Bisbee daily review., 1917-07-08
(By Review Leased Wire )

I teresting development of the day publication of the weekly bank state ment showing an actual expansion of almost $174.0O0.000 in reserve-did not materialize until after the end of a dull and meaningless session on the stock exchange.
 The gain in reserves was the larg- est for any one week since the new national banking laws became opera tive and probably without precedent in the history of the local clearing house.
 Total actual excess Of reserves now held by the clearing house aggregated S27S, ,452. 990, against barely S42.000,000 two weeks ago. In effect, New York institutions begin the new fiscal year until highly suspicious conditions.
 The stock market was of the usual weekend character, prices improving for the most part on covering of short contracts. Rails were in far better demand.
 Motors, coppers, equipments and oils ranged one to five points higher. United States Steel was firm most of the short session, but eased off with allied shares at the close. Tota, sales. 22O,OOO shares.
 Bonds were irregular on narrow fluctuations. Liberty 3t5's ranged from 100 1-5O to 100 2-5O. Total sales par value, s1,s7O.OOO. U. S. old issues were lower by fractions to a point on call during the week.
 CHICAGO GRAINS.
 CHICAGO, July 7-Corn prices burst all restraint today and reached the highest level yet after more than week of continued overlapping of pre- vious records. Unseasonably cool weather and virtual exhaustion of the stock of corn here had much to do with bringing about the fresh advance Quotations closed nervous, 13s to 2A up with September at 156A to # and December at 11S1s to F. Wheat fin sshed unsettled at five decline to gain of cents. July POT and Septem- Der 154. Oats were unchanged to 7s higher and provisions varied from 10 down to a rise of 21s.
 Active buying on the part of com- mission houses swept the corn market upward from the outset. new offerings proved to be decidedly scarce. and es- pecially corn sold for immediate con- sumption or quick shipment Number 2 yellow on the sample tables easily visible from the speculative pit com manded s1Se bushel as against s1.SS q yesterday. Interest in the wheat trade seemed more or less confined to guesses regarding what would be shown by the government crop on Monday It was not expected, how ever. that the report would be of nature to disturb much. if at all, that anchorage which quotations have been subjected to by prospective tighten ing of federal control.
 Oats made only moderate response to the strength shown by corn. The general bright outlook for the oats crop seemed to be too much of a handicap for the bulls and it was evi- dent that export buying had been cur tailed.
 Provisions gave way with hogs The corn bulge resulted in merely a slight transient upturn for lard and ribs.
 CLEARING HOUSE REPORT.
 NEW YORK. July 7-The actual condition of clearing house banks and trust companies for the week Give davs), shows that they hold s27S.452.- 990 reserve in excess of legal reGuire- ments. This is an increase of s179,s 63S.67O from last week
 WEEKLY STOCK REPORT.
 NEW YORK. July 7-Waiting on Washington constituted the chief drawback of the week in the stock market. Further delay on the part of the federal authorities in determining schedules of taxation on excess prof. it's and prices of war supplies account ed mainly for the lower trend of quo tations and the pronounced curtail- ment of operations.
 Reflection in large part of the de- mands of the railroads for increased freight rates also acted as a deter rent Shares of some railroads re- ceded to lowest quotations in many weeks. while St Paul issues shrank to minimum price of many years.
 There was much discussion and con- lecture respecting the steel and iron industry, heightened by reduction of prices for certain unfinished products the first downward revision in more than year.
 The most constructive and signif- icant event of the week. in the opinion of banking interests, was the rapid readaiustment of domestic monetary conditions to a normal basis. Extra ordinary demand of the mid-year pro- ceed without strain or interruption and time and call loans were restored to the rates which prevailed prior to the heavy financing.
 METAL MARKET.
 NEW YORK, July 7.-Copper quiet;