Show I Financial and Commercial I I II I MONEY BORROWED BORRO ViED BY THE GRANGERS i Wall Street Explanation as to i the Cause of Depression DepressionS S in Stock Market arket SMALL BANNS BANKS BAN S DRAINED CASH FOR CROP MOVING MUST S BE BB FURNISHED daI New ew York Yok s Ther was w a dla dt toa Mr y In I 1 the c financial n district tlc to turn tun tU to Use the ti banking ad financial position tel for fo explanation u of or C tko the tie Mock lk markets mArk t action a The TIO T increased lar given 11 to tho Ui subject nJ ef o C the Ue bank bisk k In ml i n crow gr w out of or the te pWe PM e irston of nf f tom some distinguished dIM bank of the th Interior regarding the farm rm Un l sp and aM the tho tb coa ca equen s to tt bo b apprehended from it U t Itself Is la I not hot a ft now w ONO one onen n i Is 1 Its It importance newly regarded rn Vy lr t y N S Nw vr w York Y rk bankers since Ine IWO It baa hO een a dwelt It upon lIPO for months mont sad and aa with special pell stress tr r up In the abstract of or reports of ef national r a bank Ma b aka under the th tb loot last J comp comptrollers elp aall e U In II March arch rh became known inclosing a n loan I oun expansion In ID a rears 71 t tn rn of oC half hf s a billion Uloa dollars T Tila Is ectal 91 stress a on oa the tho th subject bet has su I VII kif al aIto a S conviction that tbt the t t or r r 2 ii i j i position woo was W In lo course couro en of oC lon lOrl IOn That Tbt correction Is I not J maintained j y y the tie interior banking authorities aoU now J sw Q d Thor There Ther Is Li complaint that the be banks baak bl are a ar still tl burdened br with wih mortgages ana fl with farmers ane paper In ht of the ibs tl Investments Jaen In Ja com commercial mercial paper which served as a see eec I OI iary ary reserve reM while their balances In th tho reserve banks ank are ar below blow normal DormaL Such fluch uch a position p Indicates that UM the t crp cr o r movement requirements will wi hays ly to if U t he b e met to a larger extent than ta ww nen VM nena ai a 1 by elUt nn on th the larger larr banking centers Cf ter for accommodation The Tb T Inti mel Intimation mation maton that the I reports r rt now ROW being baIn soot sent Ht t tj the tho th comptroller but not hot yet vet t In shape ep for Cr tabulation will wUl wi not show 8 the u ex ox e Improvement In the credit pool tr t 1 had a disturbing offset effect efe OR on senti HaU sentiment p ment and woe was w a large factor In la 1 the tb ear eor er erl earI lv l I Tuh of price today ly Some B Stocks fM jf below e last p t weeks we low lo level Iret lee thus t thorn them t at the tho lowest loo tor for the U 1 1 The T h importance attached aUd to t the pres pros p pUn money condition loft left let speculative sentiment ready rt t t to tee ho easily ll Influenced laUe t 1 tv v the reports rr that gold pl bd had been HR m en mr r K g 1 in an for to shipment to London Ln While WI e ti I h 1 recent recant sours course of o 1 foreign f p exchange exea rIps rates had Jf pressed presaged a n movement the ti davs daa engagements nta came t sooner then than was expected The Dh effect t was w to stiffen 4 t f if prevailing