The Washington times., 1903-06-26

TALLY In the bullion figures, the larger
Increase being in notes reserved" For
all practical purposes they are as much
specie as the gold certificates In our
Treasury. The slight deterioration in
reserve percentage Is not due to any loss
of resources-they increase upon the
week-but to an increase of deposits and
loans. In other words, the Improvement
in the British situation is real, and is
reached in the only manner which can
bring real ease to our own money mar
ket. The Imperial Bank of Germany
makes a statement of a similar sort.
Through gain of cash and reduction
of loans its position is stronger by &c.,
0,cCO. and 1t opens a new week by TAX
ing two millions more of gold from
England. The president of the bank told
the world that he thought 1t prudent to
call German capital home, but this
leaves unanswered why he thought it
prudent. His implication that he dis
trusted the situation here has not been
strengthened by the course OF events
We are furnishing the gold for which
he raises his bid and our money mar
ket is less disturbed than Berlin's.
1t is announced semi officially that the
Pennsylvania Railroad Company's new
stock issue of SIS 900, 600 will all be
taken by the old shareholders Practi-
cally nothing, II anything, Will remain
for the underwriting syndicate. At the
treasury department of the company in
the Broad Street Building It is said:
The subscriptions, both as regards
numbers and amounts, exceed our most
sanguine expectations. The underwrit-
ing syndicate will be fortunate II II
obtains per cent of the new issue. The
transaction will be one Of the quickest
and most successful syndicate operations
of magnitude on record. The net result
will be clear and immediate profit of
S2,500,000 for the members of the syn
dictate. and. in round figures. 500 ,OOO, 900
for the company, with which to carry
forward the great improvements project
ed by President Cassatt and his associ-
stes on the board of directors"
A prominent money broker said yes
terday that the West has $50. 900 900 less
on deposit in Wall Street than it had at
corresponding time of last year. An
effort was made yesterday morning TO
hold call money at 215 per cent, but the
rate attracted heavy offerings and could
not be maintained. Commission houses
having surplus of time money on hani
are competing sharply with banks and
trust companies in the call loan mar
! ket. Brokers are able to borrow all the
money they want from their neighboTs.
Apropos of the quiet buying OF Anal
gamated Copper, which has been reported
for several weeks, IL was insisted in
usually well-informed quarters yesterday
that the chances are in favor of an in
creased dividend on the stock next
month. 1t is also said that the outlook
in the metal market is good, fact at
/ tested by John Stanton. the statistician,
who during the day was quoted as fol-
lows:
The feeling Of unrest on the part Of
labor is the prime cause of the stagna-
tion in copper. Building operations have
been temporarily suspended. AS soon -
the work is taken up again. as Il wiz
be in a very short time, prices for lake
and electrolytic copper will advance to
above 10 cents again. Production OF
copper this year will not exceed con
sumption. and if the mines of the coun-
| try should suddenly close consumers
would be without a pound of copper
within one month