The sun., 1901-09-01
FINANCIAL AVID COMMERCIAL.
SArunpAY. Aug. u.

o&tsahans Hs8 90
The weekly statement Of Averages Of tbs
Associated Banks was. IN the ltems OF de-
crease In cash and surplus reserve. almost
exactly la line with the preliminary figures
published la this column this morning
and the forecasts based thereon. The
statement showed a loss Ia lawful money
OF e.,sS. 100. practically all OF which was
In specie Somewhat unexpectedly. an
Increase In loans was exhibited Of q sac 200
and an increase In circulation Of o. Iose 500.
The net result was a decrease In the surplus
reserve Of to.27s .i7s bringing the total Of
that item down to Gil .eis ,sss. a. compared
with a surplus q year ago OF t77 lo7s AIS.
The increase In circulation was taken out
by the First National Bank TO replace cir
culs'ion Of tho Bank Of tho Republic that
was recently retired.
The market for American railway shares
In London was favorably innuenced by
the strength displayed at the oloss ss-e
yesterday ard prices showed advances
over the New York final hgures. extending
10 about Y per cent The features included
most OF the usually active internationally
listed American issues-Atchisoh stocks.
Denver and Rio Grande issucs. Erss. St
Paul. Union Pacihc. wabashes. United
States Steel shares and Louisville aud
Nashville. The demand was OF a general
character. the Continent contributing good
srxed orders. feature OF the London Stock
Exchange situation was the expression
OF confidence as % the outlook which is
largely induced by the exceptionally favor
able monetAry conditions at that centre.
Thir u the more significant because Of the
well-dehned prospect OF early importA
Of gold by the United States. The chesr-
ful sentiment regarding American railway
securities has been helped materially by
the substantial gains In earnings OF all OF
the properties whose securities hnd great
est favor with foreign investors and specu-
lators.
The gros- and net returns OF the st. Louis
and san Franchise southern Railway, st.
Paul, Union Pacific and other important
svsiems for July are decidedly encouras-
ing The favorable outlook for the spring
whea, roads In further outlined by the
increases Of sts2 .oe7 In the gross and sso7.-
500 In the ne, receipts OF the Northern
Pacific for July. while the prospects Of the
anthracite coal properties are foreoasted
by the satisfactory exhibits Of the Lshigh
Valley, and New York. Ontario and Western
for that month.
The market for sterling sIohanse showed
tho usual Saturday dulness and while busi-
meas was too light 10 cause any material
change In quotations the tone continued
weak Before business ls again resumed
In the foreign exchange market there will
have accumulated an unusually large supply
Of bills and the disposition shown by London
to purchase American railway securities
NAV cause still further weakness. II h .
well recognized fact that no arbitrary
gold importing OF exporting point can be
fixed that applies 10 bankers generally.
owing TO ths more or lees extensive facil-
itiee enjoyed A. the same time IL has been
hgure. rccently that gold can be imported
20 New \ ork with demand sterling At ~ IS.
The usual import rate Ia somewhat below
that point Exchange on Friday sold at
o. Va or within 1 cent Of the hgure men
tion.d Tho gold import estimate vas
based upon tho expected incrcased supply
of bankers and other bills and imports OF
gold would obviously bs practicable at
higher figures, In the. event OF q nrner
local money msrkst.