discount rate rte In ID London 10 al 5 1 arouse arou some morn om question uton whether wh the tl C bank bk rate rat would be reduced reu to torn f rn as 1 was wa W CM expected eJ OX to It I I Is not Ro be H 1 11 invert th t any determined ci C wilt will wil be bo b opposed oPI to t the te move e of nf f gold 1 to Nw New York Th return of nt money moy ton I iii now DOW no elde e R a v lower lowr wr in London than In la New Mow Mo York Yok an Sn In um ment t to place London Laen f mm nI In New N w York Turk York The T h merchandise export movement f r m this country has baa exl loi Improve Improver r Int nr nt and aDd imports Im have hAY fallen tl off ot There Thore Tre t iv 1 been h f purchases of Sf In lt the tM thew w York stork market for London La ac cc acc c ce c e tt int Tt during the severe Mee depression P of oft t V Tnt few f w i lays y and these t the have bYe helped hel t weaken exchange rate nt T r decline In tn wheat whet and om era O helped n tk k tb th tl tronE rally ri In wheat on oft ont t I weather predictions tn In the Firing trtat region rInn helping to unset 1 f t the th rally rHy lt at t the tho last laa The Th Tb sow sa sar f Tf r declined were more moor mo then than rev err l r and general net gains gaIn st d at et their cl h Ins w re r irregular mid ami I par r value Iu ii on en l call cl bonds were wr r unchanged IW STOCKS I Sales i H HT Ll CC pfd iu 1 J maL CO Copper P T t 5 it J t 7 ii 69 it 1 m AnTI Aa 1 It 38 3 3 I 28 1 3 3 3 Jm Beet siz 1 H tl tn I I se Am Ain Can CanAm Cn 1 Til il T 71 7 7 Am A Am th C A I F Fim 1 47 4 48 81 im U Cotton oil tIl UI 2 ZOI Dt b I 61 61 1 U I Am ir Jf H I 1 I pfd 40 io 30 I 29 J I U Si Sim I Am dm m Ice 1 S 10 T TAm 23 3 i L I 22 Z 1 Am rn a H Mn eo 12 UI 12 iz 1 I 11 ii I Arn Am 19 40 41 44 I 3 ij 3 a I Jin I n Mm Sm A i 1 n uti Bi rt j 1 Io jQ pfd fd 1 Mo Hl et i i 1051 Am Au Ao S 4 el 1 F I IAm MO e l I 6 5 il ilAm 5 l Am Am ugar Ht 1 1 1171 11 I Am Ani T ft T TAm 1 i 1211 Am Am Too Teb Tob pfd I I 92 I A n 1 Woolen I 1 26 Alec Anac A C I Ia Co CoAt 27 n 1 3 i t 27 11 t tA At A i 1 ido Z S S1 Ill n 21 li 1 do pfd pI HIi j au Nii I 5 Atlantic C 0 L 1 1 1110 II UI lO 11 l It Ie 1 a 0 0 1 1571 7 nth Stool 8 23 U Brooklyn 1 T 1 leMOi 74 HI 71 7 73 Fac 18 Leather ao MO 31 35 lt 11 SI al da dc dI pfd s ei 14 Cent c nt pc of oC M 31 X J Jf 1 1 Zi f C C O 0 0 i 1 11 1 73 lt 15 t 7 na 1 t A Af 24 f r C r Y now cow MO 30 23 23 iii 1 V t L 0 I t c 1 10 14 1 S 1 IV IVf I JL X x P F FC 1190 Hit f c C c C l L Li wo 10 Hit 74 T 71 i olo 1 V A L 1 io I 32 2 I S 31 21 I tolo Io A 1 20 Uti 4 64 U Uon til f on n Ms o 1 0 11 n rm ta taA 7 75 l Ut lj 11 us 11 A H Haon Hion on 44 11 1 lii 1 Iii IiiI 1 1 I A A K 1St H O Q Odo 1200 3 Zi Z M 0 do pfd pf Wo 11 54 7 j o I s I ii 9 I millers Nc 1700 X I nil I Jt 37 Eric ErIC Erl Z 24 zi 26 21 Z do lit 1st pM 4 do Io o id Zd d j r i 1 I 25 General Kl j tIU 1 13 lt 12 Great ret N S IM z I 1 MOe In 1211 ret reat S N N or ro 6 ItO 00 SOi rOt 4 U 55 5 Illinois Central 1 12 32 0 ITI 17 17 ITZ 1 o 0 pfd pI 1 1700 1740 4 nil 45 4 4 Int mt HarVit r rInt 1 1300 Uti 3 2 S1 N Nf Int Marine f pfd pf t 1 1001 1 15 1 1 i Int Piper Paper I 1 nt ot Pump Pr 1 4 In i iK 17 11 t