The Washington times., 1910-05-22
ABSENCE OF INVESTMENT BUYING,
BUT NO PRESSURE TO LIQUIDATE
Values ShowtGa Limited Speculative Novement-Cop Make
provement-Importan Problems Await ReadjuSment
Bond Business Also Neglected
ANalues ShowsGains on Lin
proVement-

firm during the past week in Wall
Street, and prices for practically all
active, issues at the close of the mar
ket on, Saturday reflected gains rang
ing from fraction TO or points,
and even more. Business was very
much contracted. however. .kamOunting &
to approximately 1900 900 isheres for
the week, or q total which has fire.
,.Ienuy been attained, andppon occa-
siOns exceeded, in a single sactive day
of business.
The bond division Of the market was
also arathetic, and In this quarter
price, changes, while Irregular, were
as a rule heavy. But the problem
With which bond dealers are chiefly
concerned does not seem TO be so much
one Of price. as OF the fiattenlng out
Of irVyestzr mt demand, for even upon
a highly attractive income basis, a
higher average yield than has pre-
vaileds for safe investment for long
while. bond dealers report that 1t is
di0iculta 20 arouse the interest OF In
the prevailing high cost OF living, are
usually held chargeabIe for this fea-
ture. -,
sjons of the market-the speculative
and the !nvesf esfment-durlng me "eeh'
though in miniature, fairly well typ
ify prevailing conditions, ana the
manner In which the prevailing man
q - q
rural. and political problems are
Viewed by the two great classes OF
onerators conspicuous in Wall street
The sneculator FOR the short turn ap-
nears perfectly willing 70 take ms
chances in the market on the chahs
ing development Of the day or week.
or the near future, while the investor
holds aIoof, still uncertain as 20 the
outcome. and still unable 10 determine
the trend of events
Improving Crop Conditions.
Without question the most favorable
deve1cpment Of the week, in It's bear
ing upon fundamental things. was the
better weather conditions reported over
a wide area Of territory, given over 10
the cereal and cotton crops From
sources which may be regarded as
authoritative. came the advices that the
early damage reported to cotton had
been exaggerated, and that such Injury
as had been sustained was being rapidly
renaired by heavy rains and seasonable
growing weather, and the opinion was
quite generally expressed that the Gov
4 ernment report on June ?, showing con-
ditton as Of May 25. viii indicate A Ear
better position for cotton than anyone
had reason 20 believe possible two
weeks ago. Similarly favorable reports
dealing with wheat condit-- ms, came
, both from the Southwest ard the North
west. The reported damage by frost
! fs shown 70 frzve been an eXaggeration.
and GOOD .roving weather, with abun-
dant precipita ion, is repairing injury
rapidly
Nothing at us time is more impor-
tapt TO the country than favorable
harvest outcome. and the favorable re-
norris Of conditions, aided by relaxing
tendencies of money, was chiefly re-
sponsible for the improvement in stock
prices. The dealings. however, were
meagre. and were chiefly speculative IN
character. Speculative sentiment AT the
weeks end was quite hopefully Inclined
and very many persons who cannot see
the future with clarified vision. ex-
-ressed the opinion that the recovery in
the market was likely 10 proceed furth-
er. particularly II favorable crop condi-
tiuns cont nued.
Exchange and Business.
Relaxing money rates was sustain
Ing factor, though L appears quite clear
that the accumulation Of funds and the
fr In n
Iessened business activity. Whether
this easing down Of business is merely
seasonal. or whether II marks the DE-
veIopment Of movement Of another
character and destined TO be longer con-
tinued, is one of the uncertainties which
causes hesitation upon the part Of in
huential interests.
That soue measure Of recession, sea
sonal or otherwise. Is IN progress IN
certain industries is unmistakabl7- Il
is reported i'm textiles, iron and steel
and copper, though the latter seems to
have found a hard spot. Il Is discussed
in commercial agency reports, and IN
the reports Of idle freight cars, which
have increased 25,O63 in recent weeks 10
iZ7,l4s on Nay II, the largest total Of
unemployed railway equipment since
August, 1909, and it finds reflection In
diminished bank clearances.
The bank clearances Of the week,
according to the Chronicles tables, show
a decline from s9.OC6,47S.Sl7. in the cor
| responding week in 1903, 10 81 81 .093,
in the current week, or % per cent. The
| cIearances of the New York banks are
practically ore-half Of all the reporting
| clearing house banks in the country.
They reflected a decline Of 80 per cent.
The bank statement of the week gave
r quite natural reflection Of the lessen
| ed commercial activity The report IN
der the old system Of averages showed
an increase in cash holdings Of S. ,5s7, 800
and a gain in surplus reserve Of s.. 49,
! o25. which are the two essential items
| Since April 20. when the gold expor
movement ended. the surplus reserves
have increased from S677I. $50 to S23, So, 81;
! above legal requirements, at which fig
ure they stand today. It is well tc
bear this fortified position Of the local
/ ha nl<s In mind in y-fav of fbe Sharr nm