The Washington herald., 1909-05-16
BANKREPORT STRONG
Comes After Close of Market
and 0YerStepS Estimates.
CASH INCREASE OF S7.24O,OOO
slight Tendency Shown in Stocks
Toward Higher Level, and, as a
Rule, Small Fractional Gains Were
Made Near the End of Business.
Return Of Confidence Evident.

New York. May 15.-The most striking
development Of interest 20 the stock mar
ket to-day occurred after the stock ex-
change business was over.
The weekly bank statement. made pub
lie at that time. was Of extraordinary
character Although estimates Of the
statement compiled as usual on Friday
from figures furnished by a few Of the
leading banks had foreshadowed a con-
siderable increase during the week in the
volume Of bank cash, the formal statistics
thereof furnished to-day far outran the
estimates; and as It appeared that bank
loans during the week had been decidedly
reduced the result was an addition 10 the
surplus reserve in both forms OF the bank
return, which doubled Il
Cash Increase of s7,24O,OOO.
IN the average figures Of the return
an increase OF S7.240600 in cash was
shown. while IN the actual figures the in
crease was over Sl2,o0O000- IN the one
statement loans were decreased nearly
S6,0o0o00, and in the other S2.S00eo0
The trust companies, too. decreased
their loans and enlarged their cash. snow
ing that the favorable reports made by
the banks was not at the expense OF
other institutions The banks surplus is
now large in comparison with recent
years, with the single exception OF last
year. when Il was. in consequences OF the
business depression. disproPortiOnately
great The stock market itself to-day
was Of the nOncommittsI sort, except in
this respect, and there was no continue
ton OF yesterdays selling movement Real
liquidation in the market so far as there
was any. seemed 10 have exhausted Itself.
and spectators for the fail were wary
Of making further attacks
Higher Tendency.
Whatever slight tendency was shown in
prices was. therefore. toward a higher
level. and. as a rule. small fractional
gains were shown al the end OF business
Third Avenue stock was rather particu-
larly heavy, due. as was supposed. 20
the approach Of the time when an as
sessmezt upon the stock may be levied.
Conversely. the Consolidated Gas shares
continued their striking advance Of yes
terday. Otherwise the market was with
out feature.
Weather conditions in the West to-day
were still extremely favorable as they
have been for a fortnight past. and IL
was said that the bail leader in the
Chicago grain market, while predicting
higher prices fer the old crop wheat Op-
ticns. had expressed himself strongly 70
the effect that the brilliant prospects fer
a record crop of corn and other coarse
grains in the present year would result
n lower prices for these commodities
Far surprising IN importance all otAer
matters having a financial bearing this
week were the many signs Of q return
ing business confidence in the United
States. The stock market. although sc-
tive and strong, did not fuctuste widely.
and there were few, IL any. striking news
events IN which Wall street was greatly
interested. But from every side came re-
ports OF increasing business operations
Great increases il the weekly gross earn
lngs OF railways were constantly made
known. but proof OF the picking up Of
the business Of the industrial companies
was even more noticeable. Orders fOw-
Cd into TIE iron and steel manufacturing
concerns with more raPidity than IN any
previous period this year. and the end
ency Of prices was Distinctly crwaTd IN
al these quarters.