II 11 lit 15 K C c 11 II 3 fl 11 Oo do pfd pC ItOI 5 2 62 I GI 63 GILde La Laed led Oas laA as 22 oI 71 U tt 97 L IA 1 ft 4 N 1 I 3 1211 14 llou ft St t 1 U L UM I 30 10 21 2 21 n 21 nt M t St t P A R S s S X L 4 1 11 1341 M L K K A T I 22 39 19 II lo Jo pfd 1 11 I 14 Missouri lf rl Par P IM 24 64 4 11 Nat Nat at Biscuit 11 Nat at aL Lead I 1 Ii il 6 Ii SI 61 N Its It of ot M pfd pfd Z Z 7 N s V Y Centra a I 1 11 UI 1131 N X Y O 0 0 A w M U 42 U 42 Norfolk A l tV W 4 11 t ST North rh Aran l 1555 Is I I 5 6 66 Northern Pac Pat lS uSe us Mall a 1 1 24 z 22 J 24 Pennsylvania 11 18 Peoples One Oas 0 1841 P C C c k Si Sf L 41 4 9 Pit I tabu rg Cod Coal Cl 2601 16 16 Pressed Steel 1 ar nr fO 1 1 11 It z Pullman PL P far r 1 i I ic i 1 ii ti Steel 0 1 I r In u 14 un Republic n Steel 81 1 lt j 2 2 do pt pf 10 91 91 eo 90 I Rc k rland Co Codo SOl 20 do pfd pfd coo 10 64 4 t 54 4 I It It St t L 1 P 1 d ci pf pC 1 o U 31 BU BL at L L a S s W V d 1 1 j ja a ilo do pfd pfd SI 89 8 8 R 8 S A I 18 8 62 6 63 Sou Southern thorn Pac Pac 1151 1091 1192 Southern ny fly 20 i ut 21 do 8 80 ra 64 5 12 31 Penn Tenn Colpe Copper 21 Z Oi 25 tel I Tex Texas 1880 1600 fl 21 26 26 T St Sc L W 1 1 11 22 2 I Jo pfd 50 4 49 Union Iele 1543 do pfd 00 so 89 89 us U S S I 3 30 68 tS CS U Ti S S Jr I k 2560 2500 26 n 25 1 I u S S Steel OCo 75 61 69 d 4 pM 14 1141 lU lUU U pd Copper 0 U 41 40 Clem 30 4 65 1 17 lU lUle Jo pM 31 3 i 35 WeiL West le Mg U 41 41 BI 1400 60 19 60 gO 80 61 Cli GU 60 G 61 i W v L L B n 31 I 3 31 21 el 1 eaten for er 0 day iii IA IRS New Iw w York toxIc July uly 6 Standard copper dull spot July August Auguet September and pt October 1210 London dull dun spot 54 7 1 Gd 6 futures future LU SC Is Ar Arrivals Arrival rivals rl rival pt reported at New Ne York of 10 tons ton n custom house hou returns showed ex ox exports ports ef of 1828 tons tone ton making so far tar this 0 month Lake copper 1111 electrolytic and Ung 1226 u u Tin Tn easy spot July JUl August Au t e September and October l London closed dull dul spot Iks 15 futures Its Us 15 Lend quiet quit New wow York L Bast Bt St Louis London spot HZ 12 11 34 ad pt Spelter ls easy MY New York Kast Kt ast St St Louis Louie Luis London spot 22 32 2 55 s sIren apt Iren For Cleveland Ceveland warrants Od OdIn d dIn In London Local market markot quiet No 1 foundry northern norther No 2 No 1 southern souther l 1115 1175 61 20 1 southern luther soft Boft 1600 Washington Wh OR 6 The condition of oC the thi treasury tur uy at the beginning of business bas today was waa as a follows Trust made funds Geld eels eola tal Sliver Silver dollars tHat Silver dollars of 1565 11 00 Silver outstanding ing Ilg I General Geart fund fuad tuR Standard silver Ivr dollars In gonera fund delar gener Cua Current Co t liabilities 1 3 i Working balance Roe la In treas treasury tr truE nFl ury uE ork en 10 13 1 In banks to credit ef treas treasurer tn uror I ef ot the U t S 3 a Q Ue S sliver oln oem Minor MIor OiD oem 8 20 S Total Tot In general femoral g ora fu ful fund d IO R ETC UTe I I I New York July uly 6 Money en call Mi steady It p per por r coat cent ruling rate rte n 21 per pr cent ent closing g 11 bid S 2 per cent ont offered