The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-15
FINANCIAL AVID COMMERCIAL.

Bank clearances IRE OF enormous volum 0
for the season. being II cent. larger tina d
last week md 81 y ceut. larger than In the
corresponding week OF last year and 20 p cent.
larger than In o. Railway gross earnings for
June are the heaviest reported this year. and
ere 1871 y cent lnrGer than for the same month
N last year. For the FIRST six months OF the cal
ondnr year the gross earnings OF $4,000 miles
OF railroad we're OS y cent. greater than In tho
corresponding period OF the previous year Ex-
ports Of breadstuffs and manufactured articles
continue upon q large scale, and are consider
ably in excess OF increasing imports. Prices
for ali commodities are well sustained and 1t
now looks as II the yic!d o. staple products Of
all kinds would he sufficient II keep general
business upon = satisfactory basis during the
current crop year.
The condition o! the iron trade Is rhen IN
snal. Tho demand for raw material and man
ufnctured product Is such tim. many producers
and manufacturers have booked orders eigh-
teen months ahead. Both as a rulc ore de-
TERED from making contracts Tor their entire
output FOR nort year ~ expectations that
higher prices than now prevail can BIO
obtained later oil. The absorption Of
money by merchants and manufacturers has
been 40 great that spe"ulators. who are un-
accustomed TO higher rates for money on call
than 2t03 y cent. are indispOsedto make VEN
tcres or the long side ~ the stock market
and. shutting their eyes to the condition and
tendency Of business. sell stocks short
and endeavor 10 depress prices. The re-
turns received by labor nrs satis-
factory that efforts on the part OF professional
aGtators to bring about controversies between
corporations and other large employers and
their employees have proved futile The few
legitimate differences that have arisen OF late
in various industries have speedily been
settled The indications are that when the
usual fall Increase in activity in mercantile and
manufacturing lines begins there viii be a
shortage OF efficient workers
While the security market is being left
largely to the mercy Of professional traders
noteworthy developments are constantly taxi
ing place In the railroad world and In in
dustrlal enterprises. As nctsd In this col
umn to-day. she railway situation IN
che middle Western Statos has been ma
terially improved by the transfer OF tho
Pittsburg aul Western Railroad from the
Lake Erie and Western Company TO the Balti
more and Ohio system. Developments OF even
greater importance are taking place in tho
Southwest The alliances that are being made
In every section Of the country should
logically no followed in the present con-
ditlon Of business by an advance in the ratios
for trans portation. Tho railroads were never
In better shape to handle business than at
present and it can safely he said never gave
their patrons more satisfactory service They
certainly should and doubtless will participate
In the advance in prices for commodities and
for labor that is taking place.
fair idea OF the character Of today's stock
market may 10 obtained from the fact that
Metropolitan Street Hallway was sold down .
points on a rumor that tho employees OF the
road had gone on strike. which had
fits origin In the .toppage OF the cars on
lower Broadway FOR half an hour or so
because of an accident to the motive
power Tho same class OF dealers in secur-
ities who were alarmed by this incident TO
throw over their stocks or encouraged by II
TO raid the market. were chiefly RESPONSE
Bile for a net decline OF more than
points in Brooklyn Rapid Transit in con-
necton with the newspaper and labor union
agitation OF the question Of a strike upon
the Brooklyn Rapid Transit system. In
brief. the market was narrow and professional
and Influenced by unkslnded rumors OF an
outward movement of gold tomorrow and
fears that tho bank statement would not make
a favorable showing. Regarding tho bank
statement. it Is to he noted that while
the banks have lost about s2O0O.OOO to the
Sub Treasury and gained perhaps half that
amount from the interior, their deposits
have doubtless been materially reduced by
the action Of some OF their correspondents
in neighbornG cities in reducing their
balances here by lending money on their own
account. Operations ofthis character have re-
duced the loans OF the banks rs we'll Ms their
deposits. and tho decrease in the last named.
even il there has been no gain in cash. would
result in an increase in tho surplus reserve.
The heaviest dealings were in Manhattan
Railway, which was exceptionally strong: In
Northern Pacific common and in Brooklyn
Rapid Transit An effort was made to ad-
vance Northern Pacific preferred in connec-
ton with tho publication OF misleading
view regarding tho election OF new
director identified with the Great North
ern hallway. to I'll a vacancy caused by
the death OF a similar representative. The
noteworthy net declines other than that in
BROOKLYN Rapid Transit wcro IN Sugar Re-
fning. C.. i. and Quincy. Missouri Pacific. Ten
nessee Coal and Iron. and Union Pacific pre-
ferrcd. None of these was significant OF
developments affecting the value OF tho
various securities but simply represented
the unnpposed Efforts Of hahitues OF the
Stock Exchange 70 dcpress prices. The news
affecting tho industrial group consisted OF tho
declaration ot tho first quarterly dividend at
the rate Of u q coat per annum upon Inter-
national Pump preferred and ono upon Ma
.ona Salt preferred At the ratio OF p
cent. IN tEH outnidc market Amalgamated
Copper was exceptionally strong owing to
the belief that tho cOmraEy will begin
paving dividends Al tho rate OF = = cent.
per amHum ueNt moath Another feature in
the outside market was tho advance in Ha-
vana CONNIE rrial issues. which was ex-
planned by cable adv!ccs from London that
the company has secured control OF the
Henry Cay. Book Company. thus giving it
nonopoly Of all of the principal manufacturer
of cigars in Havana and the lands producing
the most desirable grades OF tobacco. Tho
closing was du, and featurclcss and therefore,