The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-22

Known movements Of money this week In
dicatef an increase OF only about $780,
600 In the holdings of cash Of the asso-
ciated banks. the statement Of averages
published today shows an Increase OF con-
siderably more than twice that amount
This Is because the money received from
the interiar and from the Treasury last
week did not show fully in last weeks
statement. which was Influenced by the
receipts Of the week before, which did not
show in the statement for that week.
The greater amount OF the accumula-
ton OF cash at this centre during the last
three weeks. which aggregates about S.
0N,00o. figures in today's statement for
tie entire six days and offsets the $1,000
Geo Of specie that was taken for export.
which Affects the averages for only two
days
The decrease in loans is fairly large and
obviously has been entirely voluntarily,
as the banks have no occasion to contract
the accommodations extended to their Gus
toners and to other borrowers. The state
ment shows that the banks are in a posi-
ton to meet whatever 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 ex-
panding volume OF bank note circulation.
Upon this point 1t is interestig to note
that the New York banks increased their
circulation this week nearly S15o, 000. Rela-
tive to foreign demands. drawers Of ex-
change are inclined to revise their esti-
mates Of the outward movement Of specie
in the near future. and some OF the
leading houses express the opinion that
no gold will 60 out next week. They base
this view upon the extremely limited de-
mand for all forms of remittance.
The weekly trade reports are in the
main encouraging. Practically all authori-
ties agree that the iron trade is very rear
bottom. The chances are that the general
tendency of the industry will be more
clearly defined within the next thirty to
sixty days than 1t is at present. The
most noteworthy development this week
was the increase in the Illinois Central
dividend for the half year from LIZ to
3 per cent.
The market for securities has ostensi-
bly, been Influenced largely b. the Chin
csc situation but the facts are that spec
ulative conditions have been such as to
make manipulation OF further prices COM
paratively easy work, particularly en- the
stocks in which large short interest
has existed for long time, notably Sug-
ar Refining and Brooklyn Rapid Transit.
The public is certainly not in the market
70 any appreciate extent and is apparent
ly holding aloof because of the complica-
lions in Asia, the Presidential campaign,
and the lingering uncertainty regarding
the corn crop.
That there is a large amount of money
awaiting investment is shown by the
enormous interest and dividend disburse-
ments since the beginning Of the month,
and the fact that the bond market has
not reflected any REIMBURSEMENT Gf this
money. The scarcity of first class invest
ment issues is emphasized by the fact that
several banking houses are now bringing
into this market bonds of foreign coun-
tries, and even of European municipal |
tiles, and are creating fairly good de- I,
mand for class Of investment new 10 this |
country.
Today's market was throughout strong. |
Southern Pacific was taken in ha1d and |
made d feature OF the trading. The ex-
cellent character of the bank statement |
did not prevent a good deal OF realizing. !
Still the majority OF the list closed high |
er than last night and the tone at the In |
fish was very firm.