The times., 1901-05-19
The STATEMENT A PUZZLE
Unexpected Results in the AssOci-
ated Bank Figures.
More Railway Deals Looked For
Favorable Fcnturcs of the outlook
-Atchison Common Has an Nd
Nancc-Other stocks Tend Upward.


Favorable Feutures of the oulook
-Atchison Common Has an Ad-
Naucc-Otber stocks Tend Upward.
NEW YORK. May lS-The statement of
averages of the associated banks, pub
Hshed today was not easily analyZed by
monetary experts and differed materially
from expectations. although an increased
surplus reserve was shown of S0l72, ,i5o,
bringing the total of that item up to
81. .2g9. .9z5. as compared with the surplus
a year ago of Sl6555,225.
The statement was a complete mystery
to the average layman. A decrease in
loans was shown Of 81, ,2oi. 500, the largest
decrease in that item in single week in
the history Of the clearing house. This
reduction of the loan account was con-
siderabIy larger than had been expected,
but the surprising part of the statement
was d decrease in money. amounting to
81 293, 500 whereas an increase in cash be-
tween $50o0.O00 and $6.00OOO0 had been eX-
pected and was in fact recorded in the
individual statements of the clearing
house institutions.
The immediate monetary conditions in
dicate continued ease and the only ele-
ments of uncertainty as to the outlook
are the proba bilities of further exports of
gold to Europe and the length of time the
large balances of the country banks in
this city viii be left intact before the
usual requirements to move the crops
have to be met.
This week closes with the financial COM
munity in a decidedly more cheerful
frame of mind than a week ago and with
circumstantial evidence that the general
business situation, the crop outlook. and
the prospect Of changes for the better in
the operation of the railroads of the coun-
1ty are fully as encouraging as they were
previous to the recent panic.
AS a matter OF fact. the abandonment
of the contest between the giants in the
banking and railway worlds will now
most probably lead to even stronger and
more comprehensive concerted measures
in the direction of uniting the great rail-
way interests than were originally pro-
5ected.
With the financial equilibrium complete
ly restored, progress will be resumed in
the elaboration of many railway plans
as, ~ instance, the closer welding to-
gether of the so-called Gould Southwest
ern ~. )erties. The resumption of divi-
dends On Missouri Pacific as is expected
next week after an interval of many
years, is likely further to impress in
vestors and stimulate increasing interest
in the securities Of the constituent. com
panieS in the system.
There is cumulative evidence Of a grad
ual appreciation of the great change for
the better that has taken place in the
coal trade. and particularly in the hard
coal industry. The anthracite mining and
carrying companies viii secure % cents
more per tor for their coal through the
summer months than in any year on rec
ord, and there viii be a very large saving
from the looping off of unauthorized re-
bates and discounts. Finally, all lndica-
tions point to a prosperous business this
year in the fail and winter, instead of
costly strike, as was the case last year.
The absence of a London market for
American securities was not reflected in
the local trading Opening transactions
showed in most cases advances over yes
terday's closing figures. the Improvements
extending to 119 per cent. The dealings
were fairly active, with the interest well
distributed. feature was heavy buy
ing of Atchison common, resulting in an
extreme advance of about points. The
stock LETT of 35s per cent higher. at
fractional recession from the best price.
Decided strength was also displayed IN
the early dealings in Baltimore and Ohio
common, Rock Island, the anthracite
coalers, Union Pacific and Southwestern.
The iocal traction stocks also made good
upward progress.
About the end of the first hour the mar
ket Quieted down somewhat and the bank
statement was followed by fairly active
profit taking, under which recessiOns from
the carly highest figures occurred. Union
Pacific lost all Of a gain Of IL per cent,
and this was true also of Missouri Pa
cific. The more important net improve
Inents. which extended to 312 per cent,
were in many cases on light transactions,
and Included Rock Island. Illinois Cen
trail. Wabash preferred. Louisville and
Nashville. and Southern. Northern Pa
cific common. on sales of only 2pJ shares,
closed seven points higher.
In the industrials, the greatest upward
progress was made in National Lead pre-
ferred, which gained 80 points and the
common 3 per cent International Power,
on sales OF 400 shares, rose ~ points
and closed at the highest price. Other
strong features We're Sugar Refining, Con-
solidated Gas. Colorado Fuel. Brooklyn
Union Gas at an advance of points.
American Zinc and Amalgamated Copper.
The railway bond market was fairly
active and in the main firm. In the out
side market trading was light. but the
tone was firm and the clos ing was at best
prices. In the copper shares, British CO.
lumbia sold at 1Si4 and Un;on at G.