The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-05-08
FINANCIAL AND COMMERCIAL.
SATURDAY. Nav 7.

COMMONLY mnrhet m the World was
either entirely suspended or partially
Interrupted to-day by the death 81 the
English King. In London the markets
end exchanges Of every description were
closed Herr the Cotton Exchange was
e. closed from the outset and the stock
Exchange loft "a business at II O'Clock
In the single hour in which business was
transacted. however. the radical improve
ment in the general financial situation
that beoame notable toward the end Of the
week vas once more emphasized The
market opened az large advances over the
final prices II yesterday. attssting the
correctness - experienced observation
At that time that such selling Of stocks a.
would have hecn induced by the demise
Of the King II England had already taken
. place. or that in other words, the eX-
2 pected passing Of the Hing had been dis
counted after the usual fashion. Al
though London houses were closed. nu-
nernus cables we're received here by bank
ing firms from their London correspond
onis. all Of these uniting in the expression
Of an opinion that the full shock attendant
upon tho demise 81 the King had already
been witnessed. After the opening burst
.Df strength in our market to-day prices
again declined moderately on realization
sales. hut the fall was succeeded by an
other upward movement. which left
values in nine cases Out Of ten az the high
psi Of the day II there Vas one notable
Feature 10 the days transactions IL was the
especial strength shown 10y Southern
Pacific stock. which made a net advance
for the day Of two points. This was
possibly in response TO a general impress
sion that something Of a melon cutting
m the case u southern Pacific is soon 20
h INDUCED in in the shape u a distribu-
ton Of money received by the company
from its sale 81 oil lands. The weekly
bank statement attestcd "a Il was eX-
peCted il would the results II the heavy
b stock market liquidation VI the fore part |
Of the week and u the movement Of money |
% this centre from the interior ofsetting
the dram Of cash through gold exports.
Loans decreased over t23 OOO 900 and cash |
decreased 81 aJs, OOO IN the average figures.
resulting IN an inCreass Of slightly over
Si,Uo ~ IN the average surplus. In the
actual statement decrease in loans Of |
az .3sS,O0O and an increase in cash u
81 $1,000 resulted In an increase IN the
ACTUAL surplus Of ts.t57OOo. The total
average surplus is now SO ~ .52S and the /
actual surplus sl2 .6s0. 62S.
Barring the brief check given 10 bust |
ness and speculative operations every
where by the demise Of the King o. Eng !
land. all financial developments this week .
have been of a much more encouraging .
sort than any in recent periods. and de- I
spite the natural hesitation aud caution .
introduced by the temporary unsettle- .
rnent Of affairs in England consequent .
upon the death II the hing sentiment :
ia business aud financial circles a. the .
weeks end everywhere displayed decid- .
eddy increased cheerfuln-ss This has .
been mostly due 70 the indubitlble fact .
that the money situation the world over 4
has become greatly relaxed The col |
lection Of internal taxes in England. that I
has ~ long been a matter ~ dread has
been proceeding in the most satisfactory /
manner possible and money that has bnru
held In reserve awaiting q state ot strain -
nov clea ny released. In our own country
the feeling of relief has hern accumulated
by che large movement u money 10 this
centre from the interior, which hears ont
the predictions 81 our hest bankers made
a month ago that after May 10 lmoney
would be- easy in this country until the
usual tightening Of rates takes place
In the fall Of the year. Investors in
Europe both in their actual caIacity
and As members Of large banking syndi-
oates have made arraugemc nts 10 take
from us large blocks 81 our railway bond
securities aggregattng, ~ Is believed.
considerably more than Siuo 90 600. and
this must have the gratifying effect Il
both placing our railway companies In
funds with which % make improvements
In the coming season and also Of relieving
whatever congestion has previously eH-
iSied In our home bond market.
In the next place the crop prospects
this week have been unluestionably i'm
proved Reports ara coming Ia from
every quarter that the damage done by
the late frosts was m no way as great az
vas currently estimated az the time. and
heavy rains have fallen over an the
drought stricken portions Il the West.
Presumably tho Government report u
crop conditions due next week will not
fully shoE tho Improvement IN conditions
that has taken place since the first 81 the
month, the date on which tho ohserva-
mons II the Government experts we're
made L. may be aid, however. that il
10 the judgment II many people whose
opinions on such matters have proved
extremely Trustworthy In tho past that
the present prospect II for a general
crop yield in our country q more than
81. 900 10000 in value beyond that ~ the
year before; and IL will he very surprising
indeed II the bid made by the country ne
"a whole in the shape % high prices for
incuqsed hsrvests will not be- successful
"a brihGnR q satisfactory answer thereto.
A curtsilmeut II pig iron h in process
I he copper market although still de-
pressed had fallen 10 a point where natural
corrective processes are likely 10 he
applied 10 IL. and there IL no doubt what
ever that trade AMI general business over
the country u better now than II was.
This being ~. 10 ~ not unrensInable 20
expect that with thu gradual approach
II warmer weather tho honefulness and
buoyance incident ~ tho season u the ,
year should again assert themselves. ,
RAILROAD AND OTHER BONDS. ,
An Hide l. all shA 80 tsrvorfAwrv.
,seeo ~ Ogg,s 200 ,9sl Doe. 1000 OKLA