The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-12
FINANCIAL AND COMMERCIAL
TuEspAY. JulY11.

TuEsDAY. July II.
On Q considerably smaller volume Of busi-
ness than yesterday nearly all Of the decline
in prices then sustained was recovered TO day.
The recovery was the moro remarkable and
significant because the rates for money OH ca
were not much lower than yesterday The
fact, however. that the rates for time money
and for mercial paper have not been par
ticularly affected by Saturdays bank state
ment. together with n better general under.
standing OF tho domestic monetary situation.
resulted In a less acute feeling OF apprehension
on the part OF small and sensitive spooua-
tors. To-day's market supported tho view that
Yesterdays liquidation did not increase the
floating supply OF stocks Al the same time IL
was evident that the short interest was mate
rally increased by Yesterdays operations.
Tho absence OF AIRY pressure to sell this morn
ing and the manner In which Dom paratively
light offerings were absorbed created q desire
to recover stocks for both accounts. Further
moderate sales BY London. because OF the I'M
easiness prevailing there regarding the situa-
ton In the Transvah and also because OF the
continued nrmness Of the money market. had
very little effect upon speculative sentim snt
here.
The Street 10 beginning to learn OF some OF
the operations that have been instrumental In
shaping the bank statement during the last
two weeks. In addition to the unusually heavy
shiftinGs OF money incidental to tho July l
payments and tho large borrowings by the city
pending tho marketing OF its last Issue OF
bonds. the banks have been drawn upon to
the extent OF 100000 in connection with
the consolidation OF the wrought iron pipe
and tube manufacturers OF the country
and TO tho extent OF about 100000
in connection with tho floating OF the
securities OF the Massachusetts, Traction
Company. This last transaction involved
heavy borrowings here by Boston capitalists
and during the last few days the loans have
been paid of. At the same time the greater
part OF the money used in efecting the Indus
trial combination mentioned above Is being
returned to this centre. These Developments.
together with other known movements OF
money and tho cessation OF recent eItraordi-
nary drains upon the banks. will doubtless
result In q very satisfactory showing by
the Clearing House institutions on Sat-
urday. Tho weekly statement OF aver
ages OF the Associated Banks was. ae-
eordine to many bankers. so obviously
misleading last Saturday. as indeed 1t has been
on many occasions before. that the question OF
changing tho method OF reporting the condl-
ton OF tho banks ls being seriously considered
by mum Der Of prominent bankers. They ar
quo that II 1t Is the purpose OF the statement
to tell tho true condition OF the banks the ng-
ures presented In Saturdays statement should
give the status Of each institution at the close
OF business on Friday night.
While the volume Of business In stocks was
smaller than yesterday. 1t was rather better
distributed and the movement Of prices was
much more uniform. The average net ad-
vance was fully y p cent The active Granger
shares, Atchison, Manhattan Railway. Sugar
Refining. Missouri Pacific. Texas Pacific.
Northern Pacific common. American Steel and
Wire and Federal Steel common were about
equally conspicuous in the upward movement.
The closing was strong at about the best prices.
Relative to the Offering OF Mexican rounding
bonds which Is made in this issue OF THE Sun.
1t is to be noted that the amount that will be
allotted in this country will not be large enough
TO disturb the money market or result in the
transfer OF funds to Europe.