The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-04
FINANCIAL AND COMMERCIAL.
FRIDAY, july 8.

FRIDAY, July 8.
So far as the making OF stock market
history is concerned, the Stock Exchange
might just as well have been closed to-day.
Ante-hoiday conditions prevailed with
the total OF business-l5s 200 shares--the
smallest for any day since 1900. in which
year, on Aug. %, but IS. III shares were dealt
in. The chief financial news incident Of the
was the showing OF the weekly statement
OF averages OF the associated banks. which
reported loss in surplus reserves OF s4-
546,l75. II was. of course, well known
that the bank showing would be much
confused by the usual operations incidental
TO the ending of the fiscal year. The state
ment had practically no market influence.
What price changes were registered were
generally merely fractional and, in view
OF the dull condition, slight significance
attached TO the trading. A little heaviness
developed in the early dealings, with
few transactions by traders to even up at
the end of the week, resulting in a steadier
tone at the close. Hooking Valley, now
classified as minority stock, made a fur
Their decline, the official announcement
being made of the sale of the pooled common
stock of the company. The only specula-
tive activity of the day was in the cotton
market, where interest centred in the
showing of the monthly Government re-
port as to the condition of the plant. A
condition of III was reported, based on
returns up to June rs, which compares
with the condition a month ago of TAI
and condition at the same time last year
OF S47. As the weather situation has been
very favorable since the date Of the returns
on which the percentage is based it Is rea-
sonable to suppose that the condition at
the present time is even better than that
shown by the report Cotton prices de-
clined on the showing. but seemingly the
position Of the clique that has been in con-
troll of the market 3pr the commodity is
still strong one. Indications point. how
ever, to something of collapse in the
grain market manipulation. though the
grain markets of the country were closed
to-day and there was no market history
TO record in that direction.
The bank statement showing was com
plicated, both by the operations incidental
to the ending of the fiscal year including
the financing of the heavy July interests
and dividend payments, and the closing of
the subscription to the new stock issue OF
the Pennsylvania Railroad Company. An
increase OF but So, 1907 300 was recorded in
the loan item, which was much more
favorable exhibit than usual at this time
of the year. year ago the bank state
ment for the week covering the financing
of the July / disburse msnts showed an
in %
geston was made that there might have
been some early liquidation of loans of
the Pennsylvania Railroad Company. fol-
lowing the notice sent by that company
TO the interests from which it borrowed
$40 900 900 six months ago that now having
the money in hand. the company stood
ready to pay off the loans prior to maturity
on rebate of interest basis. Investi-
CATION showed, however, that none of
these loans has as yet been paid but they
are certain all to be paid off in the next
few weeks The decrease in cash shown
by the bank statement, totalling 81, 5O2, 900,
was very much larger than any of the pre-
liminary estimates. Outside Of the COM
plcations resulting from transactions be-
tween the banks and trust companies in
cldenal TO the july DISBURSEMENTS, one
explanation for the previously unaccounted
for loss in cash was that there has been
this year, in view of the late development
of hot weather, even greater Withdrawals
over the counter than usual for the season
of cash for Use for vacation and holiday
purposes. = The changes in loans and cash
failed to show good balance in the deposit
item, which showed an increase of but
STA, 100. As already noted, the various
changes resulted in decrease in surplus
reserves of s4,546,l75 bringing the total
now held by the banks above the lawful
requirements to Ss377,675.