The times., 1901-06-23
A DAY FOR PROFESSIONALS
Price Movements Limited and the
Dealings Light.
disappointment nt the Statement of
the Associated Ranks-Reaorts Re
garding the WabasiI-A Debenture
Denfed-The Closing Firm.

NEW YORK. June 22-The weekly
statement of averages of the associated
banks was today completely at variance
with all of the previous forecasts. Its
publication revealed a withdrawal of cash
from the banks by local trust companies
approximating between four million and
five million dollars, which was explained
as due to preparations by a number of in
stitutions for the July disbursements The
actual loss in lawful money shown was
s.. .5OS, 800. notwithstanding preliminary fig
ures furnished by the banks individually
indicating a gain of over $l.003,05o.
The statement aside from this, was re-
garded as disappointing in that the san
guine IMPRESSIONS created by yesterdays
rumors of large liquidation in loans were
not borne out, as that item showed an in
crease of nearly S2,O.0000. Most of the
banks had increased their loans to an eX-
tent that more than offset the effect IN
the averages of the paying off of the
Pennsylvania Railroad Company s time
obligations. The net result of the state
ment is a decrease of S2,II0.T15 in the sur
plus reserve bringing the total of that
item down to $66l1 $50 a sum, however,
which. it is believed in banking circles,
will be sufficient to tide over the short in
terval before the enormous aggregate
amounts due to security holders in the
shane Of interest and dividends are re-
leased on the 1st of the month and are
redistributed through the regular none
tary channels.
There is nothing in sight to disturb as
sIrance of the continued availability OF
large amounts of money for all Iegitl-
mate purposes and considerable sighlh-
canoe is thrown upon the financial sltua-
tfon by the continued reports of an urgent
demand for prime mercantile paper by
the banks and other financial institutions
throughout the interior Today's stock
market was largely professional, and the
movement of prices was in the main OF
a holiday character.
Aside from the bank statement, there
was no news OF Importance bearing on
values. but the traders were responsible
for the reiteration of TumorS regarding
certain properties which are brought for
ward from time to time to break up the
rnonotony of the market. The total trans
actions aggregated less than 250,coo shares,
which is close to the low record of the
year. even for q half holiday. Union Pa
cific common was the only stock in which
the dealings exceeded $1,000 shares. The
stock scored the largest net decline on the
usually active railway list, lss per cent.
Manhattan Railway came next in point of
/
the best prices OF the day left on = per
The movement was attended toward the
close by the revived reports OF a lease
Of the property by the Metropolitan Street
Railway The stock Of the last men
toned company was, however oealt IN
to very nominal extent, and ii closed
Slight fraction lower than yesterday. The
Wabash issues were comparatively neg
lected. and officials of the company pro-
feSsed TO have no knowledge OF arrange
1rHaE a-anH ATfE
to which effect were responsible for the
advance Of nearly five points in the de-
bentures yesterday. 1t is understood
there has been a fair-sized short interest
In the bonds Of the 3 series
Notable movements on moderate trans
actions occurred in Long Island Railroad
and New York Central, the first named
at a reaction Of two points from The
highest price closed with net gain OF
g. per cent. The advance was attributed
10 buying in expectation Of largely in
creased earnings in the summer season
New York Central scored a net gain of
nearly a point. Pennsylvania was moder-
ateiy active, and showed firmness, leaving
of fractionally above yesterdays closing
In the industrial shares there was a
further advance on limited trading OF rs
per cent in American Linseed preferred
After the publication OF the bank state
ment the professional traders sold moder-
ately OF various stocks but without much
effect beyond causing some slight irregu-
ket was less active. but was firm in tone.
In the curb market the features were
Otis Elevator issues, which were strong
s-d Sziriy active. American Locomotive
etocks after early strength, reacted on
profit taking. and firmness was displayed
by Detroit and Southern issues and Amer
lean Can issues.
Seaboard Air Line issues were reaction
airy. In the copper shares, White Knob
sold at Is II. The closing Of the stock
market was in the main firm.