The times. [volume] (Washington [D.C.]) 1897-1901, 1900-07-08
LITTLE Lice IN STOCKS
The Market Closes Heavy After a
Day of Inactivity.
The Weekly Bunk Statement Causes
Disappointment-a Loss i'm Lawful
in the Surplus Reserve of SI,25O.-
O0O-A Few Railroad Issues Firm.

NEW YORK. July THE weekly state
fment Of averages of the associated banks
was both a surprise and disappointment
to the street. All of the preliminary esti-
mates regarding the changes in the hold
ings of cash, based upon the known move-
ments of money during the week, indi-
Gated a gain in lawful money of at least
100000. The statement on the con-
trary, shows a loss of nearly that amount.
about equally divided between legal ten
ders and specie.
Bank officers are unable to explain this
unexpected loss. A decrease Of over S.
10000 in the loans probably results from
further sales Of sterling bills that have
been carried by the banks and their GUS
toners for investment account
The statement is more markedly incon-
sistent than usual, the decrease in the de-
posts being as large as is called for by
the loss in cash and by the decrease IN
loans by over 100000. The net result is
decrease in the surplus reserve of ST.
210000.
Today's stock market was exceedingly
quiet and the tone was fairly steady until
after the publication of the bank state
ment. This was followed by effective SELL
ing, chiefly by the room traders. While the
list as rule closed lower than yesterday
the only noteworthy declines were in Mis-
souri, Pacific, Reading first preferred, Net
ropolitan Street Railway, and few OF the
less active shares. Illinois Central was ex-
ceptionally strong on the publication Of an
authoritative statement that the stock will
be placed upon 6 per cent basis when
the mex. dividend is declared.
A statement by the chairman of the
board of directors of the Louisville and
Nashville that the semi-annual dividend
upon the stock of that company which VIII
be declared on Tuesday next will be at
the rate of per cent per annum had 10
effect on its price.
The speculation in stocks this week has
been based apparently almost entirely upon
domestic political developments. These
were utilized by few shrewd traders.
some of whom have been absent frcm the
street for q number OF weeks. The indi a
tons are that the improvement in prices
which they and their following brought
about was taken advantage of by operators
who have been upon the ground all the
time, to take profits upon stocks which
they picked up al lower prices.
That the public is not in the market TO
any Improbable extent is shown by the
small dealings in bonds, which, In spite of
the heavy July disbursements, have av-
eraged less than s1.0c0.c00 par value per
day. There are limitations from Chicago
that the grain spectators at that centre
will endeayor next week to promote the
movement they have undertaken in the
market for corn by laying stress upon
whatever damage may have been done TO
that cereal through unfavorable weather
The most interesting local development
this week is the effort which the principle
interests in the iron and steel industry
are making to arrive at an understanding
that will result in concerted action re-
garding production and prices. The clos
ing of the stock market WIS in the main
heavy.