The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-06-12
WALL STREET NEWS
Stock Prices Sag in Keeping
with Dismal Weather.
LONDON MARKET IS WEAKER
Chicago and Alton Common shares
Recover Most of Fridays Loss on
Single Transaction and Copper Is
Birmer, Though Net Losses Are
acknowledgement ON Weather.

New York, June 1l.-Aithough yester
days declining movement in stocks was
not continued so vigorously as on the
former occasion. prices sagged slowly
and despondently. They rallied at the
close but stin left off at general net
losses. The London market was distinct
~ weaker to-day than it lately has been,
not only for American stocks, but for
consOls and other English investment Sc
eurities, and the exact reason for this did
not appear altogether plain.
In our own market the Chicago and
Alton common shares recovered most Of
their loss of yesterday on single trans
action, and Amalgamated Copper was
also hrmer, presumably by reason of
the buying in Of shares sold by bear
operators" yesterday In the main the
market was weak in other stocks. and
the decline was led by an especial drop IN
Chesapeake and Ohio The grain and
cotton markets were heavy and the week
" bank statement. although it was ac-
counted favorable. still did not show to
the degree that might have been ex-
pected the results Of the recent liquida-
OF the return loans decrease only 81
45l.000, which is a gain in cash of some
what less than 100000 and 81 50,000 10
the bank surplus.
Increase In Bank Surplus.
The actual figures reported an even
smaller decrease in loans, but a larger
increase in cash and therefore a pro-
portionately larger Increase in the bank
surplus
Undoubtedly one cause for the recent
depression in the stock market has been
the cold and unreasonable weather that
has in the main prevailed over the coun-
try in the last six weeks. This has had
an unavoidable influence sentimentally
because il has disturbed the daily and
weekly outing plans OF many large pro-
fessiOnal spectators, leading them "a the
irritated belief that weather conditions
this year are cratic and abnormal, and
has also in many ways injured general
business in a more logical and direct
manner, Taken as a whole. the country
crop prospect is still good, even if, as the
result of poor weather, the corn crop
is backward, winter and spring wheat
conditions deteriOrated somewhat during
May. and the cotton crop is now suffer
ing 10 certain extent from too much
rain After all, no particular complaint
would be heard in this regard were it not
for the fact that general summer trade
so far this year has been materially i'm
peded Naturally. there has not been
the usual buying of light clothing ma
terials and similar merchandise normally
incident TO the season.
Much Depends on Weather,
a few weeks Of warm and dry weather
Is what is needed now from a general
agricultural and business point of view
more than any one thing; and should
this weather come the disagreeable day.
OF the past viii be speedily forgotten.
The, stock market itself touched tht
lowest point of its decline on the frs
day of the week. recovered violently
thereafter, and then again showed a tend
ency to recede. The movement following
the break has been. il must be admitted
in accordance with traditional precedent
The first rally after q sharp drop in Z
market takes place in the shape O
urgent covering OF contracts for the fall
and is not infreQuently based upon th'
announcement of an item Of decidedly
good news. such as the present instance
the settlement OF railway rate difficulty
al Washington.