pr at ti 29 per ent Time loM loans firm finn for sixty alx days 2131 per cent cont pr for fr ninety days day 34 Jiin per cent for six tx x months 4 per cent Prime P mercantile par paper HO per peront ont Sterling exchange steady at recovery r rI terns bills bU bUat ery actual In bankers at I 4 au bune for sixty day dy 4 Mite 11 and at for demand d r Commercial bills bis 1431 flat Bar Br stiver MX 12 31 Mexican en dollars dollar 44 H Kansas City July 6 Re Receipts eel Ka 7 ve steady to 1 18 10 cents cent higher h ler Native flatly elp Nat steers t to iHa 9 M 25 southern tr steers M native nUy cows cow and ad tes and feed feeders feedore 14 cee ore ers 22 bulls X 71 buls oVI en seS western steers western cows COWL ew Receipt 10 market I 5 to 39 0 higher Bulk Hulk of oC sales wes heavy ha nl S IS packers and ud butch butchers ers ed MOI 91 3 pigs pig Receipts 5 market steady to strong atro Muttons 4 M lambs l b a U sl fed and y fi aJ fed f western weter owes ewes eWe Omaha July Cattle 2755 7 O market ul steady te to t stronger er Na Native a dl tive I steers W and heifer hefe 1 tn western steers 6 II cows 11 and heifers 30 6 enamors canners e aJ stocker If and aM feeders f er 3 Se I In cY stoel 3 bulls bule stags stag 5 etc etc I 4 f market t S to t 1 15 i higher heavy vy 8 S mixed mix cents 0 lIght liht 17 9 leSI eUI bulk ut of uta M a 1100 market slow Blow Ilow Yearlings 7 t ewes 11 lambs Chicago July 6 Cattle Receipts estimated Cg at 19 market strong stron Beeves a J e Texas Te steers steer 41 V 14 LII M western steers 1 stock r cows and and feeders era n a O heifers 2 HO IM 5 elM Hogs H Receipts R lpt estimated at I market It II 1 cents tl higher Light 25 11 mixed 1515 M heavy hev SU UC I 1511 rough roah S SI S 11 good oo to choice heavy b ruh Ts 4 pIgs pig 96 U bulk bulko of sales also I 2 94 pg o Receipts estimated at tle lpt market pR It 15 to 16 15 1 COMO cents ct lower lowr Natives Nates western tern 31 d 4 Ir year liaga SS lambs lambe native nate gut western S S1 tn closed clo ed Now New N York July 6 steady net at unchanged to 1 point higher r rI 7 Sales boo 4 bags I Reh Closing bids July uly I August September October f and a November December c January February March 8 Janal Ik April Apri 6 80 Nay May 6 Plc ic June pt t coffee quiet let Rio 1110 Ro No o 7 1 Sic Be Santo San Santos Sn gova tos to to No Me if 4 li Plc Mild MUd coffee quiet Cor Cr leU t w firm 89 SO t tent SI c centrifugal Refined sugar p 89 test sugar sur p quiet t FRUITS New Now York July 6 ap apples appl ples plc In York bettor better Meer demand deao and ond prices firm firmer fr pl er or I On the spot fancy faM 18 I 1 quoted at l 4 choice pt prime prIme 7 common lUI to fair 6 fir St Prunes IB firm on the decreasing stocks Mocks ranging from i ifor for e up to and 4 41 I Plc e for fur Orp Apricots firm with wih a quiet domestic I fn trade but a fairly active export de do demand domand mand 1 Choice Cic extra choice 4 fancy fany 12 quiet and steady loose mus are ar quoted quote at c o choice to faa tel r e ded London fD layers layer e 12 GIL A I S Chicago July 6 At the tho stampede at atthe atthe the tb Chig does close elO today short sellers excited by an a unfounded