The Washington times., 1912-06-30

perature in the Northwest. but accord
Ing to the most respectable Of the crop
experts no serious damage has as yet
resulted from this cause, and the price
eased Off a trifie toward the close of
the interval. Crop advices, to be sure,
are mixed and variable, but no more
so than Is usual at this time Of the
year, which Is always a period given
over to sensational reports, regarding
spring wheat. According to the officials
OF the leading railways traversipg the
northern section, the crop is facing the
critical period in excellent shape. The
returns from the Southwest on the har-
vesting Of winter wheat continue excel
lent. and the results will prove better
than at first anticipated.
The promises held out for the re-
mainder OF the year rest, Of course, on
and II the present conditions continue
the results will greatly strengthen the
confidence of manufacturers and finan-
ciers. As one Of the leading Bankers
OF the city remarked before sailing for
Europe on Thursday, even admitting
that the present Is an abnormal period,
time of unrest, with radicalism
sweeping the land. and with complaint
general Of the high cost of living, the
small basis Of profits, the unrest Of
labor and the like, that he was not
taking a despairing view of things. for
II the harvests turned out as now ex-
pected he believed much of the basis
for complaint and disuuietude would
pass away. 1t must be admitted that
one hears this view expressed more fire.
quently In commercial than in financial
circles, but the crop conditions are un-
doubtedly the basis of an encouraging
business optimism. which augurs well
for the future.
Investments and Money.
Ihe distractions Of the two political
conventions, naturally enough. exertcd
a rcpresslng influence on the bond and
Investment market. but this was decid-
eoly more pronounced with the old line
tonds than with new issues. Although
the July reinvestment demand has been
a great disappointment for bond deal
ers handling issues Of savings bank and
trustee character. n fairly good volume
or business has been trsnsa cted in we'll
secured public utility bonds, netting
about per cent This seems to he
the rate CT income demanded by tho
personal investor. who tinds the in
creased ccst Of living a vexatious prob
LIN or course the dispoalt0n Of in
restors to shun the old type of 4 per
cent railway mortgage bond for new
railWay corpoTstions sArdsn'pi n bor4ov'hs 9n the
funds. but II must be admitted that,
the safeguards now thrown about new
public utility bonds through the crea-
ticn of public service commissions.
which supervise the issues, has resulted
in giving the investor a very we'll Sc
cured per cent bond.
Although gold exports TO Paris were
resumed during the week after a long
interval. and yellow :netaTto the
amount Of 1900 900 was taken for ship
ment the financial district, was in no
sense disturbed because after belief
tnat the shipmen: would greatly aid
the German monetary situation. Such,
In fact. has been the result. and forward
discounts ut Berlin have shown a de-
cided relaxation. Nothing of interest
developed in the local money market
a side from the gold exports, and these
had little or no influence on rates,
for either time or call fun1s or COM
paper, and the easy tendency
was the more remarkable in view of
the heavy interest and dividend require
ments OF the interval. The bank state
merit naturally reflected the arrange
ments necessary for semi-annuAl settle
mentc. In the report OF actual con-
ditions. loans showed an expansion OF
81 1872 900. Net deposits increased $2o,-
422.0ND. cash holdings diminished S12,-
SO .ooG aud loss of $la722. .oO5 reflected
in the surplus reserve, but though this
was heavier than expected. thu be-
lief is general that the funds will re-
turn to the city speedily.