The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-07-19
FINANCIAL AND COMMERCIAL.
SATURDAY, july IS.

SATURDAY, July IL.
Normal conditions governed the TIRE ding
In to-day's short stock market session,
with the business not on quite such an
active scale g recently. Despite irregu-
larity exhibited by the list OF closing quo
tations for American sht res a bled from
the London INF rket, which cen SEES on 81 tur-
day before our opening, the initial tire MS
actions showed some tendency tower
Improvement The ca rly prices were, how
ever, in nearly q II c. seq the best OF the
day. It IVES evident thFt there WIS
disposition to secure profits on the pert OF
some Of the buyers ct the recent low levels.
The pp rite eliminr ton Of the short interest
during yesterdays edvf nee me- de the
merket position technics lily wee ker, OIL
though there VIZ evidence in severe Of the
STANDARD shr res tMt strong interests con-
tinue quite willing to buy Pdditionfl stock
on recessions. Such evidence wasatforded,
note bly,. by the action Of the shP res OF the
Pennsylvs mia nd New York Centre COM
panies. The TIRE ding element we disposed
eerly in the dPy to cirque thet a favorP BILE
showing by the weekly statement OF aver
ages OF the sssocieted ba nks he elreP dy
been discounted, end put out moderate
fresh short lines Of stock. The be nix str te-
rnent. rs published, proved decidedly
favorp BILE, so far es the exhibit pa to CT sh
was concerned, on incres so In specie end
legnl tenders tote ling S803e 200 Being
recorded, which WIS 81 100000 gres ter
than the best Of the prelminr ry estimF ties
as to the c. sh grin for the week mede
yesterday, on the bs sis Of the re-
turns rs to the currency movement at
this city This is, however, explained
by the average system in making up the
statement, which made the loss last week
appear larger than it actually was. The
showing as to loans proved dlsappoint-
ing, failing to reflect by very substar tial
decrease the heavy stock market liquida-
ton Of the past week and the beginning
Of payments upon the maturing $4,000 900
loans OF the Pennsylvania Railroad Com
pany. A decrease Of but $2.s13,5OO was
shown by the loan item. This showing
was 'perplexing, particularly as the best
information obtainable has been that what
liquidation occurred in loans this week
was not Offset by fresh railroad corpora
tion borrowing from the New York banks,
the borrowing OF this sort having been
largely done abroad. It. would not seem
rs II the perplexities involved in the use
OF the average system for making up the
bank showing explain the peculiar loan
exhibit, though as a great deal Of the stock
market liquidation was. in the last half
Of the week It may help to do so. As 1t is,
the loan aggregate reported by the banks
remain well above the highest total that has
ever been reached at this time OF the year.
The deposit item In the bank statement
reflected by a fair balance the changes
in cash and loans, showing an increase
Of 3S,O64 800. As result Of the chang
the surplus reserves show an increase OF
sS,2T0,O00, bringing the total now held by
the blnks, above lawful requirements, up
to S13,27s,47S.
There was some irregularity following
the appearance Of the bank statement,
and the traders were evidently rather nom
plussed regarding its showing. Some
stocks were bid up sharply but In the final
dealings there was a renewed selling ten
dency displayed. with the market clos
ing irregular and rather heavy. Special
weakness was shown by Rock Island,
which again touched the low figures OF
97s% reached yesterday, closing but u
above tho low point. Amalgamated Cop
per also displayed renewed weakness.
with further talk about lower market
for the copper metal There was a cessa-
ton OF liquidation In the Toledo, st. Louis
and Western shares, and they made fair
rally. Business for London account In
the local market was. as usual on Satur-
day, very light. The cable orders received
were chiefly on the selling side. Another
large batch OF favorable railroad earnings
statements as published. In the COM
mercial markets, weakness developed in
grain pricess with Western crop weather
advices continuing favorable. The cotton
market was quiet but steady. 1t is worth
noting that the imports Of dry goods and
general merchan disc reported by the New
York Custom House this week show
large increase. They were, 1882 $40,
which is $3.50 1885 above last week and
$3.50, 200 more than the corresponding
week Of last year. The weeks imports
were the largest since the week erded
March 20. when they were sl3,ss4,s77
Sterling exchange rates showed further
flrnnese to-day, and they have now re-
covered practically to the level from which
the recent panicky smash in exchange
started on the announcement of the ne
gotiation OF the 500 900 Union Pacific
Railroad loan,
New York Stock Exchange Sales. July Is.