The Washington times., 1901-06-30
THE MARKET CLOSES FIRM.
A Much Better Feeling Inspired
by the Bank Statement.

st. Paul and Illinois Central Score
the Best Maximum Vet Improve
ments-Rise in Tennessee Coal and
Iron-United States steel Higher
NEW YORK, June 29.-Trading during
the days short session was restricted by
uncertainty regarding the statement of
averages of the associated banks. The be
lief that whatever today's exhibit might
show. next weeks statement would un-
questionably be of a favorable character,
together with the impression that the
local banks as a whole are in a stronger
position than for some time, caused gen
eral Improvement in prices. The bank
statement reflected the omission of the
figures of the Seventh National Bank and
the efforts Of many institutions to build
up their reserves. The loss in lawful
money was about Sl.000,O00 less than the
preliminary estimates. which was ac-
counted for by the receipt Of gold by
registered mail from California
The feature of the exhibit was de
crease of over Slo030,0oO in loans and Of
approximately S11,500,09o in deposits. The
net result was an Increase in the surplus
reserve of $1,S72, $50 bringing the total of
that item up to IS, ,4S4, 200. The favorable
character of the bank statement caused
an increase in the volume Of dealings in
both the stock and bond departments to-
ward the close, and net gains, more
or less substantial, were established
throughout the list.
1t is the general belief that on Tuesday
next dividend at the rate of per cent
per annum on the common stock of the
United States Steel Corporation will be
declared, although payment may be timed
later than the date of distribution on the
preferred stock for reasons that have al
ready been referred to.
The prevalent high temperatures, ac-
eording to the trade agencies. have stimu-
lated the distribution of seasonable goods
at retail, and have also increased re-or-
ders from wholesalers, although the vol
ume of business has, in some cases, been
limited by small stocks. Throughout the
country at large the promising crop con-
ditions have helped general trade, and col
lections are unusually good.
Activity in the railway list today was
chiefly in Union Pacific. which left of
fractionally higher. Southern Pacific,
which closed at gain of a point, at the
highest price of the day. st. Paul and
Illinois Central scored the maximum net
improvements in the railway list of and
81 per cent Atchison common and Erie
common were strong. On lighter dealings
Cleveland. Cincinnati, Chicago and st.
Louis closed 1Ss 10 the SOOu, ana improve
ments were scored by Baltimore and Ohio,
Rock Island. Iowa Central preferred,
North American new stock, Reading is
sues, Canada Southern, Texas and Pa
cifie, and Wabash preferred, extending
to 1A per cent.
In the industrial shares Sugar Refining
attra cted attention chiefly on account of
the unusually light dealings in it. Net
advances in the other industrial shares
were mainly fractional with the eXcep-
tiOn of General Electric, which rose two
points on very light dealings, and Tennes-
see Coal and Iron. The last gained 2Ss
per cent on reports of entrance into the
directory of a prominent capitalist who
has been largely identified with the Car
negie corporations The United States
Steel shares We're less active than of late,
but closed q shade higher.
The railway bond market was firm on
moderate dealings. The curb market was
inactive but the tone was generally firm
and the close in all departments was firm
and strong.