The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-02
FINANCIAL AND COMMERCIAL.
SATURDAY, July 1

SATURDAY, July L.
The bank statement to-day possessed I'M
usual interest for the financial community in
view Of the tremendous requirements for the
July payments. The contraction in the sur
plus reserves was OF about the extent counted
on, but In other features there was a variance
from preconccived notions. The expectation
had been that there would be larger increase
in loans and that there would be an increase
instead OF decrease In deposits. The gold ex-
ports. apparently were responsible for the up
setting Of calculations. One bank sustained
moro than one-haf OF the loss in specie and
not far from one half OF the loss in cash
holdings. 1t is presumed that the gold taken
from the supply Of this bank and sent broad
was for Its own account rather than for GUS
toners. The other changes in the items OF
the bank might easily have been effected in
the regular course of its very heavy business.
In round numbers its loans increased $4,000
900 and It's deposits decreased $2.OOO.OOO 1t
was peculiar that the loss in cash holdings OF
the associated banks the loss in specie and the
loss In surplus reserves were almost identical
In amount BY bringing the surplus reserves
down to 614.274 300. the ratio OF cash hold
inRs to deposits was reduced to 2D's cent.
or ~ n cent. above the legal requirement.
The surplus reserves hre lower in their sum
total. and the percentage Of cash to deposits
10 lower than at any time this year. but this ia
q situation that is not at all likely to last
There was more doing than ordinarily of
Saturday in call money The opening
rate Of u cent was OF brief dura-
ton. After the demand for money had
been met the rate dropped abruptly to
cent. at which 1t closed. 1t was
assumed. however. that call money would he
Hrm for a time after tho resumption OF opera
tons on the Stock Exchange next Wednesday,
Sterling exchange was spritless. The rates.
both posted and actual. were unchanged. Yes
terday's decline in rates believed to have
Ssclght gold shipments to an end. or at least
TO have insured an early termination Of them.
The trading In stocks was on fair scale and
the tone OF the market was good throughout.
Transactions we're largely in railroad stocks.
70 which attention was especially directed by
the large current earnings and by recent and
prospective Developments in the control and
management OF important lines. The salts
factory showing by the Chicago. Burlington
and Quincy and the Union Pacific railroads for
May excited liberal inquiry for the stocks OF
these roads and advanced them in price. There
was free buying also of st. Paul and Rock Island
stocks. The announcement of tho acq uis ton
by lease. OF the Boston and Albany road was
productive OF purchasing orders for New York
Central stock. with an appreciation in its value.
Thore was great activity in Pennsylvania Rail-
road in which the largest gain in price Of the
day was recorded with the single exception OF
st. Paul and Duluth. an inconspicuous
stock. In which the dealings were only
1000 shares. The traction or city rail-
road stocks wore comparatively quiet.
but there was a betterme nt In the quotations
for them. The consequence Of the restoration
OF the sugar trade to paying basis Was re-
hected in an i'm provement in Sugar Re ilning
stock. Tho new Injunction against the pay
ment Of the dividend on Federal Steel common
did not have the effect OF breaking down the
price OF the stock.
As compared with the Anal prices Of last Sat
urday. tho majority OF stocks are higher. The |
moro i'm portant net advances are in Rock Isl
land and Pennsylvania Railroad. 6k Y cent. |
each: N. Y. Central. ~; Consolidated Gas 8A; |
Burlington and Quincy and Manhattan Rail |
way. 8 each: Union Pacific. ~: St. Paul and |
Louisville and Nashville. A. each i Delaware
and Hudson. A. Atchison preferred and |
Union Pacific preferred. 81, each Northwest. |
8H; Missouri Pacific and Norfolk and |
Western preferred. 81 each; American |
Sugar Refining. ~ Baltimore and Ohio pre- |
fsrred. IN; Northern Pacific, %; Atchson. |
~; Peoples Gas. IL: Chesapeake and Ohio. |
Federal Steel. Southern Rail way preferred and |
Tennessee Coal and Iron ~ each; Cleveland.
Cincinnati. Chicago and st. Louis. Reading first
preferred. St. Louis Southwestern preferred
and Southern Pacific l a each: Chicago Great
Western. l. and Metropolitan Street Railway
cent. The noteworthy declines are In
Brooklyn Rapid Transit and Continental To-
bacco. y y cent each. and American Steel
and Wire preferred. q y cent.
Eew York Stock EIchange-saIes July 1.
UNITKp STATES AND STATE BONDS I'm ST .OOOs)
3 ~. r. 1907 ~