The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-07-10
rI>,>uu ,\D covuERcIiL.
SATURDAY July Q

w vest rrlaN Government report ~
Carving Pho. ".-iItlru e tn" spring wh"at
crop was r.t'"r u.nr' unfayurlbl" than
had f...r generally looked for IN Wall
Street t..isvs bank stlt mont cam"
A. = s'Irrri~' e much moro pleasing
characl.l IL - lrIlJtlpn had i-S'n % IN"
sF.,' Oh a ta. banks had sustained such
pr- M ash during m" wo"k a. wuild
urac'ic llIv w.y" uut tn surplus reserve
~ 81 l"5St m" actual form 81 IN" bank
sLitafn"rt. pI' the event bur" witness,
~ 70 mas So uft-u dom" ~ tho past t. IA"
fact that prevailing rats fpr N" ~" ~
money ars a far uIrr" Trustworthy gud"
L t.a lntrfnsic condition ot tn" banking
situation at any given tim" than pre-
ltniuary estimates and figures ~ - gains
or lo-s,z lu cash. reductions or increases
- loans ~ Their similar matters. In the
average bank figures today "A loss IN cash
was rd,.s.i shown Il Sil.5I7.oHn, or nearly
twice that shown IN yesterdays pr"lim-
mary estimates and although thus Was
ac,-prr panisi hy "a decrease IN loans ~
g. Ssl pI J.; vas still sufficient u pun
down the avcraR" surplus - 81 .J26."S.
as against 81 a. 49, last week hut the
actual figures tnat i t. say. those showing
the exact condition ~ the hanks at the
closa ~ business last night. told far
different - nv. Herr an Increase IN cash
e s1.~SIsH was shown. which with
large decrsa--. IN loans - sei.dal on
resulted m an increas" m the actual sur.
plus - 81 aS7 OBp Both the actual and
average figures Of the surplus now make
a very good comparison with those ~
previous years At this time. az course
the bank figures today did not appear
until after the end - business. and Z was.
therefore not "A it'll" significant that
m spite ~ a universal belief that ~"
Clearing Huilsn institutions would max"
a poor showing III" stock market be-
trayed strongly advancing tendency
II may ha that this was because Il the
calm nvern lght reflection IL Spectators
that Yesterdays crop report was not So
unfayorah" after all. THIS nj least was
q reas nabl. Wav ~ looking II the matt r.
hut u - more hkrly that ia" RISING -"
WIS -ti'nulat 4 10y rec ignition "t the fact
that tho stock market - now At level
vhsr' purchases II securities for invest
rsrt nv IN" largest financial interests
N "a" c.ultrv h;v" b"cniu" a distinct
t"atur' & IN" sttr'a't n
ne ru. ~ important development 4 'lls
woes At least from a pgr".y s'.rN marS"t
point ( view. ntS ta"u IA" Increasing
~ i"uoe- that security rrIc"s hay" dis
cDuut.d fur "a" tam" hclug ~" ".'eCtuf most
~ o." uufavuranlc Arguments that can
be urogRht u tear against ta'fn. IT, adj
dtIun - ali these general causes maAIng for
dep-cs Jon t'.' lt-' mni'u mas witnessed.
~ - now h"yuud quest IA. an impairment
OF tho SrrIng wheat Cr'i.- tat ~ matters
now ria.d, nr ~ least ~ reported by the
Government figure to indications ar"
for total wheat crop about l'pW'n.,sO
bushels 49, than last year. TIA, deduction
- b1sed however. al. u ~" assumption
that IN" condition II the p-.ug wheat crop
remains ~ improved from now UH.Il the
time q ha-v','. and past history affords
many Iu.t.uC,- where a decided improve
men B." IA" crop ms ttN"n pltc through
similar p"r.pi Such an Improvement
has. ~ instance. already occurred ~ "a"
present wear ~ ~" ca-.' Il winter whc -.
which Vas supp. s-..d e. nave r""n ruined N
April. hut - now turning ont q Iargs crop.
lndesitL-re - much 4tAOI.ts f,r IN. tl0t b
that the threshlnS returns % winter " neat
that nave hecofne available sIuoo July /. /
whom ne last Government observations
were taA-u are such Is 10 lrCreas. the crop
materially further As oTsHtt.ug whatever
dana &c has ie"fi don. 10 wheat there - "A :
splendid promise now held uut e a record .
breaking corn crop. and ~" cotton outlook .
To- ~ excellent. SlgI.s - le>'-.'i.Iu nag general .
business are becoming somewhat more
and Yet after all this contraction
- pr ,''eIIrC az such slow pAcr and -
- lrro guinr ~ ~ Manifestations al tie
main rus.u'ss men sr--aN ( - - u"lrg only
- moderate falling ~. n - auuVn that
tn" orders Z ~" United States Steel Cor
porati ~ a." end - Jur." w"r, greater
than they were a. the end - MAY AZ 4 were
greater ~ the end - Nav than they W.r.
At t'e"ud & AfFlI over tie West business
" still active. aud m the Fas' crIrtailrrent
- chiefly nutic"dh." n Ii''-, wh"r" cuHtrac-
tom has r""u evident al through III" year.
such ~ the frJ'lI" trad" turlu.-'voupugr.
railroad "grrirg- are r-grrGug 20 turn
for '." hotter M that wait- q. - r"v"'. rs,
ar" running a'rIt TIE sam" o." falling . =
IN net earnings. which has '.-..r ~, mar Sai
"a f"ltv-" e railway statements o. r",,.'.'
months - decidedly i'..,- I;.us o. for tbs
- that 'r" railroads are a.t'l'g ~. large
and what are believed ~ rl-" l..lpr" o.
hay" '1"'. cN'ravagar' r...r-..r.. e earn
ing - improvements ~ ..r',' {. ~ las
been carr 81 30 frr '"nrn '.... a year hack 7.