The Washington times., 1901-07-14
A FAVORABLE STATEMENT.
The Showing of the Banks Better
Than Had Been Expected.
other Circumstances Tending 20 Re
Iieve the Unsettled Market-PrOfit-
Taking Leads To Declines, Though
Many Net Gains Are Scored.


Many Net Gains Are Scored
NEW YORK. July BAT least one cir
cumstance that has been an unsettling
factor in the stock market this week,
namely, apprehension regarding the
money market, was disposed Of by to-
days bank statement. That statement
was much more favorable than had gen
orally been expected. The decrease of
S21. .ee1.O00 in the loans gives some idea Of
extent Of the liquidation in securities that
has taken place this week
The most encoura ging feature Of the
showing. however. is the increase of over
S5.Ol1O08 in lawful money While the
large increase in the surplus reserve is
due chiefly to smaller deposits, resulting
from the reduction in the loans. it is in
teresting TO note that three -seyenths Of
the increase in the surplus is in cash re
ceived the banks from the interior.
1t is. OF course, impossible 10 foreshadow
what the Interior movement of money Will
be during the coming week but il is quite
plain that for two or three weeks TO
co.ae the Treasury is likely to disburse
more money than it collects. The coiec-
tions SO far this month have been heavy
chiefly because OF the demand for new
internal revenue stamps.
While collections are likely to be light
er, disbursements on account of the var1-
Gus appropriations are certain TO be large
for some little time to come. Another
source OF supply is the Hlondike, receipts
from which are likely to be heavy dur
ing the remainder of the summer. Ad-
vices were received today of S5,ocO,oOO in
transit TO Pacific Coast points.
simultaneously with these developments
the corn exchange market is developing
pronounced weakness. owing to offerings
of bills against grain futures. 1t seems
probable in view of the severe crop short
age abroad that Europe will begin to OBJ
tain breadstuffs from this country earlier
than usual this season. The shipments
last week were something over mil
lion bushels larger than the preceding
week, and more than two millions bush
els larger than the same week last year.
There was also noteworthy increase in
exports Of corn last week.
1t - pears from these circumstances
that Europe cannot make much Of in
road upon this cOuutry's supply Of gold
unless il pay an unprecedentedly high
price for the metal. which il Is not Likely
10 do The comparatively small amount
that Berlin secured in this market this
week Wes taken because OF the unset
tied condition OF financial affairs in Ger
many. caused ly the failure Of = large
banking institution at Leipzig. II now
not really mark a tendency. but was the
result OF extraordinary misnana cement
by The president Of the Institution.
" hlie the condition OF the local money
market since the beginning of the week
together with today's showing by the as
Soclated banks, Is not likely TO stimulate
speculation for rise in securities. they
make IL clear that ordinary accOmmoda-
tlons can be olaeined at fairly low rates
which may induce some substantial buy
ing Of securities now that many OF them
"a ~. #nunEA
VIII yield the purchaser better rates for
his money than can be obtained in the
loan market.
Other factors likely to encourage con-
servative operations on the long side of
the market are the railway traffic returns
1he restoration OF rates by the roads do
ing business between Chicago and Mis-
sour River points. and the tendency OF
railway companies to increase the diStri-
button OF their profits.
After the money market became easier
early in the week the predominant in
Guences shaping the course Of prices were
the labor troubles and the crop situation,
chiefly in Kansas and Missouri. BY at
taching the greatest possible Importance
TO the prospective damage TO the corn
crop in those two States. particularly in
that portion Of Kansas in which the rais-
ing Of corn is always an extra hazardous
risk. speculators in grain and IN stocks
particularly at the West, have made Wig
orGus campaigns L. the markets for each. |
That these spectators are not entirely
sharp break in the price Of corn today /
or fears that rain might fall in the sec !
tiOns where il is most needed between the |
close OF business today and Monday morn
Ing. simultaneously with the break in I
corn the stock market rallied sharply. IL
sold OF agains however, when it was dis /
covered that the reaction in corn wac |
due chiefly to profit taking and not to /
well defined prospects Of rain in the !
western and southern portions Of the corn |
belt.
So successful have the spectators re-
ferred 10 been in their effort to centre /
public attention on the absence Of i'm /
mediate moisture In portions Of the South !
west that the fairly satisfactory cOndi- !
tion OF the corn crop in other States has
virtually been ignored.
The week has been a remarkable one on |
the stock exchange for the volume Of
liquidation that has taken place and the
extent Of the resulting decline. Beyond
question, individuals and pools have sus-
tanned heavy losses, the usual penalty Of
excessive optimism; but there has not
been the slightest suggestion that the
machinery Of the street has been disar-
ranged in the smallest degree.
The market certainly has not reflected
any change for the worse in general bust
ness. which according TO all accounts, IS
unusually brisk In practically every line,
with minimum of speculative ventures
and with collections unusually good, par
ticularly in the Northwest. The only
disturbing circumstance-and it is an i'm
portant one-is the Testlessness Of labor
In certain quarters
4OQd[ 8 STOCK market was irregular
The opening was in the main firm. except
for the United States Steel stocks, which
followed a sharp decline in the London
market. There was comparatively little
heavy selling Of them, and also some good
buying that resulted in a slight advance.
The publication Of the bank statement
stimulated covering of shorts. but in the
late dealings professional traders disposed
OF their holdings, being reluctant appar-
emily 10 hold them over Sunday.
withstanding the final retrograde
movement. the majority OF the list closed
higher than last night Noteworthy net
gains were enjoyed by Atchison common,
Missouri Pacific Southern Pacific Texas
Pacific, and many Of the less active
shares Union Pacific, which led the list
in activity. closed only fraction higher
at a reaction Of more than a point from
yesterday.
In the Industrial list the strong features
were Amalgamated Copper Colorado
Fuel. Consolidated Gas, and Virginia-Car-
olins Chemical issues.
The close was somewhat irregular but
IN the main steady.
New York stock Exchange. July I3.
-