Show UTU 1 vii T i L and I COMMERCIAL WALL STREET lIlO THOMAS C. C New York 1011 June 22 Although 2 Although here iro uru many persons In the financial world who believe belle that Hint certain Individuals arc standIng standIng stand- stand Ing lug In the way of or an improved market the underlying conditions arc are such that lint ItI It Itis I is doubtful whether an any of ian fl-ian- ciers can control the situation The fact with which thc they 1111 have C to reckon at present is the withdrawal of mODe money from the banks by small dc- dc depositors de lIe- S 'S everywhere c au and by hy lar c depositors depos depos- depositors epos epos- ItOI in several eral localities There are perhaps several 1 thousand national national na na- banks hanks state banka banko and trust companies com com- In lu the time United States Staten It would not be excessive sl c to say that there th has hag h been en withdrawn in all parts of oC the United St States teg cash averaging erl ln to each Institution in In- In This would make In cash withdrawn from circulation As each dollar lollar In the banks amounts to four COUI dolIn dol- dol In lal's IO IM In In r credit f If It If II n min ne n. 4 li i f I most IJ OOOO of business j n s- s credit has been destroyed e troed n as the result of ot a 3 lack I of or confidence Accounts J for fOI Shrinkage I This fact alene Is enough to acc account for Cor all the upsets In the stock market and for the reports of ot shrinking busi bush I ness That the operation Is going Joing on in Europe as well as In to America its 14 14 proved pro by the thc universal demand for fOI cash The world orld system of of credit ha has been dis dis- ls d b by the agitations of oC the last three yenta years In normal times not more than 0 5 i iper per cent of ot business h Is transacted by the exchange c In actual cash but at present it is s a u fair fall estimate to say that list 1 15 10 per percent percent cent of the business Is done don by bv hand to hind hand exchange of mono money This at first tiance may ma eem seem like a trivial trl mat mat- ter ler but when th the unit Is multiplied bj by b the total of ot business done one it becomes become s something enormous h All ilU ll Humor Market The more mOle hopt hopeful Cul members of or that tha t higher her world Into which but few are arc per pei- mitt d to enter b believe that public conO- conO den dence e would be bo quickly restored If the thc he United States government o could be In Induced induced In- In to modify Its pro program ram regarding the railroads but It took toole years to destroy estro the confidence and many thoughtful persons persons persons per per- sons o helie It will take years ears to restore restore re rc- re- re store It of ot Prices The range of or prices was wag as follow tollow Am C Pd IO 10 10 40 JOi I Hi Am Ant Smelt 11 1113 In Am m Locomotive rr i 1 56 61 G Am 1 25 25 25 Ama Amal I Cop Copper 81 SIVi V 81 S1 SI 8 81 Hi Anaconda Cop M 54 I I 51 iii 51 Bait and 0 O 3 31 93 93 Brook Rap Trail Trait C 03 53 Canadian Pac B a IGi l 2 Ches und and Ohio 2 j 32 C M l an and St P 1 1 12 Colo Cola F P and I 29 94 i pi J. J 29 Y Louis JAuis and Nash ash 1111 1115 1111 s 1111 1111 Erie 31 n 2114 1 Mo Apo K and ind T 31 31 f 31 n Iy New Nets York Cent IIO 0 HOVi lW 1104 No 00 l' l rth t II cm ern l Pac ac ac I i i lZ 1417 R 1 12 a 4 4 23 i Pennsylvania 1 1191 lIS Reading M 99 99 9 s roA Ml 9 Rock Hock Island 19 20 O D 1 20 ro Southern Pac s. s 4 7 7 Union Pacific S s 1321 1325 1315 1315 U tl S Steel 32 p 1 J preferred f. f 97 1 c atna a ta Neu 4 irn- irn 14 1 1 14 rH Total sales 55 t I |