The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-07-24
FINANCIAL AND ooSnnHu1L
sLrnnnAr. .Inlr %.

$50 ANtHs
showed n loss IN actual cash OF S10.46S,o00. OF
this sum S9.124.0OO was in specie. and the
banks payments 10 the Sub-Treasury have been
40 heavy this week that for the FIRST time the
gold stored In tho Clearing House vaults has
been drawn upon. $I6.0o0,000 in coin having
been thus transferred. These payments TO
the Sub-Treasury represent not only the
excess OF funds held by the New York
banks on Government account over the
Government bonds furnished to secure United
States deposits, but tho similar conditions
with banks in other cities holding Government
funds. Somewhat UNEXPECTEDLY the loan
account in the weekly bank statement showed
large shrinkage, the amount being S4.90IO0O.
Together with tho reduction In actual cash.
this caused a decrease in deposits OF over
~S16,000,000, hence the decrease In surplus
reserves was only Se.353.0o0. The banks still
held $43.O12.00O In excess OF the lawful
requirements, but 1t is probable that
the surplus reserves viii be extensively
reduced during the next few weeks
with the further payments on account
Of the Government loan. The speculative
bidders for the bonds. who unduestionably
comprise q large proportion OF the total. will
desire to obtain their allotments as early as
possible in order to realize the handsome profit
accrued Il at the present prices for the bonds. and
probably a very small part of the successful APP
plicants will avail themselves OF the privileged OF
paying for the bonds in five separate INSTALL
ments offered in the Treasury's circular.
These circumstances foreshadow an advance
in the rates for money, which. however, Ia UNI
likely to be Of moro than brief duration. The
heavy Government disbursements on account
81 the war expenditures will. Of course. relieve
The situation, while it is certain that any pro-
bounced advance in the rates for money would
6recipitate gold shipments TO this country. In
the opinion of competent authorities. the i'm
port movement of gold will not, in ordinary cir
eumstances, be deferred later than the middle
Of August. and with higher rates for money
they would doubtless begin at once. The for
eign exchange market has declined slowly but
steadily throughout the week by reason OF. the
maintenance of those international trade condi-
tions which make up the memorable record of
the closed fiscal year. Tho exports of mercha1-
disc. particularly of cereals, continue in large
volume. while the importations o fforeign goods
ere the smallest for this season In ten years or
more. The weeks shipments of wheat agGreS
gated 2,303,460 bushels. against 1,97S.828
bushels for the corresponding week of last year.
and the exports OF corn continue astonishingly
heavy. The weeks shipments Of that cereal
amount to 1892, 12S bushels. rs compared with
2,29S,579 bushels for the same week of 1897.
1t is interesting to observe the steady increase
in the exports Of corn, the European consump-
ton Of which seems to be constantly increas-
ing. Thus the exports of corn for the corre-
spending weeks in previous years were as
follows: In 1894. 256,0o0 bushels; in 1895.
10000 bushels; in 1896, 1,2SS,000 bushelA.
The figures for this and last year are given
above.
Thu statistics collected by the mercantile
agencies and other authorities show little 40
tual diminution in business activity. There
has, of course, been the contraction incidental
to the season OF the year. but the volume OF
trade when contrasted with the same periods
in other years shows general and widespread
activity. Tho payments through the Clearing
Houses, which are perhaps tho most reliable
indications Of the state of trade. were this
week larger by AS e cent. than they were
last year. and were 10.9 a cent. in excess
of the figures Of 1892. In the first two
weeks of July thee liabilities involved
in the business failures OF that period
amounted to S3,405 900, against $2,S15. 600 \
last yenr, but as compared with S9.214.00o in
8 o and S6.509,O00 in 1895. TIL traffic re- |
turns of tho railways are in some cases suffer
ing in comparison with last year on account
Of the exceedingly heavy movement In grain
which was in progress then, yet the aggregate
earnings reported for the first half of July are
S.2 q cent. larger than last year and only q
. cent, smaller than in 1892.
The dealings in the stock market this week
have been upon an exceedingly limited scale, |
and the prevailing midsummer dullness was
unbroken to-day. The trading in bonds. on the
other hand, has been quite minated, particu- !
larly since the closing of the subscription to the
Government loan. For the week the total deal
ings in bonds have aggregated a par value OF
$l6.932,OO0, while the daily average TRANSACT
ton in stocks has been only a little in
excess Of 10000 shares. N~otwithstand- |
ing the extreme dullness. prices have
been well maintained and the technical
conditions of the trading disclose an utter alb
Bence OF liquidation. which renders futile the
efforts of the bearish room traders to depress
the market. In the earlier part OF the week
speculative interest was we'll nigh monopolized
blythe Industrial shares. but toward the close
there were welcome signs of increasing inter-
est in the railway list. In to-day's market the |
railway stocks were in the lead of the |
speculation. The Northern Pacific shares were
the features In respect Of strength and activity
and advanced on reports Of the settlement OF |
the rate war. 1t is understood
TINT these reports are as yet somewhat prema- |
ture. but SOM progress has been made toward |
the desired end. Other relatively active fea-
tnres were the Granger shares, including
Chicago Great Western. Sugar Refining, |
American Spirits preferred and Union Pa
ciao. Denver and Gulf. The latter stock
was depressed under wholly unauthorized
statements regarding the assessment to DO
levied in the plan OF reorganization. The COM
mittee in charge Of the work has not as yet de-
cided upon the amount OF the assessment. The
market closed strong and in many cases at the
highest figures of the day.
As compared with the final prices OF last Sat
urday. the majority Of stocks are higher. The
more important net advances are In American
Cotton Oil, 81 2 cent; Northwest and American
Cotton Oil preferred, 3 each National Lead,
2t;U :. Rubber preferred. 2; Hawaiian Sugar.