The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-18

SATURDAY, Juno II


The only occurrence Of interest In Wall street
to-day was the publication Of the weekly state
mont OF averages OF the Associated Banks.
The changes shown ia II were the largest that
have taken place in many weeks Tho decrease
OF $685. 800 10 lawful money was expected be-
cause the statement shows the full effect u tho
exports OF gold at tho end Of last week. while
those sde early this week count for several
days In the making W. of averages. change
that was not expected. owing 10 the
low condition OF speculation upon the
Stock Exchange and III other markets.
was the increase Ot nearly SlDUOO.OOO
in tho loans. As the Street knows OF no
special large financial transaction that may
have been made this week incidental to tho
financing Of new Industrial ENTERPRISES. II as
sumsd that the increase ia loans resulted
from the demands Of the business com
munity for larger accom- citations, owing
10 the unusual activity IN the production
and distr button OF staple goods. The
changes In the two items mentioned call
for an Increase Ia the deposits OF about
$1,000, 600 or about $500. 900 less than the In
crease reported. The inrosd made upon the
surplus to provide reserve against these larger
deposits. together with the loss in lawful
money. brings the surplus reserve down to
S3o.0ooo 900. which s about one-halt OF the
amount held By the banks u year ago.
In anticipation OF an unfavorable bank
statement the small contingent OF profess
sional traders who were present during the
brief period OF business this morning sold
stocks on u small scale. nor did they attempt
to recover them after the staten nt was ia
sued As neither the public nor any OF the
larger interests in the market showed a dis
position to buy stocks It was u comparatively
easy matter for the advocates Of lower
prices to depress quotations fractionally.
The iron and steel stocks sustained
the greatest net losses. partly because
OF realizing In Federal Steel common upon tho
declaration OF a dividend upon it yesterday.
and also because Of uncertainty as to the dec-
laration OF a dividend upon American Steel
and Wire next week. The shares VI COM
panies affected by the strikes IN Colo
RADIO were in better demand on reports
that the labor troubles in that State may
soon be adjusted. There was some buying
OF the anthracite coal stocks on the belief that
the anthracite industry will DO favorably
affected BY the change IN ownership OF the
Lehieh Valley Railroad. The market as whole
was very dull. hence little Significance can be
attached IN the days fluctuations.
AS compared with the final prices OF last Sat
utday. the majority of stocks are lower. The
more important net declines are in American
Sugar Refining. 3 y cent: Burlington and
Quincy and Missouri Pacific. % each: Inter |
national Paper. 2E: American Steel and Wire.
2ht Rock Island. ~; Continental Tobacco.
IN; Manhattan Railway. IA: Atchison pre-
fsrred and Union Pacific. N each; Anaconda |
Mining. Pennsylvania Railroad and Union |
Pacific preferred. l. each American Tin Plate. |
b. Paul Northern Pacific and Southern Pacific, |
TX each: Denver and Rio Grande preferred. |
Reading second preferred and Southern Rail- |
way Y each Chicago Great Western and On |
tario and Western, 4 cent. each The note
worthy advances are in Metropolitan Street
Railway 3 v cent. Pittsburg. Cincinnati. Chi
cago and st. Louis. IL: Tennessee Coal and |
Iron. y; N. J. Central. Federal Steel and Read
ing first preferred. 4 each: I. 8. Rubber. q,
and Federal Steel preferred. y y cent.
New York Stock ExchanRe-sales June II.
UNIrrp STATES AND STATE BONDS Tx 81. ooonL
o Q 30. ..-..................lOo