The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-26

NEW YORK. Sept. 2j-The Evening
Poste london financial cable says:
TIC stock markets were quiet and tca-
turelsss to-day pending Tho settlement
next week There was a firm undertone,
however. Americans. after n fiat OPEN
Ing on The Now York lead, rallied consid-
crshly az tho close.
The New York Flnanclor says This week.
The statement OF the banks show, as
Rad been anticipated. heavy loss in cash
snd shrinkage Of the reserve 20 ne
lowest point recorded since November tth
last With gold imports beginning, the
impression prevails that the banks VIII
be fully able 20 meet all demand maae
upon them. The advance in the money
market has evidently brought about some
liquidation. 10 ig notable however, that
the operations Of one bank. the National
city. account for The total change ln
loans So. also. rs deposit changes make
up al least one-third Of the entire decrease
reported by al the banks. Tho cash
Withdrawn at went 90 the interior. Inc
statement does not balance. but the plain
Interpretation IS that the demand Tor
money for crop purposes is at its iull
height. and may be expected 90 continue
for some time 20 come il VIII not be
rlrprisinE N Tho Joan item exhibits TURNER
decreases. in view ~ the urront demand
from tho South and West Inc decrease
in loans for the present week 3 tne uIsl
that has occurred since the opening WEEK
in May. elncc which time the expansion
has reached n total Of 100000. Seven
oS mo New York banks are below the p
per cent. reserve requirement ana large
humber az tho other l1etltufion7 are only
slightly above &c. Tho future OF the
money markets rests largely, Of course,
on the extent Of gold imports. The Treas
urv defcit VIII help tho banks 20 some
extent. but against this IS the coming
Union Pacific foreclosure sale. which Will
take a large sum from the open market.
~ is estimated that tire foreign trade Lai-
ence IN our favor f9r the three months
than $40 900 900. and this. with cotton
exports only beginning. The resources
which the country can command In case
Of a sudden hardening In the money mar
kct arc thus enormous. Even with the
continued use oft funds 20 meet tho I'M
menFo expansion of trade ~ interior
points tho outlook remains cheerful for
Legitimate business enterprises
There was no largo aggressive element
GA the stock market to-day and the trad
ing was largely in the hands Of the reac-
tionists. There were few feeble rallies
during the day. but the saggnR tendency
was FOR the most part uninterrupted
Dealings were not on large scale, nor
were they og widely distributed as OF late
The rise az the opening in sympathy with
London served 90 restrict the net declines
in the international stocks, and London
also was "a buyer Of some stocks during
the day. There was nothing I'm the gem
cral news TO cause recession IN prices
and the hoavluess Of the market had no
other explanation than the Withdrawal q
support and the continuance OF some OF
ferngs 20 realize profits. TIE bears ara
some short selling in their Efforts 70 un-
cover stop-orders but there was no age
rressive selling manifest
Trading halted after II O'Clock ana
waited for tho bank statement The re-
fpongo was not immediate when the state
fnent appeared. showing some hcsitancy
about constituting its character An un-
favorable view was finally adopted. ana
.M DON ard
in many cases az the lowest OF the day.
I'm some stocks, however, there was
final rally OF fraction. Sugar covered
q range II over two points, but closed
unchanged. Omaha lost two points, Con-
F0lldated Gas 2b and many other active
shares from one 70 two points. Interest
to-day centcred in the weekly statement
Of the clearinghouse banks. The changes
were very marked The most notable fea-
ture OF the statement As the decrease
shown in deposits Of $40 602 900 The ac-
tual loss ia cash was S6,5is 300. all in
legal tenders as the amount OF specie
shows "a small net increase. The heavy
decrease in deposits probably represents
the demand from Interior banks, which
have had funds on deposits In New YORK
banks for many months The proportions
of the Withdrawals account for the sud-
den calling OF JOINS during tho week,
which was attributed in speculative cir
rles 90 on enort TO manipulate the money
market. Tno contraction iu loans is
stated 40 81. 729. 800 and this contraction
served 90 reduce boy so much the loss
10 the banks in actual cash ond 20 save
O. corresponding additional decrease I'm
the surplus reserve. The fact that the
decline I'D the surplus reserve IS not as
large as expected is due 10 THIS f0ct. ana
also 10 tle RAGS llaL inc iesal reserve
NOUS Withdrawals OF deposits. The con-
traction OF loans in the face OF the active
speculation demand prevalent amply ac-
counts Tor the etimening of money rates
3D. or In Ia