The sun., 1900-07-01

SATURDAY. June 8

SATURDAY. June 30
The weekly statement OF averages OF he
Associated Banks shows for the nrst time IN
weeks a noteworthy decrease In the loans. Tho
contraction Of over 81. 900 at this time Is
especially significant because OF the usual tenn
porary accommodations required by many
corporations to make their interest payments
on July /. The chances are that the BORROWINGS
on that account this year are smaller than
heretofore. though the payments are larger. Tor
the reason that profits have been large.
Another factor affecting bank loans 70 the
heavy selling of sterling bills that have been
carried by the banks both for their own account
and for some of their customers. The situation
has also been affected by the absence OF specu-
latlve requirements and BY the usual decrease
In mercantile demands at this season OF the year.
The increase In lawful money shown In the
statement was about so per cent. larger than
the most trustworthy estimate made yesterday.
The inconsistency Of statement OF the opera
tions OF the banks made upon averages Ia dem
onstrated again by the fact that the decrease
In deposits is si.s25 larger than Is called for
by the two fundamental changes first noted.
The net result-that Is. the change In the sur
plus reserve. which is the only change that the
majority OF the speculative community attaches
any importance to-ls an increase In that item
Of q. 1872 S53 The stock market was dull almost
10 stagnation. but the tone continued steady.
and after the publication Of the bank state
ment prices showed an improving tendency.
The fluctuations were, however. very narrow,
and the trading was devoid OF significance.
The net result of the weeks business on the
Stock Exchange is higher prices for nearly the
entire list, This is not surprising in view OF the
cessation OF liquidation. the magnitude OF the
short interest. indications that he reaction In
commodity prices has about run Is course and
evidence that the reaction has not affected rail-
way earnings unfavorably.
These circumstances are likely to attract TO
the security market a considerable part OF the
interest and dividend money that will be dis
tributed to investors on Monday and during
July6 The aggregate Of these disbursements will
be unprecedentedly large being c0mpetently
estimated at more than Sii0, 100000. That the
renvestment Of large part OF that amount
In the security market has been discounted Ia
not credible. The closing N the stock market.
though dull. was very Arm.
As compared with the hnal prices Of last Sat
urday, the majority Of stocks are higher. The
more important net advances are In American
Tobacco ~. per cent. National Steel and Ten
nessee Coal a"d Iron each, Brook
lyn Rapid Transit ~. American Cotton
OH and Northern Pacific q. each.
New York Central 2ls. Peoples Gas
~. Atchison preferred. Rock Island. Burling-
ton and Quincy and Manhattan Railway ? each.
Anaconda Mining ~. Federal Steel and Read
ing first preferred ~ each. American Steel
Hoop. Continental Tobacco. Metropolitan
Street Railway and ITnion Pacific ~ each
American Steel and Wire and American Sugar
Refining Il. each. Atchison and Missouri
Pacific Iil each. Norfolk and Western. South
ern Pacific and Union Pacific preferred ~
each. Southern Railway preferred and U, 8.
Leather 4 each. Louisville and Nashville u and
Chicago Great Western = per cent. The note
worthy declines are in Consolidated Gas per
cent and Baltimore and Ohio Is. per cent