The Washington herald., 1910-06-26
WALL STREET NEWS
Prices Change Rapidly with
Tendency Downward.
SLIGHT CROP IMPROVEMENTS
While Reports from the Northwest
Grain Districts Regarding Weather
Are Conflicting They Serve to Ac-
ceIerate Trade, and Stocks Are
AGected-Increase of Loans.

New York June 25.-To-day, as usual on
Saturdays in the summer time. stock
exchange business fell to small proper
tons and fluctuations in prices ran
through only a narrow range. The news
from the Northwestern spring wheat
fields was still conflicting. but on the
whole appeared TO show that improve
ment in conditions there had taken place
as the result OF a drop in temperature
and a scattered rainfall. This rainfall
was in some districts considerable, and
the indication was that the rainy wealth
er conditions, which have been strongly
developed IN the present week over Can
ada, were moving down over the Da-
kotas, where the drought has been most
severe. Changes In prices in the wheat
market were. however, still feverish
even IL by no means so wide as those OF
yesterday and the day before, and the
grain options closed usually at small net
declines.
The general tendency IN the stock
market was stili downward. Just as II
was yeterday, even If crop news was
rather m0se encouraging. Toward the close
of the day the inevitable weekend buy
ing In OF contracts for the fall made
its appearance and brought about such
a recovery in the active stocks as made
their final prices about the same as on
Friday
London Market Depressed.
The London market to-day was rather
depressed, but business there was on an
insignificant scale. Here substantially the
only news or the day. aside from the
publication OF the weekly bank state
ment. was the AtchisOn's May earnings
report showing an increase Of S1.041,000
in gross. but decrease in net Of $332, eco.
The report was, OF course, unfavorable,
but not so much so as last months. when
the roads falling off in net revenues was
$4,000, as compared with an Increase in
gross OF s1.S65.0O0 Bank statement did
not altogether bear out yesterdays pleas
ant predictions regarding its character,
although the chief feature Of the return
was one Of those unaccountable dispari-
ties between the average and the actual
figures.
The average report made out an in
crease in reserve Of g, 7S9,000 caused by
a cash increase Of slightly over 5000. 600
only partially offset by an increase IN
loans Of S4.692OO0.
The actual figures were by no means
so good. Here there was only a nominal
increase in cash and a large increa sc
in loans. with the net result Of de-
crease in actual surplus of S3.4Sl.725. The
old explanation Of syndicate operations
was the only one offered for the heavy
loan Increase that obviously took place
toward the end of the week.
Increase of Loans.
But that the loan increase was not due
TO the transfer of loans by the State
banks and trust companies to the ma,
tional banks was shown by the fact tha
the State banks and trust company loan:
increased $6,714OO0.
The average surplus is now s2S,S74,0 600
which. although somewhat less than i
was in the same week last year, is de
cidedly above the figures usually shown
at this date.
This gratifying condition of affairs Il
no doubt in part due TO the deliberate
efforts OF banking interests 10 strength
en- the financial position against a TIM
OF expected deaTer money in the crop
moving season. A greater curtailmen
of loans than has just taken place would
however as would seem. act more eff
fectually in the same direction. Prob
ably so far as the movement has gOn
the accumulation Of money in the bank
is due more to business contraction thar
anything else. and evidences of thi
contraction are day by day sOmewha
more pronounced. Railroad gross earn
ings are falling. bank clearings are di
minishing. and the curtailment OF opera
tons In the wooden. cotton, and jewelr,
manufacturing trades particularly is noy
decided.