The times. [volume] (Washington [D.C.]) 1897-1901, 1899-07-16
STOCKS At A STANDSTILL
Traders Await the Bank Statement
With Lively Interest.
Its Good Showing Followed by sharp
Advances in Various shares
Refining Among Issues Materially
Helped i'm the Closing Movement.

New York, July 15.-Interest in Wall
Street today centered entirely in the bank
statement Before it was made public the
stock market was lifeless and rather heavy,
owing TO the absence of active outside in
terest and the indisposition of professional
traders to increase their ventures. After
the statement appeared there was moder-
ate Improvement in prices, resulting chiefly
from the closing of short contracts. The
final movement left Brooklyn Rapid Tran
sit, Sugar Refining, American Cotton Oil
common, and few of the less active shares
materially higher than yesterday, and the
majority of the list fractionally higher.
The bank statement made fully as good a
showing as has been expected. Loans have
been reduced over 81, 600, COO, partly by the
repaying of obligations incurred in financ-
ing two OF three large industrial combina-
lions early in the month, and also by the
transfers of accommodations from the
banks TO their correspondents in nearby
cities, principally Boston and Philadei-
phia The two operations have obviously
reduced the deposits TO the same amount
that the loans have been paid off, less the
amount Of actual cash received by the
banks from the interior. II appears that
those receipts were approximately $780,
600 more than the amount absorbed by the
subtreasury. The late improvement in the
local financial situation is measured by
those figures. The increase in the surplus
reserve results chiefly from the decrease in
deposits. which change calls for over
$500, 00G less reserve than week ago.
The net result more than doubles the sur
plus of last Saturday, bringing that item
up 10 nearly SO. 700, zoe.
II remains to be seen whether today S
bank statement marks turn in monetary
conditions at this centre. In discussing
that possibility an unusual number OF fac
tors must be taken into consideration, but
unless money should rule at high figures
in consequence of unusual mercantile and
manufacturing activity, the chances are
that, before the season is over, Europe
will be a heavy borrower here through
deferred payments, just as it was last year.
About the only mitigating circumstance,
from a European point of view, is the
fact that the people of the United States
have made so much money during the last
year OF two that imports are steadily in
creasing in volume and seem likely to con-
tnue upon large scale for some time to
come.
The revival of speculation in securities
is apparently held in check by two circum-
stances, namely, the condition of the
money market and the seasonable absence
from business of investors and many large
dealers in securities. Prices are well main
tained in spite of this fact and in the
face of persistent efforts to depress them.
Except in the Pacific Northwest the tend
ency in the transportation industry is to-
ward closer and more harmonious relations
between competing and connecting lines.
In-the Pacific Northwest the first impor-
tant movement in several months is the
action Of the Union Pacific Railway Com
pany in virtually securing absolute contr oil
of the Oregon Railroad and Navigation
Company, thus operating a line of its own
from Omaha TO Portland. 1t is understood
that the amicable relations that have ex-
listed between the Union Pacific and the
Great Northern companies since the reor-
ganization of the first named Will not be
disturbed by the transaction that was COM
pleted yesterday. Another interesting
event this week was the successful con-
clusion of the conversion of the Mexican
loans The expectation of the American
and foreign banking houses that undertook
the conversion, that the great majority of
the holder of the old bonds would accept
the. ,psw ones has been fulfilled. OF the
So. at9, 600 bonds offered for public sub
scripIinn in this country and in Amster-
dam nearly the entire amount was sub
scribed for in this city, but only a small
amount viii be allotted, since it is the de-
sire of the syndicate managers to raise the
bulk Of the money abroad, where the cd
bonds are held, so that there may be prac-
tically no transfer of funds from this eoun-
try TO Europe on account of the transac-
tion.