The times., 1899-07-02

New York, July 1.-The bank statement
today possessed unusual interest for the
financial community in view of the tre-
mendous requirements for the July l pay
ments. The contraction in the surplus re-
serve was about the extent counted on,
but in other features there was variance
from preconceived notions. The expec-
tation had been that there would be
larger increase in loans and that there
would be an increase instead OF decrease
in deposits The gold exports, apparently,
| were responsible for the upsetting of cal
culations. One bank sustained more than
| one half of the loss in specie and far from
one-half of the loss in cash holdings. II
| is presumed that the gold taken from the
| supply of this bank and sent abroad was
| for its own account rather than for Gus
| toners. The other changes in the items
of the bank might easily have been ef-
] fected in the regular course of its very
| heavy business. In round numbers its
| loans increased $4,000, 600 and its deposits
| decreased S2.000,000. 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 S1i,274. $50, the ratio of cash hold
| ings to deposits was reduced to 26 1-2 per
cent. or 1-2 per cent above the legal re-
| quirement. The surplus reserves are lower
| in their sum total and the percentage of
| cash to deposits is lower than at any time
! this year, but this is situation that is not
| at all likely to last.
There was more doing than ordinarily OF
a Saturday in call money. The opening
rate of 8 per cent was of brief duration.
After the demand for money had been met
the rate dropped abruptly TO per cent, at
which it closed. 1t was assumed, however,
that call money would be firm for a time
after the resumption of operations on the
! stock exchange next Wednesday. Sterling
exchange was spiritiess. The rates. both
posted and actual, were unchanged. Yes
/ terday's decline in rates was believed 10
have brought gold shipments to an end,
or at least TO have insured an early teTmi-
nation of them.
The trading in stocks was on fair scale
and the tone OF the market was good
throughout. Transactions were large in
railroad stocks. to which attention was
especially directed by the large current
earnings and by recent and prospective de-
veiopments in the control and management
of important lines. The satisfactory show
ing by the Chicago. Burlington, and Quin-
cy and the Union Pacific Railroads for May
excited liberal enquiry for the stocks o.
these roads, and advanced them in price
There was free buying also of st. Paul ant
Rock Island stocks. The announcement O
the acquisition by lease of the Boston anS
Albany road was productive of purchas
ing orders for New York Central stock
with an appreciation in its value. Their,
was great activity in Pennsylvania Rail
road in which the largest gain in price o
the day was recorded with the single ex
ception of St Paul and Duluth, an incon
spicuous stock, in which the dealings wer,
only 1000 shares. The traction or cit,
railroad stocks were comparatively quiet
but there was a betterment in the quota
tions for them, The consequence OF TIL
restoration of the sugar trade to a pay
ing basis was reflected in an improvement
in Sugar Refining stock. The new injunc
tion against the payment of the dividend
on Federal Steel common did not have tn
effect of breaking down the price.