The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-26

New York, Aug. 25.-Most OF the losses
sustained by the stock market to-day fol-
lowed the publication Of the governments
daily weather report. The governments
observers said there had been a light
frost IN portions of North Dakota and
Nebraska. and that the lowest tempera-
lures ever recorded in August was re-
ported from Montana. Idaho. Wyoming.
Western South Dakota Western Ne
braska, and Northeastern North Dakota.
Damage to the corn crop was at once
imagined, though the cold weather af-
tected only the northern fringe Of the
corn belt, and the crop never yet has
been seriously damaged by frost in Au-
gust But the market was not at all
strong before the publication of the
weather report and the Wall street trad
Ing Paternity has again become so bear
ish on general conditions that very likely
only an intimation Of an unfavorable de-
velopment was needed TO produce further
aggressive selling by operators for the
decline and further dislodging Of stocks
carried by weak holders
No Resistance offered.
No great amount OF resistance was Of
Tered TO the selling pressure. and at the
close most Of the active stocks showed
losses. ranging from one 10 two points
Closing prices were very close 20 the low
level Of the day. Prior 70 the publication
Of the governments weather report the
only Development OF fresh market interest
was the announcement OF the mainte-
~ h,
rate at per cent and the publication OF
the banks weekly statement. The re-
port showed an increase OF so 10000 in
gold holdings. but an expansion Of 5000
GOO IN loans, and accordingly the ratio OF
reserve to liabilities was reduced from
53l9 per cent last week 10 50. 60 per cent
The present ratio is well above the
ten-year average. and the gold holdings
are greater than AT the corresponding
week in more than ten years vet the
demands from thte continent and India
are so heavy that open market discount
rates advanced slightly above the bank
rate and it is well within the probabilities
that the bank rate will be increased next
week. The failure to increase the rate
to-day was followed by a slight decline
in sterling exchange rates in this city
and moderate buying OF stocks for Lon
don account in this market.
Bonds Are Inactive.
Bonds on the stock exchange were in
active and heavy. Sales were $4,000
less than on the corresponding day last
week. and a great deal Of disappoint-
ment was expressed that the investment
demand. which last week showed decided
signs Of revival. had again petered out
The investment demand for stocks has
also been Stacker this week, though IL
was nothing to brag Of last week. and
the market to-day was almost entirely
in the hands Of professional operators
and other confirmed traders.
The only July railroad statement which
was made public was that OF the Atch-
ison. Topeka and Santa Fe showing an
increase OF $4,000 in gross earnings and
an increase Of $1,000 in net. The state
inent was less unfavorable than the 9TH
ers for the same months, since Atchison
was able to save a trife from its in
crease IN gross. while the others showed
substantial decreases in net.
Nevertheless. this statement displayed
plainly enough the effect OF heavily in
creased expenses The corn market was
strong on the unfavorable weather re-
ports. and the wheat market somewhat
frmer Time money rates were slightly
harder the banks continuing shipments
20 the interior and sending S5O0,O0O tc
Canada.