The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-11
FINANCIAL AND COMMERCIAL.
SATURDAY. June 10.


Although the business in stocks this week
has not been large. the daily average being
less than half n million shares. prices as a
rule are materially higher than they were
last Saturday. Net advances have taken
place In Sugar Refining and in Console
dated Gas that may DO regarded owing
TO their magnitude. as forcshadowing an
improvement in the sugar refining industry
and termination OF hostilitcs between tho
local gas comuanirs. Throughout the remain
der Of the list the improvement may properly
be regarded as rejecting a change In specula-
tive sentiment resulting from the cessation OF
liquidation and an appreciation OF the various
conditions affecting values Tho most impor-
tant change in the weekly statement OF aver
ages Of the Associated Banks is an increase in
he loans of nearly $l1 100000. While it is i'm
POSSIBLE TO analy2e this expansion In the ac-
commodations granted by the banks. as reason
able an explanation as any is that 1t has resulted
from borrowings upon securities that have
been quietly accumulated by various interests
during the last two or three weeks.
The loss ln lawful money shown by the banks
was much smaller than had generally been ex-
pectcd being less than $1.500OOO. All OF the
gold shipped within the last week has been
withdrawn from the banks. though the
coin itself was taken from the Sub-Treasury.
which has virtually been warehousing 1t Tor
one or two institutions since the warrants Tor
the Spanish war indemnity were handed over
to the representatives OF the Spanish Govern
ment To-day's shipment OF S300O.OOO specie
will not figure effectively in the average OF the
banks until next week. when further ship
ments will also be a factor 1t Is learned that
tho National City Bank will export $2.OOO.OOO
on Tuesday. and that will probably be the last
large transaction OF the kind by that institution
for some time to come. The increase In the
deposits Of the banks is not as large rs 1t
should he to be consistent with the two
changes already noted. The decrease In the
surplus reserve is due more largely to the in
crease in deposits than to the loss In lawful
money
The trading In stocks this morning was
fairly active and the tone OF the market was in
the main strong. There was the usual taking
of profits that invariably affects prices ut the
close Of the week. Moreover. the super
fetal view that the professional element
took Of the bank statement induced some
aggressive selling, Notwithstanding these
two circumstances the majority OF the list
closed we'll up to the best prices. Sugar Re-
fning, Federal Steel Pennsylvania and Con-
eolidated Gas were exceptionally strong. The
last named closed nearly 81 points higher
than yesterday.
As compared with the final prices Of last Sat-
urday, the majority Of stocks are higher. The
more important net advances are in American
sugar Refining. - p cent: Consolidated
Gas 1O'.: METROPOLITAN Street Hallway.
81; Manhattan Railway. Ga; Brooklyn
Rapid Transit. Gi,: Omaha, 5',: Bur
lngton aud Quincy. A.; Rock Island
and Pennsylvania Railroad 3's each; st. Paul.
80. Reading first preferred. 81: Federal Steel.
3'.: American Tobacco. 3; International
Paper. Missouri Pacific and Western Union
"a EACH n. y. Central. 2is; Peoples Gas.
9: Federal Steel preferred. Tennessee
Coal and Iron and Union Pacific pre-
ferred. IL each: Reading second preferred.
IL: Southern Railway preferred and Union
Pacific. l., each L. 8. Rubber, IA: Atchison
preferred and Ontario and Western, i. each;
Denver and Rio Grande preferred. Louisville
and Nashville and Northern Pacific each. The
noteworthy declines are in Anaconda Mining.
. y cent: American Steel and Wire common.
Is. and the preferred. g cent.