The sun., 1903-08-02
FINANCIAL AND COMMERCIAL.
SATURDAY, Aug. I,

SATURDAY, aug. L. F..
Marrow, professional cord ;tions governed
to-day's stock market, and, In view OF the
dulness. little significance attached TO the
dealings. There was a feeble attempt TO
bid up prices following the announcement
that the Northern Securities Company had
won the suit brought against II by the
State Of Minnesota. but. in view OF the fact
that the vital issue In the Northern Seouri-
ties matter is to be determined by the
United States Supreme Court, the news
failed to stimulate the market. In the
minds of the traders 1t was more than
Offset by the showing Of the weekly state
,nent of averages Of the associated banks.
which was again disappointing in so far as
il failed to exhibit reduction in loans.
II liz evident that the money paid by the
Pennsylvania Railroad Company in liqui-
dation of its s40,OOO.00O of loans has been
reiolned. An additional Indication OF
this has, in fact. been afforded by the
easer tone of the time money mar
ket Tie bank statement showed an ac-
t,al increase in loans to the extent oS
s984, 500. As forecast by yesterdays pre-
limnary figures regarding the known move
rnents OF money ~ this centre, the cash
holdings of the banks increased heavily, the
total gain in specie and legal tender being
s70i400O The statement showed very
good balance In an increase OF S.4sO,9OO
m the deposit item. which was but s4ss, 800
less than the sum OF the increases in loans
and cash The deposits are now In excess
Of the loans for the first time since Feb. 2S,
last, the difference in favor of the deposit
item amounting to So03 200. The cash
u q a
week ago, which, deducted from the gain
IN cash gives an increase in the surplus re-
serves of s5,l44.e15. bringing the total
amount now held by the banks above lawful
requirements to $2i,0Sl,015
contributory influence in inducing dull
nese was the fact that it was holiday on
she London Stock Exchange which Will not
reopen until Tuesday morning. There
were a few upward movements in special
stocks North American and Mexican Cen
iral both advanced on the understanding
that strong financial interests had taken
over blocks Cf these stocks from hrms
which failed in the recent market smash.
Consolidated Gas moved up on small
volume of business There was no par
ricular explanation for its special strength.
As In the case OF number Of other high
priced in Sestment issues, there was ex-
oelent buying Of this stock at the recent
low levels and its floating supply in the
market is limited. Though there we're ex-
oeptions, most Of the leading issues closed
Mt small net losses compared with yester-
days final quotations and the closing tone
could be Ciagnosed as htavy. The bears
appeared TO have abandoned, at any rate
for the time, their campaign against the
Atchison shares OF the speculative mar
lsets that in wheat to-day showed the mcst
activity, with the leading deliveries adj
vancing in Chicago above 30 cents bust Ell
after the stock market here had closed,
the upward movement being based on un-
favorable crop advices from the North
western States. Corn was firm in sym
pathy. There was little feature to the
speculation in cotton, that market closing
,,nist, with the price changes insignificant.
New York Stock Exchange Sales. Aug. L.