The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-12
SATURDAY. Sept. IL.

SATURDAY. Sept. IL.
The weekly statement of averages Of the
Associated Banks shows that the interior
10 beginning to make important demands
upon this centre for currency to move the
crops. The loss in lawful money. nearly all
of 1t in legal tenders, is S7,347 900. That q
large part of the money sent to the interior has
been borrowed is 1 indicated by an increase In the
loans, which is only slightly in excess of the loss
in cash. SO far as the deposits are con-
cerned the two items very nearly Offset each
other, and in consequence the surplus re-
serve is reduced nearly 81, $780, 900. That item.
however, is large enough to meet the fernando
upon the banks for several weeks to come. par
ticulariy as higher rates Of interest. which arc
plainly foreshadowed by the statement. and tho
outward movement of breadstufs and Of cotton,
are certain to lower the rates for foreign
exchange to figures that will necessitate
shipments Of gold from Europe to tho
United States. The point is made by some
people that European bankers will not permit
such a movement OF specie. They. however.
do not control the situation. They have infu-
enced extensive sales Of American securities,
but q rising market here. which London has
followed reluctantly, has demonstrated that
bankers and others who have endeavored
to shape European opinion regarding
American securities have boon absolute
Iy wrong in their views. Tho chances
are that the leadership referred to will DO
abandoned. and that as the earnings Of our
transportation industries continue to improve
Europe will regret Its sales Of American securi-
ties and endeavor to recover Its holdings of them.
Today's stock market was moderately active.
and the course of prices was irregular. There
was naturally a good deal Of profit taking at the
end OF the week, but II WAS not sufficient 10 Inn
pair the strength of the market. Mono of tho
net declines recorded was greater than might
reasonably have been expected after tho sharp
advance of the last few days. Tho most i'm
portant tr nsactions were In the Granger stocks.
and of that group Rock Island was tho
leader In respect to activity and the net
advance recorded. Other noteworthy move
ments were a net advance of o points in
Brooklyn Union Gas. Zig y cent. In M. X. and
T. preferred, and a reaction of 1o y cent. in
Consolidated Gas. In tho bond market the
features were Brook yn Rapid Transit IS at an
advance to SO. Missouri, Kansas and Texas eds.
and Rio Grande Western lists. TIL dealings in
bonds for the week have been over @3, 800. 900 par
| value per day. and the number of Issues dealt In
10 nearly up to tho highest ever recorded. The
dealings In stocks, counting to-day as a full day
have been over half a million shares a day. Az
noted further on In this column. the great ma
jority of the list closed higher than on last Sat
urday.
The various trade statistics published to-day
show an advance in the price Of commodities fol
tho week. q notable increase In bank cloarancei
over the previous week. as we'll as over the cor
responding week oflast year and a small increase
as compared with the corresponding week
1892. Tho information comes from other sources
that tho number Of lAborers employed In thiI
city and throughout the country 10 larger thar
for q long time past. The labor situation. how
ever, Is not entirely satisfactory. owing to thu
strike OF anthracite coal miners In the Ls
high Valley district and the rejection by thu
bituminous coal miners OF the proposition for
readjustment Of their wages upon q higheI
scale than preva led before the present strike
Tho demand for both pig and manufactures
iron continues TO increase OF advancing prices