New-York tribune., 1910-06-26
FINANCIAL MARKET
Bank Statement Figures Show
Lower Actual Reserves.

On q light volume of trading stock
market prices moved in an irregular
manner throughout the two hours OF
business, with more final losses thah
gains. The general tendency Of quota
tions was in the direction Of lower levels,
but covering of shorts in the final oper-
ations induced a stronger tone at the
close, and among the prominent issues
AmaIgamated Copper. American Smeit-
ers. BROOKLYN Rapid Transit, New York
Central. Northern Pacific, Pennsylvania,
Tinted States Steel common and St.
Paul ended at net advances, the last
named stock, however, presenting the
only instance of pronounced strength.
Reports from the spring wheat belt were
conflicting. Some statements said that
the drouth had been broken, while others
asserted that only a small amount OF
rain had fallen and that conditions were
as had as they were several days ago,
with every indication of enormous injury
to the crop. The spring wheat acreage
Is larger than it was a year ago, anu the
effect of current adverse weather cond1-
tions In the Northwest upon the hnai
yield. according to the advices received
by Wall Street houses from trustworthy
sources. is grossly exaggerated. There
could be a large amount Of damage ana
yet the fields would bring forth salts
factory yield
IT should be borne in mind that the
entire spring wheat territory is not az
fected by present adverse weather and
that the spring wheat harvest supplies
only a small proportion Of our total
crops. The winter wheat crop will be
large, and current indications point to
record breaking growth Of corn. The
Chicago, Milwaukee & St. Paul would
be affected by poor crops in the North
west, but the stock of the company ad-
vanced more than 1 point in yesterdays
transactions at time when distressing
reports were coming to hand predicting
q long period Of famine. The character
of the buying in the present stock mar
ket is better than the selling. Stocks
are taken on all declines by the strong
est financial interests in the Street, and
it is generally believed that an enormous
total Of securities has been accumulated
on the expectation that later in the sea-
son much higher prices will obtain. In
view of the tremendous decline that has
taken place from the high levels Of lSG9'
and in view of the fact that solid secuT1-
ties may now be bought to return from
az to 6 per cent, investment capital
should appear, Notwithstanding the pos
sibility of further bear attacks upon
prices Stocks may go lower, but event
ually they will sell higher
Bank statement figures showing the
actual condition Of the Clearing House
institutions as Of Friday night were
less favorable than reported week ago,
although the decline in reserve was not
heavy enough TO suggest higher rates
for money in the immediate future.
Owing to syndicate operations and prep
arations for July interest and dividend
disbursements, loans increased 4,644,-
100. against an increase in the same
item in the exhibit of averages of S4,-
go, 500, while cash holdings in the actual
figures increased only 1924 200. compared
with an estimated gain in Fridays pre-
liIninary statement of upward of $1,000.
600, and a gain in the averages Of more
than S5.000000 AS a consequence Of
all changes the actual reserve declined
50, ,4O6. 60 to SO. .145, $50. against an in
| crease in the average statement of S.
7S9, ,775 to S2S, 1874, ,625, which compares
with So. .946, $50 at this time last year
and S66 09S,S 500 in the corresponding
period in 1908. Trust company loans in
creased materially. The banks are in a
strong position, and it is well worth not
| ing that the exhibit Of averages shows
an excess Of deposits over loans and
only an insignificant excess Of loans
over deposits in the actual figures The
percentage of reserve is 27.4, against
27.3 a year ago.