The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-04
SATURDAY. July 8.

Rather general declines in I heday's stock mar.
ket were the reflection chiefly Of tho unwilling
ness Of spectators to carry stocks over the ap-
preaching holiday. although, as is usually the
case, superficial explanations were offered to
account for the course Of prices. The
explanation most persistently advanced was
the strike OF the bituminous coal oper-
atives which has been ordered for Mon
day next, but the artifciality OF the argu-
ment was shown by the fact that it was used
ns a reason for selling the Anthracite shares.
which nrc altogether unaffected by tho labor
troubles in western Pennsylvania and Ohio. In
addition to the coal miners strike an unfavor-
able effect was produced by a general decline in
the London stock market and by the very modcr-
ate selling Of stocks here by foreign houses. In
order to make the developments of the day SYM
metrical. reports of damage to the crops in Kan
sas and South Dakota were freely circulated and
were used with some effect against the Granger
shares. So. too, a large decrease In the surplus
reserves Of the associated banks, as appeared in
the weekly statements OF averages was citod as an
argument by the reactionists, although tho state
Of the money market deprives tho matter OF any
Importance. and, indeed. the bank statement
simply reflected the ordinary heavy transfers of
funds incidental to the close OF the fiscal year.
An increase of over $ll .OOO. 900 in the item
of loans was the most important feature Of tho
statement. and II was a reflection both Of the
heavy borrowings against the removal OF goods
from bonded warehouses and Of the
ton extended 10 corporations making disbursc.
ucnts NJ interest and dividends on ,Julr , Dur.
,n1 the month of .Juns the hanks arc shown IN
INV. ,ncroased their loans nv So5 900 Ooo while
during the Same period their actual cash hold.
ings had increased only 80. 900. 900. At the same
time, Notwithstanding II decrease In sur
plus reserves for tho week of $780,
ono the hanks stiu hold over s41 900 .
600 above tho lawful reouiremepts and tho
chances for n hardening OF money rates are re-.
mote Tho other fcn,urcs of the statement w,.re
=. d.croaso IN cosb holdinps n, ~ sso 600 and
- ,,o.o,.o In dor,sits n, ~ sso 900 Tho dc.
.ran,ncv bo,woc, the incrcos 60 in dcnosi,s and
tho chanoos In the items Of cash and loons Ia m
.,ooun, -, Tho crs,om NJ tbo bonka n, crodit;n,
.ouno,. roc.iy.d IN their corre,nondents' ne.
.ount. NJ once while Tho collections against
thon, oro uod, n dav or two later
TIL ,ror.octhons NJ the week IN RI, S,ock Ex.
oh,n,o NV. hec, On n fair sceIc NJ activity
snoorloti,, son,iucnt Inns boxever heen s,g.
.i1on,.,, .,o,r In tho st.adv d;n,;nution T.,
oc,ir,,v s,nco tho annnront elimination NJ tho
unr.,r n,oror,c,, ear,v In tho ycot Tho con.
ats"ra,tons aororning into,ligort onsrotors In
~. n,srL., nsnain the s,moa. thev have hoen
sn.,nn ,ho month namely the eyccllent nros.
900. ,or ,ha -rrons the easo In money and tho
1900 h., ,oir,y copston, i,,nroysncnt In
80 Tho hool, clearance, Tor lime showed -.
- ~, aa,,o n cont ma comnorod with Nav
80 ga o7,o a cont as comnorod With Inn. a,
L., = Thov were morsover Iorg.r than for
~. ac,iv. 900, ~ 400 COM,
:. lei ,.hich tb,v shov ! dscresse q, only
IN ~ ,on, Tbs aeoroo.ts NJ businoss toi,urss
.,a.o.o,d cuartor ~ N. vo,- Ia .,so unor
.nn.ion orcouroo,rs Tho ,o,ol NJ Tho lin
sn,.ina Haa,Itr, frn,n tbaso faurro. ,yos swoI
H. hs tha )" nkrmptcv in Anr, NJ n ro larg. cotton
LII. ~ Nav England Exc,ntIny tnis snoria,
"aa,,,nn to tho totnI NJ l,ohi,,tioa tbo omonnt I.
49, an,auns, Inv tho onortor since 1900
=, 3D. ,yoor,s stocr m,rkot Tho NJ, ior,,v NJ Nh,
~ - r,r,hor irnroyouont nIthorgh tbcr,
80 hnon r,,rc, moro irrocrinritv than herc,o
~. osd ao,rco ~ tho mors oo,,r. stocks hov,
nnnd os con,n.rod ,,,,h loo, ,,ooL Ir
saot ,n,,h tho ,rreau,o nv ., tho stocL mnr
" ~" IT.. In 80. AZ ,anoos
no' .He g. 49, 80 - In