New-York tribune., 1910-06-25
FINANCIAL MARKET
Money Rates Easy and Sterling
EXCHANGE Lower.

Stock market prices moved toward a
lower level in the best part of the day
on selling by the professional element,
which based its operations on the ao-
sence of public interest in speculation
and on the idea that the recent lack OF
moisture and intensely hot weather in
the spring wheat belt would be reflected
in an extremely adverse government re-
port showing crop conditions as Of July
/. This is the time of the year for crop
scares The month of June never has
run out with no adverse news from the
Western speculative grain markets, and
the fact that a certain amount of injury
to the spring wheat crop is now reported
encourages the hope in bear circles on
the Stock Exchange and in bull circles
on the Chicago Board of Trade that the
country at large soon may make up its
mind that a panic is imminent. I'm
fortunately for spectators who are anX-
ious to bring about lower prices for
stocks and higher prices for grain, this
country has an enormous agricultural
acreage, which promises to bring forth
average harvests, if not better, notwith
standing the possibility of a lighter
spring wheat yield.
From the talk that one hears in the
speculative community one might imag-
inc that spring wheat is our only do
mestic product. AS a matter Of fact,
spring wheat supplies a small proportion
of our total harvests. Crop scareS come
along with the regularity of the seasons.
And at harvest time the country finds
that its wealth from the ground amounts
to enormous figures, as in 1909, for in
stance, when the total value of things
produced on the farms amounted to
more than $7.000,000,O00. The remarks
Of Attorney General Wickersham before
the Illinois State Bar Association, rec
ommending federal control of all new
railroad securities issues. were not liked
by the speculative element in Wall
Street, but il is doubtful if any sane in
weston sold his stocks on this argument
There is no doubt at ali that a reckless
issue of railroad stocks and bonds tends
to weaken the real value of securities,
and legislation seeking to curb overpro-
duction Of such issues should be well
coined by people who have their funds
invested in the transportation industry.
In the afternoon traders continued to
hammer stocks, but there was little in
dieation of actual liquidation The SEN
ate resolution for an investigation Of
conditions in the steel trade appeared to
/ appeal to bear operators as an argu-
ment for lower prices, but transactions
based on this theory failed to excite
holders Of the United States Steel Cor
poration securities. though professional
interests succeeded in bringing the COM
mon stock down to basis of TIN,
against the closing in Thursdays mar
ket at 1875. The general market closed
near the lowest figures OF the day.
There was no special demand for money,
while sterling exchange again moved to
lower level, under the influence of in
ternalonal money marekt conditions
and offerings of bills against American
securities sold abroad. According to the
known movement of currency in the
week the local banks have gained more
than S1,0O0,O00 in cash resources. al
though receipts from the interior have
been smaller than a week ago, while
shipments have been heavier. Unless
there has been material expansion in
loans in recent days, of which the money
market gives no indication, to-day's
statement Of the Clearing House banks
ought to show moderate improvement In
actual reserves, which a week ago stood
at little more than $2S,OO0,OO0.