The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-09-18

s~AruuphY. Sent. II.

AnoOOlnteQ banks mhOo y bOultWuuN pOttt
showing than had generally been expected
The Street was prepared to see the surplus re
serve remaining at the end OF last week wiped
out, but owing to a large and apparently voiun'
tAry reduction In the loans the deposits were
reduced 10 an extent that required nearly
$1,000. 900 less reserve than a week ago. ant
IN consequence, although the banks have lost
sT,8O0.OOO In lawful money. they are still able
20 show an aggregate surplus OF nearly four and
aquarter millions. An interesting, though com
paratively small, change in the statement Is the
Increase OF S1.0o0.0oo In legal tenders. This
shows that receipts Of currency from nearby
points have moro than Offset shipments to the
interior. Practically all Of the specie the banks
have lost has gone into the Sub-Treasury
IN payment for bonds. As the banks and
The Treasury. acting In concert, have
brought about q practical cessation OF the alb
sorption OF money by the last named and ~
imports Of specie are stendily assuming larger
proportions. IL seems safe TO assume that from
this on the banks will begin to make a better
showing than they have for a number OF weeks
past.
Now that a turn in the local movements Of
money. 80 far as the Treasury is concerned.
seems to be at hand. 1t is interesting to note
that the last Government loan has been hoated
without seriously disturbing the money mar
ket. Rates for money have risen q little. but
1t no time has there been o condition
approaching stringency. nor has there been any
forced contraction OF loans. TIL liquidation OF
bAnk accommodations has to q large ex-
tent been incidental to the reaction In
the stock market, which appears to have
run It's course about the middle OF the week.
Moreover. there has been q good deal Of shift
ling OF loans from banks to individual lenders.
To trust companies and to other financial
institutions. The advance in the local
nhoney market has attracted a large amount
OF funds here. not only from the
West, but also from Canada. Fears OF an &C.
tive money market may easily be disposed Of
when it is known that many hundreds OF thou
Stands Of dollars have been lent here this week
for institutions as far east as Halifax and as
FIR west as Montana.
iThe stock market to-day was somewhat IT.
Regular In the early dealings but developed a
Gaood deal OF strength on the publication OF the
hank statement. The majority OF the list closed
ffHctionally higher than yesterday. and note
Worthy not advances were scored by Reading
tissues on the publication Of the annual state
nhent. Wabash preferred, American Tobacco.
and Chicago Great Western. There was a fresh
spasm Of liquidation In Sugar refining in the
late dealings that left that stock more than q
Dioint lower than yesterday. The remainder
Of the list, however. ignored this movement. as
IL has the previous decline In the stock dur
Ing the week. Practically all OF the news
this week. political. financial and CONNER
clal. has been OF a character to stimulate
speculation. 1t seems unnecessary to re-
count events 80 fresh in the public mind.
but a few statements OF interest may be pre-
sented regarding one Of these developments
that has attracted unusual attention both here
and abroad. namely, the announcement that
the President OF the Great Northern Railway
Company has acquired a considerable interest
in the Baltimore and Ohio Railroad Company.
This news has given color to reports and con-
lectures that the Great Northern system is to
be extended to the Atlantic coast. 1t can be
said authoritatively that nothing is further
from the thoughts Of Mr.. Hill and his associ-
ates in the management OF the Great
Northern system. The eastern termini Of that
system are st. Paul and Duluth. except that
Buffalo may be considered in the same category
during the season of lake navigation. The
policy ofthe Great Northern Company not to ac-
Quire mileage east of the points named Is in no
degree threatened by the fact that the Presi-
dent Of the company. through his intimate
relations with those who are recognizing the
Baltimore and Ohio system. has been induced
to take an interest in that property as a
personal investment. 1t is probable that
he was induced to take that interest not
only because Of the prospects Of profit.
but because Of a desire to demonstrate
that the methods OF operating which have
proved successful in the Northwest may be
applied with equal success upon a trunk line
between Chicago and the Atlantic. It is also
a reasonable superstition that the reorganiza-
ton managers of the Baltimore and Ohio
Railroad were constrained to interest Mr..
Hill in their undertaking.. because of the re-
suits he has obtained in solving the transport
a. T. A. ,,n-N a.
the lakes and the Pacific coast. 1t is under
stood that Mr.. Hill will, for a time at
t tfiass; Of Gff tRe reo sGpsfSsdHB a It'll ers1i and 9P Ohio
system. In conclusion. it can be said that any
attempt to connect him with indifferent rail
t ESs 3 ePp Of the Great Ror Il TieG and i the BnallttlEs
more and Ohio systems by the acquisition or
rehabilitation Of mileage between st. Paul and
Chicago. arc entirely unwarIanted.,
As compared with the final prices Of last
The more important net advances are in Amer
lean Tobacco. 9E 2 cent. U. S. Rubber, ~;
D. &inic n p esRitg'l2: ,. p; U SGa5hfFE Pacific RaG prsiierS ed;
%&S Wabash i bsdfer s,sfes 81 RG e6eSc B REIstiSr5sS and and
each Zach: Missouri ia Paci ffSaI IL: PeopleSs GAS. Is:
Manhattan Railway. u; American, Cotton Oil
Quincy. Illinois Central. Denver and Rio
GrSHndes pF pd i'd md MD, T e Pacific; Z
4 each. U s. Leather preferred. and Western
Union y 2 cent. each. The noteworthy de-
S = Gest. arg eo m Ai%sFlin Gas sq 8: Br HSEi'lGinf Raappi ala
Transit AZ, METROPOLITAN Street Railway ~.
and Northwest IL n cent.
New York Stock ExchanGo-SAleS Sept. IT.
UNITED STATES AND STATE BONDS I'm 81. oOosl.
2o6 o 8 8s. Observation-Disclosures
CLOSING PRICES OF UNITED STATES BONDS.
Bid. AUed. Bid. AIkSd.
On St 2E.r. I'm st 4s.o.
PtplofG 90 1925.....l27k l2sM
Usas 1908 I'm ST bs,r.
1918, r...lo6A 1905 1904. .....ll2h 1l3k
Us IS. 1908 I'm st g.. o,
1918. c...lo6H lo5hI 19o4-..,ll2h ll3k
On st+S,r. Un st 6S,r
1ao7.....lloh AK ls9a..".lo2H -
I'm StAs. O. US $685. r,
po7.....1llH ll2HI 1924. Dolly -
Tn st4B,r.
1928 ....l27h l29kl
RAILROAD AND OTHER TN 81. 000sl
2e5 Atoh adj as. 7lH / Rock Isl es....l3lA