The Washington times., 1901-08-04
CLOSING LOWER AND HEAVY
Selling Follows the Issuing of the
Bank Statement.
The Days Dealings in Unusually
Small Acknowledgement Gas
Rises Four Points. Three of which
Are Held slight improvements.

NEW YORK, Aug. 3.-The weekly state
ment of averages Of the associated banks
was almost exactly in line with the re
suits indicated by the preliminary esti-
mates Of the known movements of money.
SO far as the cash changes were con-
cerned. that item increasing $2,S0,2b An
increase in loans of OS53,5o2, which was
chiefly responsible for a decrease of
little less than 100000 in the surplus re
serve. was ia the nature of a surprise,
however and, Notwithstanding the fact
that the banks now hold 81 in re
serve. the appearance of the statement
was followed by selling of various stocks
in the last half hour
The movement OF money is evidently
still largely i'm favor of this centre and
next week the banks will start out with
a gain from Sub-Treasury operations of
about 81. 100000 on account of Government
interest payments this week. Several
banking houses have large amounts of
gold due to arrive from the Klondike, the
Bank of British North America alone be
ing credited with nearly $4,000, which
has not yet been received.
The holiday in London today and Mon
day. the absence from the street of many
of the larger operators and the indisposi-
tion to make ventures pending an official
announcement regarding the outcome of
the conference between the management
of the United States Steel Corporation
and the representatives of its striking
employees contributed to reduce the vol
ume of trading in stock exchange securi-
ties to the lowest aggregate that has been
recorded in many months.
The fluctuations in prices that occurred
also were uusualiy devoid of significance.
At the same time sentiment in the street
regarding the outcome of the steel strike
conference appeared to be rather opti-
mistic. With the exception of the Steel
stocks. in which the transactions were
much lighter than usual, ther was not in
any case even comparative activity.
Union Pacific common led the railway
shares in volume of dealings with little
over S009 shares but in no other railroad
stock was the $50 share mark reached.
At the outset. in spite Of the nominal
extent of the trading, the market gener
ally displayed steadiness, and many i'm
provements were established as compared
with Fridays closing figures. st. Pail
rose an extreme 1Ss and fractional i'm
provements. extending to z per cent, oc-
CURED in Erie common. Manhattan, Mex
lean Central. and Ontario and Western.
In the less active shares St. Lawrence
and Adirondack scored an extreme gain
of over per cent, part of which was sub
sequently lost in the late dealings.
In the Industrial group an exceptional
advance was scored of 4 per cent in Con-
solidated Gas. of which nearly 3 points |
Were retained at the close. The United |
States Steel stocks enjoyed improvements ,
of IL per cent respectively for the COM |
mon and preferred. Peoples Gas On nom |
inal trading at reaction of IL per cent |
from the highest price closed slight |
fraction net higher. The United States |
Leather stocks Were comparatively active |
and closed at net gains extending to a |
point in the preferred.
The late selling caused a majority of |
the list to show declines. extending in !
Rock Island and Pennsylvania to a point |
or Whereabouts. The stock market closed |
heavy in tone.