Evening star., 1909-05-16
BANK SURPLUS LARGE
Striking Feature of the Week
End on 'Change.
|ALL ESTIMATES OUTRUN
Slight Tendency In Prices Toward
Higher Level.
REAL LIQUIDATION ENDED
Small Fractional Gains Shown at
Markets Close-Returning Busi-
ness Confidence Weeks News.
REAL LIQUIDATION EN-
ENDED

1
NEW YORK. May 15.-The most strik-
ing development Of interest to the stock
| market today occurred after stock ex-
| change business was over. The weekly
| bank statement made public at that time
was OF extraordinary character. Although
estimates OF the statement. compiled as
usual on Friday from figures furnished
| by q few Of the leading banks. had fore
| shadowed a considerable increase during
the week in the volume OF bank cash. the
formal statistics thereof furnished today
| far outran the estimates, and, as 1t ap-
peared that bank loans during the week
had been decidedly reduced. the result
| was an addition to the surplus reserve in
| both forms Of the bank return. which
doubled it.
| increase Of $7,24O.OOO in cash was shown,
| while in the actual figures the increase
| was over $12OOO,OOO. In the one state
| ment loans were decreased nearly $6,OOO,-
600. and In the other: $2.3OO.OOO. The
| trust companies, too, decreased their
| loans and enlarged their cash, showing
that the favorable report made by the
banks was not at the expense of other
institutions. The bank surplus is now
| large In comparison with recent years,
with the single exception Of last year,
| when 1t was, in consequence of the busi-
ness depression, disproportionately great.
| The stock market itself today was OF
non-commital sort, except in this respect
that there was no continuation Of yester-
days selling movement. Real liquidation
In the market so far as there was any,
| seemed to have exhausted itself, and spec
ulators for the fall were wary of making
| further attacks. Whatever slight ten
dency shown in prices was. therefore,
toward a higher level, and. as rule
| small fractional gains were shown at the
end of business. Third Avenue stock was
rather particularly heavy, due. as was
| supposed, to the approach of the time
when an assessment upon the stock MAY
be levied. Conversely, the Consolidated
Gas shares continued their striking ad-
vance of yesterday. Otherwise the mar
ket was without feature.
Crop Prospects Fine.
| Weather conditions in the west today
were still of extremely favorable nature.
as they have been for fortnight past.
| and 1t was said that the "bull' leader In
the Chicago grain market, while predict
ing higher prices for the "old CROP wheat
options. had expressed himself strongly
to the effect that the brilliant prospects
for a record crop OF corn and other coarse
in lower prices for these commodities.
Far SURPRISING in importance all other
matters having q financial bearing this
week were the many signs of return
Ing business confidence In the United
States. The stock market, although ac-
tive and strong. did not fiuctuate wide
ly, and there were few II any striking
| news events in which Wall street was
| greatly interested. But from every side
came reports Of charging business opera
tions. Great increases in the weekly
gross earnings of railways were con-
| stantly made known. but proof of the
picking-up of the business of the in
dustrials was even more noticeable.
Orders flowed into the iron and steel
| manufacturing concerns with more rapid
ity than In any previous period this
year. and the tendency Of prices was
distinctly upward in all these quarters.
ing when the iron and steel business is
normally dull. at least In a comparative
sense, and 1t should surprise no one
If, during the next few months, activity
in this line should be lessened. But
| there is still the best reason for be-
| lieving that the iron and steel business
during the summer months will be bet
ter than 1t was year ago.
Money Rates Unchanged.
Money rates remained practically un-
changed during the week, and although
sterling exchange continually lowered
around the gold export point, but
small amount of gold was sent out of the
country. On the other hand. large re-
| mittances Of money were received here
from interior institutions, and In banking
circles the view taken Is that there will
be no stiffening of the money market
worth considering before the fall of the
year.
At this period, according to all rea-
sonable expectations, and always assum-
ing that the crops have been satisfac-
tory, 1t is not improbable that general
business will be in such larger swing
over the country that money will COM
mand a higher price than 1t does now.
That our manufacturers are making
preparations for such an enlargement of
their operations is disclosed plainly
enough in the increasing volume Of the
country's imports. Our immense pur-
chases of raw materials in foreign coun-
tries earlier in the year for manufac-
turers' use have already attracted wide
attention.
During the week the governments
monthly statement Of the country's ex-
ports and imports showed that in April
imports had again increased in the large
sum Of $34. 100000 over those of April.
1908. Our exports are still relatively
small. owing. of course. to the high
prices prevailing for all kinds of meat
and breadstuffs.
MElAl vn0K n0v Nnnno