The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-17


NEW YORK, June 16.-The bank state
ment today was more favorable than had
been anticipated, but it did not serve to
strengthen the market and declining stock
market. The chief feature of the day was
an expansion of 3,24s, 800 in loans, which
was ascribable, doubtless, to operations in
connection with the renewal of gold ex-
ports.
The loss in cash, despite the outgo Of
gold, was only 1863, 800, which showed that
the banks were still gaining by the in
terror flow Of currency. The surplus re-
serve was reduced sS75.500, which left the
percentage OF cash holdings to deposits
26.9. With gold going to Europe and with
the probability Of a large demand for
money before long to move crops, it is
reasonable to assume that the existing
ease in money will not continue. There
are already symptoms of a hardening ten
dency in funds.
The lowering of the Bank of England
rate OF discount is not fair reflection OF
the condition of money throughout Eu-
rope. There is pronounced tension In
Germany, and in France strenuous efforts
to accumulate gold are noted. The COM
plications in China are becoming more
serious and there is no telling what the
outcome Of them may be.
Certainly for the time being no ex-
tensive permanent investment of foreign
capital In America, or, indeed, any other
securities, can be looked for. The current
ventures In American stocks or bonds by
Europe must it is judged, be speculative
and uncertain.
The general situation, while not unsatis-
factory. is perhaps not as glowing as for
merly. 1t seems to be conceded that the
spring wheat crop will be partial failure.
This sentiment is plainly reflected in the
course Of the wheat market. The ruling
high prices for the cereal, with the outlook
Tor still higher quotations, are the result
OF the belief that the spring wheat yield
will fall below even last years light pro-
duction.
It is rather early to reach conclusion
Is to the corn crop, but as the season is
unusually backward and the acreage is re-
duced. the production. apparently, must be
considerably less than that of 1899. How
ever, the store of old corn is large, and In
any event there ought to be enough of this
great staple for all requirements.
As for cotton, the indications are that
the crop will be late and somewhat indl,-
ferent In quality. Altogether the crops are
not as promising as might be desired and
the consequence will presumably be small
er returns to the growers and smaller
earnings for the transportation lines which
handle the crops.
An element in the situation which Is
viewed with some apprehension is the
outbreak Of railroads rate troubles. These
imply q declining traffic or, at least. are
signs that lessened business is at hand.
When the railroads are fully employed
and they have not to strive for tonnage,
the incentive to cut rates is removed.
Rate Generalization is natural accom-
paniment to lack Of traffic.
Railroad managers, seemingly, are look
ing forward to less active times, IS is
evidenced by newly developed spirit of
conservatism In their utterances. in divi-
dends. and In various expenditures. No
period OF great depression is expected,
but IL is considered that further growth
In the country's freight movement is for
the present at any rate, out of the Ques-
ton. Still, there is nothing to excite
actual alarm as to the future OF the rail-
roads. The roads are almost without ex-
ception, on a sound basis, and no ordi-
nary falling off in their business would
5eopardize either their fixed charges or
their regular dividends.
Nearly all the factors in the stock mar
ket today were of depressing character.
The quotations in London for American
Sssues which were made before the OPEN
ing OF the market here, were lower and
were predicated to some extent upon the
disappointment at the dividend declared on
the common stock of the Northern Pacific
Railway.
The alarming news from Pekin was par
tfe,f1 ar1v off tn hrQa L.
q stocks and was accompanied by selling
orders from London. which was estimated
to aggregate 40, 900 shares. The home po-
litical influences were not especially po-
tent beyond the fact that they impelled
spectators to restrict their dealings pend
ing the appearance of the platform to be
adopted at Philadelphia.
In accordance with expectations, the
largest transactions and the heaviest fall
In prices were in Northern Pacific COM
mon stock. good part of the orders for
the sale OF this stock came from abroad.
The whole list of trans continental and
granger stocks. including Union Pacific,
Southern Pacific, Atchison, St. Paul, and
Rock Island. was impaired by the slump
10 Northern Pacific. The short interest in
these stocks was materially increased and
many long accounts in them were closed.
The trunk line shares also disclosed a
moderate degree of weakness.
The steel and iron stocks receded fur |
ther on Information Of drop in the prices |
Of structural material. which IL was |
thought might be followed by a fall in |
the prices Of steel rails. Notwithstanding
the likelihood Of another advance in the |
price Of sugar, Sugar Refining stock de-
clined.
The closing OF the stock market was
weak at very nearly the lowest prices of
the day.