rumor that Bales 1 of wheat whet for export had been made at Winnipeg bid bi up tin prices here jc Ic c to toie ie above alv last lut nights figures Other prams grains ln made a straggling tr finish corn cornat cr cornat at Ic c e advance to lOic I ic decline oats a ahde shade off to to 1 e gain KIn Last sales lM of hog bog products showed louses loosen IOe of 7 c to A remarkable decrease in tho the worlds available supply of wheat whet upset the confidence of the bears be Just when the situation except in that particular seemed all aU that could be wished Then news of 0 a squeeze In the tho July uly ome option at Winnipeg and soon son there lot fol followed towed lowed olten lowe a report of or export sales salos Balo In that city here ensued prices responding Instantly to frantic buying The close clOe was WI strong and not much be below below below low the te top op prices price reached The only baste b t discovered however for the talk or of exports lay In the fact that a single dealer at Winnipeg received today a gratuitous request to cancel some old sales sal s at 30 to So 60 below the te Manitoba price rit P before tho last advance ing had rad been scored d on the far north nort open opening Rain RIn In the northwest made a n lower Rin market early erly so much so O In fact that selling ceiling on the decline was WI overdone overdone September ranged rn ed from with wit the close lc Ic to tl t lc lie up at Corn wont much tho same general gener course as wheat wheat High and and low points for September 1 were respectively 60 I 61 Glia Ic and the close at a a net gain aln of a shade shade The Te cash Ch market maket finished firm finn No o 2 yellow fn Oats weakened and reacted with the tho theother theother other Oat grains September fluctuated be between beten between tween ten and ad closing cosing ilc 1010 o up at the latter later level Provisions started strong and closed weak At the windup pork was wa down to lard lar TIc c and ribs to 27 ic The Hc he leading loading futures ranged as fol lot follows follows lows iowa WHAT I o on I fligh I Low July 10 1041 Sept 1001 10 1021 Dee Dec 1 1021 1011 1 1031 OU May 1051 1071 CORN IN I Open pon I High Low Close loee July s 8 i 68 U Sept 61 tU 60 Dec Dee May ay 61 62 62 OATS TS I Open I high Low I Close sept 3 Dee 40 43 MESS bbl I Open I I low I Close 2475 2475 I 2 00 I 2435 Sept 2240 I 2216 I 2220 lbs Open I High I Low I Close I Sept 10 lbs Open I High Low siT 1371 I 1240 Sept 1222 1221 1200 eh quotation Were ne flows Flour Firm Rye No 2 Barley Feed or mixing fair to choice matting malting Flax Seed No 1 southwestern No 1 northwestern Timothy Moss Mess Pork Per bbl Lard Per lbs Ibs 1200 Short Ribs Sides loose 1262 1300 Short Sides Clear boxed 1425 1426 Grain StatIstics Total clearances of wheat and flour were equal to bushels Primary receipts were bushels compared with bushels the corresponding day a year ago The worlds visible supply as ag shown by Bradstreets de do 1000 bushels Estimated receipts for tomorrow Wheat eat 4 cars cas corn orn head hend ears cars oar oats BO 60 cars car begs heg 11 1 NF TORK TORI GRAIN GRAI New York Tork July uly 6 Flour Steady and an somewhat more active |