The Washington herald., 1910-08-20
WALL STREET NEWS
ReactiOnary Movement of
Thursday Continues.
SCATTERING SALES ARE MADE
Crop News More Favorable and I'm
proved Conditions in West and
south Seen as Result OF Latest
RepOrts-Banks Need Money for
Demands of Crop Moving.

New York. Aug l9-The reactionary
movement in stocks continued to-day.
though its pace was much slower than
yesterday and the market became harder
and trading duller as stocks reached the
low prices OF the day. IL the late trad
ing a part OF the early losses was re-
covered. and the close showed no changes
Of any great consequence in the active
stocks.
London, as on previous days OF the
week, was seller OF stocks, and its
selling was again accompanied by real
izing sales on professional operations
for the decline by local spectators. The
market absorbed these offerings very
easily. and II was noticeable. as bearing
upon operations OF the fundamental
strength Of the market, that in none Of
the many cases in which professional
proft-taking were accompanied by aE-
gressive short selling was any decided
weakness developed.
Obviously, the market suffered from
no liquidation more important than scat
tering sales from traders desiring to
cash in small or moderate profits. There
was in evidence no liquidation justifying
an idea that stocks are not still held in
strong hands. and that the preponder-
ant holdings are not with men who be-
heve that the situation has so far inn
proved as 10 warrant either higher prices
or at least maintenance Of the present
level
Crop News Favorable.
In regard 10 crop news, to-day was
10
previous days OF the week. and the i'm
portance Of a continuation Of favorable
weather in the corn and cotton belts is
OF particular significance as the time
approaches when the crops. as a whole.
may be considered made. Cotton reports
to-day were encouraging, and both corn
and wheat were weak.
In wheat great deal OF attention was
paid 10 the free movement OF the crop
70 market. and particularly 70 the news
that France, where the crop is estimated
TO be 65,o0000O bushels short. had made
arrangements for the early shipment Of
10000 bushels from this country
The bond market on the stock exchange
was not as active or as strong as on the
last previous days, but dealers reported
a continuation OF tho investment demand
that has sprung UP this week. and an
event Of special significance in this con-
necuon was the announcement that all
Of the New York state canal bonds
bought by a local banking house three
days ago had been sold TO investors
The transaction was not large but its
success viii Immediately stimulate fur
Their offerings OF bonds in the near fu-
ture.
Indications OF further Improvement IN
the bond market are also supplied by
slight quickening of the demand FOR
bonds by financial institutions. With
many Of these institutions as with many
investors money has lain idle so long that
il is finally becoming restless.
Money for crop Moving.
The banks this week. as was expected. |
were called upon for shipments OF money
70 the West and South. but the demands /
were moderate and receipts from other
portions Of the interior more than Offset
the shipments TO some Of the crop-mov- /
Ing sections. As a result, the banks /
again gained substantially on transac- |
lions with the interior. II is probable |
however, that the bank statement to-
day will show moderate decrease IL. the
surplus reserve. which at the close Of
last week stood at the extraordinarily
high figure Of $56O00.O0O for the banks
nave lowered time money rates this week
on both stock exchange loans and COM
mercial paper and the result should be
shown in an expansion Of the loan ac-
count
The weekly trade reviews Of the com
mercial agencies. while noting that con-
servatism governs buying the country
over report considerable improvements in
the West and Northwest as a result Of
more favorable crop returns than had
previously been expected, and conclude
that principally as a result Of reassur-
anoe over the crops. business sentiment
Is Improving. and basic conditions under
lying the conditions appear stronger.