The Washington herald., 1910-05-15
WALL STREET NEWS
Bank Statement Shows Sur.
plus of S9,OOO,OO0.
DUE TO DECREASE OF LOANS
surprisingly Satisfactory Weekly
Report Indicates General Relaxa-
Which Is Chiefly Due 10 n Con-
tinued Movement of Money.

New York, May A-TO-day's bank
statement showed an increase Of over
S6OOO.OOO I'm the average surplus reserve,
and Of over 100000 in the actual surplus.
This surprisingly satisfactory showing was
due 70 a heavy decrease In loans in both
forms OF the bank return, and likewise
in both statements a large increase I'm
cash.
As much the same sort Of exhibit was
made In the statement of other banks IL
is obvious that great and general re-
Taxation in money has taken place. and
while part of this has been caused by a
reduction I'm loans IL has been chiefly due
TO a continued movement Of money here
from the West. impress Of which evil
dence has been currently afforded for a
long time past in the high premium COM
manded by exchange on this city In the
interior financial centers While II was
generally thought to-day in Wall street
that the bank statement would be favor
able. TO such favorable return as the fore
going was expected and money matters
did not at all influence the course Of
prices in the security market
Market Strong and Steady.
The market was however steadily and
quietly strong though giving rise 10 a
natural suspicion in present large party
of speculatcrs for the fall that what IS
known as a creeping bull market was
under way. At any rate there was a GER
tain amount OF recovering Of stocks by
these operators to-day due 10 their recog-
milton of the fact that repeated attacks
upon the market had failed to induce
liquidation
Distinct Improvement was shown by
particular stocks fer special reasons. such
as In American Cotton oil common. which
sells ex-dividend on Monday in Virginia.
Carolina Chemical. where talk Of en-
larged profits in the fertilizer business
has led to anticipations of increased divI-
dends, and in United States Rubber COM
mon. The Amalgamated Copper shares
were bought because Of confirmation OF
reports that a large number of the Butte
properties Of Senator W 4. Clark had
been sold 20 the AmalCamatcd interests.
While it IS too early yet 20 form any
idea Of the corn crop, it is yet conceded
that the corn acreage will be the greatest
ever known, and as the weather for the
planting of corn has thus far been excel
lent. the outlook too in this direction is
as favorable for a large crop as any one
could wish.
Some Copper Manifestations.
The chief support OF the stronger un-
dertone Of the copper market that has
been manifested is its proof OF the fact
that there are certain low points in the
range or prices in any commodity which
will Inevitably lead to enlarged buying
thereof and also 10 restriction Of pro-
duction. It will not be surprising II a
similar development soon takes place in
the case Of pig iron, another article IN
which over-production has recently been
manifest. In general Il must be said that
sentiment in Wall street has grown more
cheerful as the week has advanced, al
though It IS realized, Of course that GER
tainty as 10 the crop harvests is now the
all important factor in the situation and
that this certainty cannot be afforded for
a considerable time 20 come. The money
situation throughout the week has con-
stantly tended toward ease everywhere,
the Bank of Englands weekly report OF
condition showing a proportion Of reserve
20 liabilities larger than any known be-
fore at this date within more than a
decade. and making II practically assured
that a reduction in the banks rate Of
discount will be made as soon as the
present collection of budget taxes in the
country is over.