The sun., 1910-05-15
rINANrIlL ANp COWMERrIM'
SATURDAY. Nay II


over 1900 600 in tho actual surplus was
exhibited. this surprisingly satisfactory
showing being due to heavy decrease
in loans in both forms Il the hank return
and likewise in both statements a large
increase In cash. A. much the same sort
u exhibit was made IN the statement
Il other hanks IL is obvious that great
and general relaxation in money has taken
place. and while part Of this has been
caused by a reduction in loans. u has been
chiefly due 20 a continued movement
Il money here from the West, a process
Of which evidence has heen currently
afforded for a long time past IN the high
premium commanded by exchange on
this city in the interior financial Centres.
While Il was generally thought to-day
in Wall Street that the bank statement
would be favorable. no such favorable
return as the foregoing was expected
and money matters did not at all influence
the course Of prices In the security market.
The market was. however. steadily and
quietly strong throughout. giving rise
10 a natural suspicion on the part Of the
large party Of Spectators for the fall
THAI what is known as creeping bull
market was under way Al any nte
there was a certain amount II recovering
II stocks by these operators to-day due
20 their recognition of the fact that re-
psated attacks upon the market had failed
70 induce liquidation. Distinct strength
uas shown by certain particular stocks
Tor special reasons. such a. in American
Cotton Oil common. which sells ex divi-
dend On Monday: in Virginia Carolina
Chemical. where talk Of enlarged profits
IN the fertilizer business has led to antici-
pations Of increased dividends. and in
United States Rubber common. The
AInaiumated Copper shares were bought
because Of confirmation Of reports that
a large number Of the Butte properties
of Senator " A. Clark had been sold
70 the Amalpmated interests. Close
observers of the market have for sew
eral days been inclined TO the opinion
that an accumulation Of the Reading
common and Reading second prs-
ieTred stocks was in progress. and this
vi~w was coToborated to-day by an
exhibition Of pronounced strength on all
the Reading shares. Cotton prices re-
acted sharply after the advance II yester-
day and the day before and the wheat
market was weak upon dispatches tell
ing Of warmer weather and rainfall in
the spring wheat district
While the takings Of our bonds by for
eigners has been the one great financial
event Of the recent past and IT, sustaining
influence must long he powerfully az
eFted in the security market the two really
notable occurrences Of the week just
sE,ded have beon the Government monthly
crop report. published on Monday. and
the heavy buying Of copper by consumers.
stimulated by the low prices TO which the
metal has lately fallen. Although a large
area Of winter wheat had 10 b. abandoned
this year because Of winter killing. the
not increase in the area and the higher
condition Of the grain on the first of May
u still such AZ to indicate a harvest of the
crop A. large a. that q last year, when il
Was almost the largest on record since
that time. a. is universally admitted. the
crop weather has been better in all Sec
tions and particularly in the winter wheat
district; and ~ spring wheat has all along
been in splendid shape the promise j. now
looming up Of a general wheat yield thu
year ~ laTEe"if not larger than Il wa in
1903. when the total crop wa the second
largest in the countrys history While
Il j. too early yet 10 form any idea of the
corn crop Il y yet conceded that the corn
acreage will be the greatest ever known.
and a. the weather for the planting %
corn has thus faF been excellent the out
lock too in this direction j. a. favorable
for a large crop A. any one could wish
The chief importance Of the stronger un-
dertoDs ofthe copper market that has been
manifested i ~ proof of the fact that
there are certain low points IN the range
~ prices in any commodity which will
iRsvitably lead n enlarged buying thereof
and also % restricted production twill
not be surprising II a similar development
soon takes place IN the case Of pig iron.
another article in which overprodurti0n
has recently been manifest. In general
Il must be said that sentiment in Wall
street has grown more cheerful a. the
week has advanced. although it y realized
~ course that certainty a. to the crop
harvests j. now the all important factor
in the situation and that this certainty
rannOt bs afforded for considerable
time % come The money situation
through the week has constantly tended
toward eass everywhere. the Rank Of
Englands weekly report of condition
showing a proportion Of reserve % La
biities larger than any known before at
ihis date within more than a decade. and
making IL practically assured that a re-
dnction In the banks rate Of discount will
b made a. soon a. the present collection
n budget taxes in the country y over
The railroad rate bill In Washington has
attracted very little attention in the
financial district. perhaps becauss il
discussion involves such complicated
matters that it " not easy 70 clearly un-
derstand them. But Judging from the
apathy with which Wall Street has thus
far viewed tho subject IL seems safe 20
conclude that in whatever shape the bin
asses Il will not - considered a stock
market factor. This feeling IL also un-
doubtsdly hassd in considerable part
upon the idea that although there nav be
stricken from the bill certain sections
which were originally proposed by the
Administration and were more or lesz
iayOFable n railroad iatsrests. yet that
conservative sentiment at tho seat Of
Government is still such a. % prevent the
enactment Of any really radical or harm
fu measure