The sun., 1903-08-30
FINANCIAL AND COMMERCIAL.
SArrRDAY. Aug. 20

SATURDAY, Aug. 20.
Il was not until after the publication of
ao-days weekly statement OF averages OF
the associated banks that the stock market
showed any activity. After the statement
came out prices advanced sharply, closing
at about the best figures OF the day those
professional operators who had put out
limited short lines in the behef that q
technically unfavorable showing by the
hanks might induce selling having to
ncramble to recover the stocks they had
mold. On it's face the statement was not
favorable, exhibiting comparatively small
increase in cash, large increases IN loans
srro deposits ana decrease in surplus re-
serves. It would appear from It's action
that tho market continues to be dominated
by the expectation that the relief measure
that the Secretary of the Treasury is plan
ing will do away with the possibility OF any
unusual stringency in the local money
market this fall because OF the demand
upon the banks for currency for crop NOV
ing PURPOSES This demand has already
begun, though not yet in heavy volume,
owing TO the backwardness Of this years
crops. The unreported loss by the
banks at this season Of the year is Al
ways considerable. and this fact can
be utilized to account for the Increase oi
81 ,2O5. 100 in cash shown by the statement
being only about half the gain that yes
terday's preliminary figures as to The week =
currency movement Indicated, Regarding
the large increase in loans of 5,l66,6OO IL
should bc noted that since the atfltuce
of the Secretary of the Treasury became
,sAA A.l
volume for periods over the new year
facilitating borrowing operations mere
has also been an easier sale for comlnerclal
paper The furt her tranfer OF loans from
the trust companies to the banks and the
usual corporation borrowing. incidental
TO preparati ions for the Sept. | disburse-
ments however. doubtless account Tor the
mos part for the enlargement III loans
The deposit item Of the bank statement
showed a remarkably good balance, the
increase Of s8.3Il 900 reported being but
$40 800 less han the sum of the increases IN
loans and cash The reserve required ls
81 5S5, ,475 more than last week, which de-
duct ed from he increase Of 81, ,205, ,lOom the
cash results in decrease in the surplus
reserves Of $3sO.375, bringing the amount
ments to $40, ,877,925
In the opening dealings the trading was
very tame, London cabled slightly
higher range of prices for American shares,
but this failed TO stimulate the early specu-
lation. One of the stocks that showed
special strength was Atchison preferred.
the buying of which apparently represented
the execution Of an investment order. The
shares of the Amalgamated Copper Com
pany sold off prior to the appearance of the
bank stat ement but received good support,
and on the closing rally recovered sharply,
ending at their highest price since their
latest upward movement began Other
stocks that rallied sharply from earlier
recessions were AtchiSon common, st.
Paul and Union Pacific. There was an
advance of two points in the shares of the
Colorado Fuel and Iron Company, ap-
parently on a short covering movement;
but the full extent of the improvement
was not retained. Tennessee Coal and
Iron and the United States Steel shares
we're also firmer There were no special
developments of general news interest
excepting the correction Of the report oS
the assassination of the American Vice
Consul at Beirut, Syria. The most inter-
esting statemen, of railroad earnings to
hand was that of the Canadian Pacific
Railway Company for July, which showed
an increase in gross Of s75O,3e4 and an
increase in net of Sl4? slG. In the COM
mercial markets wheat and corn prices
advanced in the early dealings on the cool
and wet weather in the West, but eased
later There was another heavy short
covering movement in the cotton market,
with strong bulling by the clique, prices
advancing sharply. Talk of damage to
the growing crop by the boil weevil as
sisted the upward movement