchases abroad of luxuries and all kinds
of raw materials. Our imports have in
creased more than our exports, although a
compromising advantage in the matter is,
as may not perhaps be generally recognized,
that the revenues of the Government nave
been enlarged thereby 40 that our national
treasury now stands in one of the strongest
positions that il has occupied in recent
years. In case Of acute monetary strin-
geccy in the country this fall the Treasury
wopld be enabled to render n good deal of
help to the situation.
While in general the financial sentiment
in Wall Street during the week was more
optimistic than it was u week ago, this being
largely because of the ease with which the
security market sustained its advance and
of the failure Of the market TO recede more
than a little distance on the few occasions
when any tendency toward realization
became manifest, there was still much
scepticism as TO the permanency of the
movement in prices. Although the money
situation is easy for the time being it can
hardly be other h embarrassing in the
autumni If in the meantime money supplies at
this centre are not very largely reinforced.
Bank reserves have been added to in the
last few days by the disbursement made
by the Government on account Of the bond
payments; but not later than the tenth of
shs month $50 ,OOO, 900 of bank deposits
must be returned into the Treasury and only
81, 600 900 Of these deposits have already been
so returned. While call money rates and
rates for time money for the shorter periods
were, therefore, lower during the week
the real state Of the existing money position
is shown by the fact that five of the coun-
try's railway companies as well as a goodly
number Of industrial organization have