The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-14
E1NANorlL ANp coMMERorAL.
Aug. 10.

NINNgt W NV fAAA1
with unusual interest, rs It was expected that
II would reflect the heavy current payments
into the Treasury on account OF the war loan.
Tho decline in surplus reserve was only So,-
7a1. $50 and the banks still hold S33. Ill $50 in
excess OF the lawful requirements. As the state
mont was plainly complied upon q basis OF fall
ing averages. bank officers were disposed to
doubt whether the actual condition OF the banks
H. as strong as was indicated In the state
mont. The loss in actual cash was only
S5R5b. 900, but the deposit account rose 3d.
100000 In the week. which accounts for the
larger decrease In surplus reserves. An inter-
osting change which appeared In the statement
was the increase In the loan account. which
amounted TO $g,9l1, 400. The chief factor In
The change In this item was the large
amount OF borrowing effected this week
and last on the Treasury's notices Of allotments
ofthe new 3 Y cent. bonds. 1t ls evident that
speculative bidders have obtained q large pro-
portion OF the bonds issued in amounts in ex-
cess OF $500. and in their cases payment will be
made at once for the bonds when allotted.
There Ia no inducement In the current money
market for successful applicants for the bonds
70 avail OF the privilege Of paying for the bonds
in I'VE installments, and the matter will doubt
less be practically wound up 40 soon as the
Government can arrange to deliver the actual
bond certificates.
Ah lulthNo BuAlH nv NAS
being made in Washington and other cities as
we'll as in New York. II Is difficult to determine
the extent to which the settlement for the
bonds has progressed. About half OF the issue
was taken, and. under the provisions OF the
Treasury's circular. at once paid for by the
subscribers for sum OF $500 and under. APP
plicants for amounts OF $500 are now being
notified OF their allotments. and for the most
part. as noted. are settling in full for the
A~al, TkA raoa,,rp nano 4 ~ ant rnOnD.
nizes paid-up notice Of allotments as
sufficient security to secure Government
deposits. and so far as is practicable
the receipts on this account are turned over to
the qualifying depository banks. The slight
furry in the money market late In the week
was clearly a reflection OF the current opera
tons In connection with the war loan. The
banks in the surplus grain sections are 30
amply supplied with money as the result OF the
fortunate agricultural conditions of last year
that their requirements this season for the
purpose Of moving the crops are likely to be
comparatively small. The unchanged rates for
all forms OF loans on time are sufficient evidence
that money lenders regard the current condi-
lions In the market for call loans as no more
than transient.
The weekly trade reports tell Of a noteworthy
and remarkable improvement in general BUSH
ness since peace became assured. This would
clearly indicate that. although the volume OF
trade was but little restricted during the course
OF hostilities as compared with last year.
many new enterprises have been held in check.
At any rate. there has been notable improve
ment scored in many lines in the past ten days.
and In no branch Of the country's industries
is this 80 apparent as In the iron and the allied
trades. The dem and for steel billets has been
heavy enough TO cause an advance OF from 70
cents to 81 aton. and this advance has naturally
been reflected in the prices for rails, structural
beams and other finished iron products. as we'll
as showing also in the Eastern and Western
markets for pig iron. The great activity in the
iron trade may be regarded as one Of the many
highly gratifying features OF the situation.
The attention OF capitalists is already turning
TO the rich and almost undeveloped islands Of
Cuba and Porto Rico as profitable fields for en-
~terprise, and it is evident that In rebuilding
and extending the railways there. and In gem
orally introducing American methods OF bust
ness, an extraordinarily prolific field has been
opened up.
With the visible supply Of wheat below all
past records. and with the foreign demand for
our cereals continued in undated volume, 1t is
not remarkable that wheat should have ad-
vanced this week in the face of the Govern
ment's crop report. indicating a record-break-
ing harvest. Trustworthy authorities in the
grain trade consider that the actual out-turn OF
the years crops will be far in excess of the
Agricultural Departments estimate. but at
all events the indicated crop and the cur
rent prices guarantee another prosperous
year for the surplus grain-growing sections,
Partly on this account and partly because of the
remarkably good showings made by the so.
called Granger roads for their ended fsca
years. the Granger shares have continued In
the lead OF the weeks stock market. They
have all sold at the highest level in ten year.
and more. and the steady absorption Of thest
stocks would indicate an increase in con,
1dence in their future that may soon re
move them from the speculative grade of secu
rites. The Granger shares may be taken al
typiEying in their course the general history o
American investments. 1t is not so many year
ago that the suggestion that these stocks woulC
come to be regarded as investments would hav,
excited ridicule. Just as in even more remote
periods Harlem. Morris and Essex and tn
United Railways Of New Jersey. not to speak o
other cases. were regarded as legitimate specu
lative footballs.
That the Granger shares. notwithstandin
their particular activity. have not overshad
owed the general market OF the week is ap
parent when 1t is noted that in that time n
less than pa separate issues OF stock and %
separate issues Of bonds have been dealt in o.
the Stock Exchange. These dealings hav
Deen thoroughly ulstTlputeu among Tn
Granger shares and others Of the higher price
issues and the Industrial stocks. while tn
trading in the lower-priced issues has been 4
noteworthy proportions. Indeed. some Of tn
most striking advances OF the week have beel
secured In stocks of the class Of Norther
Pacific common. Union Pacific common. Chea
apeake and Ohio and Brooklyn Rapid Transit
None OF the stocks are in the dividend-payin
class. but the dealings in them suggest ths
the time when they may attain that dignity
regarded as not remote or indefinite. To-day
market. after a period OF hesitation at the open
ing Of business. became strong and advance
on the influences effective throughout tn
week. and it displayed the same ger
eral characteristic OF that period. TIL
Granger shares and the other stock
particularly affected by agricultural cor
ditions were the leaders Of the market, br
the trading in the Industrial shares and /
other quarters was likewise animated. In til
Industrial division the features in respect {