The Washington herald., 1910-07-06
WALL STREET NEWS
Financial Reports Over Holt
days Unfavorable.
ALL STOCKS SHOW DECLINES
Current Explanation Is Not Ac-
cepted at It's Face VaIue-same
Bank Surplus Was Then Greater.
Death OF Fuller Causes slump.

New York. July 5-The financial news
over the Fourth Of July holidays was un-
favorable 10 the security market TO
begin with more or less of a decided
shock was impaired by the exceedingly
poor bank statement of Saturday. show
ing such extraordinary decreases in both
the actual and average surplus reserves
as brought the average surplus down to
Ss.9ls.0oO. and the actual surplus to but
Es.2Se. coo.
The current explanation made for this
large decrease were that the usual propo-
Eitious were made last week by the trust
companies for their half yearly state
nents; that banks all over the country
were drawing money from this city in
order &c present their condition III as
strong 4 light as possible In response To
the Secretary of the Treasury's call for
statement thereof as OF date OF June
e0 and, also the payments OF corpora
lion tax money into the subtFeasury.
Same Drain Last Year.
Much the same sources of drain were
in operation. however, last year at this
time. and last year the average bank sur
plus was nearly twice as great as is now
reported while that in 1908 was three
times as large. The actual surplus, last
year at this date was s27.767. COO as against
one-third Of that figure exhibited on Sat
urday
fair inference from this was that the
force OF certain additional causes was
felt in affecting a reduction of bank re-
serves; and these additional causes were
thought 10 be an earlier movement Of
money to the interior of the country this
year for crop moving purposes.
Hurt by FulIer's Death.
The death yesterday of the Chief JUS
tice of the Supreme Court initiated TO
an appreciable extent against values. The
acts Of Justice Fuller, as a member of
The countrys highest judicial tribunal,
were IN no way such as to make opinion
at all unanimous as to character Of the
view likely to be entertained by him
regarding the antitrust and other i'm
portant cases now pending a final settle
ment IN the courts. but inasmuch as the
death OF Justice Fuller now leaves two
vacancies 10 be filled on the bench of
the Supreme CouTt-that is upon the as
sumption that Justice Moody is to re-
sign-and as the President Of the United
States has announced that he will not
make appointments to the court unless
the Senate of the United States is in
session, the conclusion was inevitable
that the taking away of the justice will
lengthen the time already prolonged be-
fore the adjudication of these matters so
greatly desired by the financial COM
munity can take place.
Sharp Break in Prices.
In the stock market prices broke from
to Oh points for the leading stocks
carrying all these issues 10 nearly the
lowest levels OF the year, and some of
them to new low points. The bottom
prices were made about midday, and
from then on the market was somewhat
harder, the majority Of the active stocks
closing at rallies of a point or slightly
less
A distinct characteristic of the market
throughout the day, or at least when
pressure upon It was greatest, was the
comparatively feeble amount Of buying
power displayed in 1t. Stocks Of the
class of Northern Pacific and Southern
Pacific fell at one time several points
upon sales Of what would ordinarily have
been considered a trif1ing amount Of
EtOck