The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-06-23
STOCKS OPENED ACTIVE;
RElAPSED INTO DUllNESS.
BANK STATEMENT MADE \
DISAPPOINTING SHOWING.
Firm Features of Market Were
Pennsylvania. Peoples Gas and
Brooklyn Rapid Transit.
REPUBLIC SPECIAL.

SPECIAL
New York. June 1.-THE stock market
opened nrm and fairly active. but 1t soon
relapsed into the dullness and irregulariiy-
The main influence in the dealings was the
uncertainty felt In regard to the probable
showing Of the bank statement.
Firm features OF the general market were
Pennsylvania. Manhattan. Brooklyn. Rapid
Transit and Peoples Gas. All Of these
stocks showed an advancing tendency in the
early dealings. but subsequently they Were
unfavorably affected by the irreguiarity
which developed In the remainder of the
market.
Union Pacific and ST. Paul. after opening
firm. became quite reactionary. and thsir
akin rs usual. served TO unsettie the
remainder OF the list.
Very little was done In the industrial
quarter outside of United states Steel.
where the fluctuations were extremely I'm
tied. Sugar had a fairly steady tone. as
did American Smelling. With the course OF
the morning. and prior to the publication
most to a standstill.
The bank statement made a SOMEWHAT
disappointing showing. inasmuch as surplus
900. This leaves the banks excess cash
holdings $6.6ls,V0. The statement was quite
out Of line with the preliminary estimates.
inasnuch as instead Of the gain
In cash an actual decrease In that item CT
e, q 1000 was shown.
The stock narke, Was but little affected
by the bank statement. and. indeed. cevei-
oped strength after the put OF the hgUres.
Particularly sharp advances were scored IN
Long Island and New York Central The
local traction stocks also regained the nrm-
ness they had displayed In the early deal
ings. The close was In the main firm
New York. June e,-The F1nancier says:
The hanks statement Of last week reflects
in the loss OF C.Ae.:VD cash. the average OF
&.c0O.to0 exports Of gold to Europe during
fails fully to record the ret movement Of
money to New York from the interior.
which movement was disclosed by the re-
turns made by the prinpical banks of re-
ceipts through express companies. Hence.
this statement In this respect may be said
to be out of harmony will ths facts as
shown by the known movement Of money
n condition. which, II may be noted. has
been exhibited at least for the past three
weeks. The gain Of only N.sl1-4oo In loans
item. would seem to indicate that the syn
Gicate operations. which have greatly con-
tribufed to the expansion in loans are. tenn
large lfquidations of loans reported to have
been made during the week by the Penn
sylvania Railroad Company. II this state
ment in true. there must have been a con-
siderable amount Of new loans made to
have counteracted the above noted liquida-
ticn and contributed to the increase shown
posits agrees with the decrease IN cash.
less the gain In loans. and hence the re-
fult in harmonious. The loss OF 50. III. as in
surplus reserve carries this item to $751;
20. or only $7sa.375 above the lowest point
Of the year. which point was recorded April
6. With this comparatively low surplus re-
serve. and with the preparation for the dis
bursement Of a Larger amount Of July in
ferest than has ever been paid at this CEN
ter. which preparations will probably begin
by Thursday. II Is difficult to see how mon
ey on call at the Stock Exchange can be
otherwise than active during the current
week. At the same time II should be re-
that until the money collected
fer disbursement shall be required the banks
and other Institutions with whom Y Is
temporarily deposited. viii freely loan IT
on call until the day when II will be needed
to he checked out for payment. when the
loans will he called IN. Moreover. though
the amount Of July interest and dividend
payments Is unprecedentedly large. only a
pcrtion of II will be paid out on July I. and
while the remainder Il being disbursed that
pcrtion which wae earlier paid will be in
course Of distribution. Consequently the
disturbance TO money will be o1iy tempo
rary."