Evening star., 1901-06-22
FINANCE AND TRADE
Hesitanoy on Part of Investors Over
Bank Statement
TRACTION SHARES WELL TAKEN
Buying of Union Pacific Was Kept
Up Again.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, June 22-Today's stock
market was dull and listless under the in
ffuence OF the uncertainty relative to the
weekly bank statement. Early indications
led to the belief that the bank report would
be more favorable than at first supposed
the result of some heavy payments of time
loans
The Pennsylvania Railroad Company
paid on a considerable part OF the loans
made several months ago on the purchase
OF the Long Island railroad. These pay
ments were consequently depended upon to
counteract the effect of the ordinary
transactions of the week.
To what extent this theory did work out
Is difncult TO determine. the loans showing
an increase OF more than a million In spite
of such payments The loss in cash was
larger than expected. owing to the appear
ance Of the sums sent out to Europe on ac-
count of the gold movement.
Inc net result OF all changes was re-
hected by decrease of over s. 600 900 in
the reserve. reducing the total surplus
holdings to about s6Ooo.Oo0. The banks
generally regard the statement as less An
favorable than mid-week conditions seemed
TO indicate
The coming week may see a slight stiff
fleming in the money rate, but there is little
chance for any disturbing advance in the
call rate.
Preparations for the July payments are
usually attended with some furry in the
money rate. but this year borrowers have
made an early start In securing the neces-
Sarv loans.
The proposed plan of the Pennsylvania
road to extend it's Long Island line right
into the center OF the city is regarded as
one of the most ambitious announcements
OF the year. The buying of the stock OF
both roads attests the general Endorsement
of the enterprise.
Long Island advanced per cent from the
closing figures of yesterday. per cent of
the gain following the publication of the
bank statement, and at a time when the
general list was heavy. Pennsylvania was
Well bought up to 153 and closed steady.
Another strong feature Of the market was
Manhattan. rumors Of lease to Metropoli-
tan. with per cent guarantee finding
many believers.
The Traction group has been one of the
strongest In the market during the week.
and a pool of considerable experience is
working in the several properties
The traction shares have always been re-
nable. Tor manipulative purposes, during
the period of crop uncertainties and the
like. Politics are the one drawback to
traction prospects, and just now there Is
less hostility of this kind than usual
The early buying of Union Pacific was
followed by selling movement. which
forced decline of 2 per cent from top
prices. The St. Paul deal has not been ex-
planned to the satisfaction of the street,
but 1t would seem that some large blocks
or st. Paul had been sold to Union Pacific
interests in exchange for the latter stock.
The plans for harmony In the northwest
were never better The lack of public in
terest Is still obvious. and the street has
given up all idea of reviving interest until
after the first week In July. There may be
demand for investment issues next week
however. in the hope that the public will
buy them a week or two later at higher
figures.