The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-08-18
FINANCIAL AND COMMERCIAL.
SAruRpAY. Aug. u

80. ina, tho present dulnes- prcsagcs
.r,her Sagging Of prizes. extending heir
-ommit msu,s To a further moderate extent
9TH the view Of chipping on immediai"
..,6,- on the short side, The outside
,,hrc vas conspicuous by it, absence. and
&c, London interest was lacking. half
.,bday inactivity at that centre being re-
.,r.d a. pronounced a. upon the local
t,.h.uy. The aggregate transactions In
80 IN this market were lees than $50 600
...,s showing a decided contraction OF
,,,,r..t A. compared with the recent average
,ohlrne During the greater part OF the
-. however. prices have advanced.
iii. regardless Of a number Of aggravated
.rop damage estimates published. the wheat
.,d corn markets have declined 60 tho e1-
,s,, II An extreme ? to , cents a bushel.
Notwithstanding all Of the more or lee
a.,,cr.-ted estimates Of the falling on
An tho Weld II the corn crop the opinion i-
,.s,sr,ied hy unusually well informed
rh,c,so operators In both grain and stocks
thai the loss Of tonnage TO the railroads
,,on tho lighter corn yield will he very
much l.>. than has been supposed. The
divergent course 81 the markets for cereals
.,d Tor securities nave afforded the Western
UNNWllANF f'NAAllkFAN hhhR' W w "
,pni,v 20 cover their contracts AT a profit
The reaction in the cereals markets In the
more noteworthy in view 81 the unprece-
dsn,ei exports Of wheat for the week and
,eyiseI estimates Of the requirements Of
foreign countries for our breadstufs. II
. now predicted that France will need
from DCO.Oro To 100 900 600 bushels % our
rheat. the estimate 81 the English shortage
-l--- - A.. 4.
,a,ed that the e~Sportable surplus Of Aus
tina. Hungary will he considerably below the
earlier expectations.
The unusually heavy clearances 81 wheat
And large engagements ahead for ex-
port. were mainly responsible for n con-
dfion Of actual demoralization In the
s,erling exchange market to-day. Satur-
day rarely shows anything extraordinary
in foreign exchange conditions which
made declines Of to = Of a cent to-day
al the moro remarkable. In addition.
heavy offerings Of grim. and cotton futures
and 81 bankers bills for next week. rates
below to-day's lowest figures were re-
ported About this time last year gold
was h@ing shipped 10 Europe TO a con-
siderable extent. incidental to the Amcr-
can subscriptions To the British Exchequer
loan. but the local banks were gaining
largely from the Sub-Treasury. on account
a. he redemption 81 the old . per cent.
bonds aud Pacific Coast deposits.
In the corresponding week OF last year
che gold exports caused a loss In the sur
plus reserve n over 81 500 600. and AZ the
end 81 the third week In August. n loss In
cash Of nearly 81 900. 600 additional was su--
tanned The hr-i substantial loss by the
New York Associated Banks through the
shipments Of cash to the interior for crop
moving purposes last year occurred nj
the end Of the first week In September.
the money being sen 60 the South and
Southwest. In estimating the probable
extent Of the calls upon New York on this
account this year. Il should he noted that
the country has been 20 prosperous for
several years past as to make the great
business centres OF the interior largely
independent financially; and In the North
west particularly. 10y far the largest pro-
portion az the money required TO move
the crops Of that section In the last three
years xas secured AZ home. while the bank
resources were ample enough also TO per
rit considerable sums to be- forwarded
for investment in prime securi, les at the
East.
The statement OF averages OF the As
sociated Banks to-day again surprised
tho financial community IN tina, a moderate
decrease In loans was shown. which was
partly due to the lessrned volume Of deal
,ngs on the Stock Exchange. and a decrease
Of about - .0oo. 600 In lawful money. about
evenly divided b-tw cen legal tenders and
specie. The individual bank cash figures
had indicated All increase Of something
like 81 10000 The showing was later ex-
planned as resulting from a decrease OF
si.5lI.2O in tho circulation Of the Bank Of
the Republic. The loss In specie was due
20 a local shifting Of funds. The net re-
suit Of the statement l. a decrease OF g. Sal
OO In the surplus reserve. reducing the
total Of that item TO SIS. '2I no, a. com
pared with a surplus for the corresponding
period last year Of seo.5S7 .0So.
The speculative lc;hargy to-day was
,arously attributed TO u~neasiness re-
garding the probability OF an extension ~
the steel strike. TO the theory to which ref
creme . was made in this column this morn
ing Of no change being made In the ~.
Pau commou dividend and to Suggestions
az 'he probability 81 a moro active money
market. 81. Paul. Union Pacific AMI Al
NiA~hh common were tNf Only failfpAi
stocks that reached the io.0oo-shsrr mark.
The first mentioned vas the leader by a
very snail margin and together with Union
Pacific sustained n net loss 81 - per cent
Even al the decline ~. Paul shows an adj
vance for the week Of over . points. At
Gibson common left on I 3-s and the pre-
fcrred, in which tho dealings were only
nominal, u. per cent lower. Rock Island
lost ? per cent. net. Brooklyn Rapid Transit
4. an' Manhattan Railway and Pennsyl-
vania Railroad u. per cent. each. Other
declines we're fractional for the most part.
In the industrial list General Electric
exceptionally scored a net Improvement Of
. point The United States Steel issues
we're ices active than for some time past
and sustained losses AZ the close, extending
u a point, In the preferred. The railway
bond market was dull and practically
f~eaturles- In the curb markc; about
The only feature Was Consolidated Tobacco
y which displayed continued strength
o. moderate dealing~ Apart from the
t"chnical stock marke, conditions there
va nothing IN the situation 20 accoun
~ tho react ionarv movement Ia share