The Washington times., 1911-04-09

With Baltimore ana OniO. trOm ually
transactions of a few hundred shares
| this isuse, on Wednesday, was traded
In to the extent of 9,1O0 shares, and the
price was marked up about points.
This total, which, upon another occas-
ion, would scarcely entitle Baltimore and
Ohio to a mention in the columns de-
voted to financial gossip, seemed so
startling by contrast that II served as
! the basis for an elaborate "humor" to
the effect that the Pennsylvania Rail-
road was acquiring the Union Pacifics
holdings Of Baltimore and Ohio stock.
1t Is by little diversions of this char
acter that brokers relieve the tedium of
the duh days. The rumors and divert
ing movements do no harm and they
accomplish no good unless It be that for
short intervals they direct the mind of
the brokerage element away from the
diminished iron and steel orders or ac-
cumulating stocks OF copper, or irreg-
ular or diminishing gross and net rail-
way earnings and other evidences Of
of material of this character to be had
in Wall Street, and the psychology of
the situation Is such that somehow, or
other, 1t appears as though all the fea-
satisfactory trade are forced upon your
attention while the encouraging feat
ures, such as the increasing favorable
trade balance, the steady adjustment of
early crop prospects, are entirely over
looked.
Favorable Crop News.
Without question, the continued i'm
provement In wheat crop conditions,
due to widespread rains, is the most
promising feature of the present situa-
ton, and this has found reflection in a
persistent decline in prices to the low
est point in about three years. The
present dullness in Wall Street and the
let-up in business everywhere is, of
course, unpleasant, but this can only be
temporary IDatter. unless the har-
vests fail. 1.-THE crops come out right,
adding their eight billions of material
wealth. to. the country's store. industry
will surely revive and Wall Street will
anticipate that revival, as 1t always
does. with an active market, and this
must take place despite industrial trust
cases, tariff agitation, or political un-
certainties; for, notwithstanding these
unsettlements, some ninety-three mil
lion people must be fed and clothed and
housed, and that constitutes a big busi-
ness in itself.
Little attention was paid to the money
market Of the week, which reflected no
material change in rates. The bank
statement of the day still showed some
effects of the April first disbursements.
Under the statement of averages the
surplus reserve decreased s2,936,9 ,975,
while in the actual statement this item
increased S1,3T, ,975. Cash holdings in
the average statement decreased A,7s1,-
900, but this loss Is probably only tenn
porary. Loans decreased S2,321, 800 and
deposits fell off S.37S, 500. The reserve
now stands at S26 47S,325 above legal re-
auirements. which, with dullness on the
stock exchange and quiet business, is
more than sufficient for all legitimate
needs. In fact, the funds IN the associ-
ated banks are greatly in excess Of de-
only by the action of three large banks,
which hold about seven-eighths Of the
entire surplus, in declining to loan
money except at rates agreeable to
themselves.