The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-07-22
FINANCIAL AND CONMsRCIAL.
SATURDAY. July u.

this week indicated an increase Of only about
o., 800, 900 In the holdings OF cash OF tho Asso-
oaoed Banks, the statement OF averages puo-
lshed to-day shows an Increase OF COMMERCIALLY
more than twtos that amount. This "a because
the money received from the interior ana from
the Sub-Trsasury last week did not show fully
In last weeks statement. which was nnuenced
BY the receipts Of the week before. which did
not show In the statement for that week. The
greater amount Of the accumulation OF cash
at this centre during the last three weeks.
which aggregates about 1s,Oo0.Ooo. fGures In
to-dsy's staten ent for the entire six days and
offssts the 100000 Of specie that was taken
for export, which affects the averages for only
Two days.
The deurcase In loans Ia fsTly large and
obylously has been entirely voluntary. a. the
banks have no occasion to contract the ao-
commodationa extended to their customera
and TO other borrowers. The change In deposita.
N usual, Is Inconsistent with the two changes
already noted, which call for an increase Of
about 500. 90. On the contrary. a decrease
Of o., $3.50 u shown. This change permits
the carrying Of all the new cash into the surplus
reserve and a. a smaller reserve Is required
than last week the surplus is raised over s%.oNO.-
oOO, to over . 100000, The statement shows
that the banks are In a position 10 meet what
over demands Europe may make upon this
money market In the near future. and also the
requirements Of the interior for moving the
crops.
The chances are that the requirements BY
the interior this year will be unusually small.
because Of the increased wealth Of the South
and West and the rapidly expanding volume
Of banknote circulation. Upon this point
It IL interesting TO note that the New York
banks increased their circulation this week
nearly $3.50. 900. Relative to foreign demand
drswsrs Of exchange are inclined to revise
their estimates OF the outward movement OF
specie In tho near future and some Of the Lead
Ing houses express the opinion that no gold
viii 60 out next week. They base his visw
upon the extremely limited demand for I'll
forms Of remittance.
The weekly trade reports are In the maln
encouraging. The improved crop prospects,
have resulted In lower prices for both wheat
and corn. indicating that reports Of eItensivs
damage have been somewhat exaggerated.
In CONSEQUENCE Of the better feeling regard
Ing the staple crops the demand for manu-
featured goods Is beginning to pick up. Bank
clearings for the week are q little smaller than
for the previous week. but only i2s per cent.
smaller than for the corresponding week .
year ago. Railway traflo returns continue
In the main satisfactory. though the Increase
IN net 10 not ~ large a. that In gross. owing
TO the increased cost Of repairs, betterments.
fuel and wages.
Practically all authorities agree that the
iron trade Is verv near bottom. The chances
are that the general tendency Of the Industry
will be moro clearly defined within the next
thirty to sixty DAYS than II is at present. II
IL becoming palmer every day that irrespective
Of the disturbance In China, Europe will make
heavy demands upon this country during the
next wear. for both coal and iron. The out
ward movement Of coal IA at present limited
solely by the inability to obtain ocean charters.
The most noteworthy development this week
was the increase In the Illinois Central dividend
for the half year from az to 8 per cent. Tho
market for securities has ostensibly been in
iuenced very largely by the Chinese situation.
but the facts are that speculative conditions
have been such as TO make manipulation for
higher prices comparatively easy work. par
ticularly on the stocks In which a large short
interest has existed for a long time. notably
Sugar Refining and Brooklyn Rapid Transit.
The public Is certainly not in the market to any
appreciable extent and is apparently holding
aloof because OF the complications In Asia.
the Presidential campaign and the lingering
uncertainty regarding the corn crop.
That there is a large amount Of money await
ing Investment Is shown by the enormous In
terest and dividend disbursements since the
beginning OF the month and the fact that the
bond market has not reflected any reinvest-
ment Of this money. The scarcity Of first
class investment issues Is emphasized by the
fact that several banking houses are now bring
ing into this market the bonds Of foreign coun-
tries and even Of European municipalities
and are creating a fairly good demand for a
class Of investments new TO this country.
To-day's market was strong throughout al
though there was some taking Of profits in Sugar
Refining. Southern Pacific was taken in hand
and made a feature Of the trading. The ex cell
lent character Of the bank statement did not
prevent a good deal Of realizing. Still the
majority Of the list closed higher than last night
and the tone at the finish was very firm.
As compared with the final prices Of last Sat-
urday the entire list Is higher. The more i'm
portant net advances are in American Sugar
Refining. 81 per cent; Consolidated Gas. 8%;
Pacific Mail. 81; Tennessee Coal and Iron. 81:
Anaconda Mining. 81. American Tobacco. 81:
Brooklyn Rapid Transit. Manhattan Railway
| and Metropolitan Street Railway, 3H each:
Union Pacific and American Tin Plate. Q each;
American Steel and Wire. az: United States
Leather, ~: Burlington and Quincy and Fed
| eral Steel, ~ each; Baltimore and Ohio. 2.
Southern Pacific and Union Pacific preferred.
~ each; Peoples Gas. -: Colorado Fuel. Fed
eral Steel preferred and Illinois Central, X
| each: ontario and Western, 1 3-s; Continental
Tobacco. Northern Pacific and Reading first
Central, Atchison common and preferred. Y
per cent each.
New York stock Exchange-saIes July n.
CLOSING PRICES OF UNIFIED STATES BONDS.
BID Aded.l Bd Asked.
Usssnew>. U S 4sc
at piofGl0 lO4k is07....lloh ll6
.sp,o'olo. lo4. iss,'..Issss 1891
Y S q (old) u Sac