The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-07
FINANCIAL AND COMMERCIAL.
SATURDAY, June 9.

ouhS W.
To-day's half holiday stock market was
comparatively tame and undressing
London prices came little higher' anu
the bear contingent was visibly somewhat
chastened by the action OF the Market yes
teriay. The unwillingness OF commission
houses and individuals in Boston ana other
places to announce their failure was from
a bearish point Of view. very disappointing
but IL was no more unwecome, IN tne stli'ie
estimation than the evidence OF the buying
of investment stocks on somewhat larger
scale than had yet been seen crop ne"s'
too. was better and the grain markets were
weak. Under all these influences tne
nrices of many Of the active stocks az
yarcod Tnsn trading became very Gull
and there followed the usual walt ior
the bank statement. The statement
showed a loss of IS, is3. 700 in cash, de-
crease In loans of $7,s37,sOo. decrease IN
deposits OF l4,458,soO and CONSEQUENT
decrease in the surplus reserve OF s4,soS'ooV'
The surprising feature OF the exhibit was
the loss in cash, which was about s6'ooo'ooo
more than had been foreshadowed. AS
the amount OF money taken IN during inc
week by the Sub-Treasury by reason OF
gold exports Ia a matter Of record ana as
tho cash sums received from interior banks
can be APPROX mately calculated 1t is clear
tina. the large cash loss sustained by the
banks during the week was due to local
transactions, and it is almost certain that
these transactions represented simply. the
final withdrawal of cash funds by the trust
companies remaining in the Clearing House
in obedience to the new Clearing House
rule in relation to reserves, as we'll also
as Withdrawals by trust companies that,
although they have severed their con-
nection with the Clearing House. still de-
sire to keep themselves In strong position.
The reduction in loans was gratifying as
proof OF the effect Of tho stock market
liquidation Of the week upon the general
credit situation. The professional element,
however, professed to consider the state
ment as extremely unfavorable, and they
resumed the selling movement In the Atchi-
son, Union Pacific and Missouri Pacific
shares which was begun yesterday. The
rest of the market held firm, but the general
tone, because Of the raid, was heavy. The
great strength displayed by certain stocks
Is attracting much attention. These
stocks are the Steel shares, st. Paul, South
ern Pacific, the Fries and in the last
day or 80, Pennsylvania. Whether the
so.called Standard Oil capitalists have
appeared as buyers Of Amalgamated Copper
cannot be determined nor is the fact OF
very great Importance.
The one observation that must be made
of the stock market at the end of the week
is that net declines in prices are. after all,
not large, and although there has been
considerable genuine liquidation and those
bent on depressing prices have been
to certain extent victorious, never
theless that buying Of stocks has
clearly been Of better character than the
selling. As the days pass, one conserva-
tive commission house after another is
found advising its customers that it is no
longer safe to sell stocks short, and that
many issues. at least. have reached point
where preliminary purchases for invest
Inent or speculation can be made.
New York Stock Exchange Sales. Juno O.
UNITED STATES AND STATE BONDS I'm sl,o0oO.
U 8 IS c.......... O3H
CLOSING PRIcEs OF UNITED STATES BONDS.
IS Asked. 81 Asksl