The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-25
Bank Statement Not Satisfactory to
the Street.
CONTRACTION IN LOANS
AMOUNTED TO ELEVEN MIL
LIONS FOR THE WEEK.
Expected Upward Movement of
Prices Is Still Delayed-Money
Stringency Has Been Disap-
pointment to Speculators-euiet,
But Large Absorption of Stocks.

New York, Sept. 24.-Speculaton was in
clined to wait on the bank statement to-
day and there was much doubt concerning
what the showing would be. The realizing
movement in the stock market upon Its
appearance indicated that the return is
not regarded as altogether favorable, IN
spite of the rise in the net surplus reserve
OF $4.el2,4l5. The increase in cash was
less than 81, 100000 and the remainder Of
the increase in surplus was due to a re-
duction of reserve requirement by a fall
OF Sll,3l4, 200 in the deposits, reflection
from the contraction in loans or $lllU 4OJ
IT was believed by some people tnat last
week S heavy decrease Of over $lZ,VOO,OOJ
in loans WIS due IN some way 10 the
mysterious system of averages used by
the banks. But in that event there should
have been some bookkeeping compensation
in today 5 statement. 1T Is certain tnat
there has been no such drastic contraction
% of open market loans. elIher last week OF
this, as indicated on the face oil lhe state
ment. The more probable explanation Is
that advanced in this review last week,
namely that the liquidation loans are
largely those made TO outside banks TO
finance subscriptions to the government
loan The delivery of bonds by the gov
eminent has been delayed, but is now pro-
crossing more rapidly and the loans are
hquidated with the delivery of the bonds.
The bank returns Indicate otherwise the
turn III the money market toward greater
ease.
The stock market showed a quiet but
large absorption of stock, notably of the
Pacitics and srangers on the trafi1c re-
turns Of those roads. The miscellaneous
list showed tendency to reaction, which
was checked by the frmness of the rail-
road list under the realizing movement
and the bank statement.
The expectation was quite general that
the upward movement of prices on the
stock exchange would be resumed this
week and that The liShtneSS of the money
market would be relieved, owing TO the
cessation of the drain into the treasury
Oh account of the subscriptions to the
government loan. The expectation is
still general that these two events are
simply delayed by the various reactionary
incidents of the week. On Monday 1t was
the violent break in Sugar and the con-
tinued lightneSS of money has checked
speculative ventures during the whole
week The continued hardness of money
has been Il particular disappointment to
SPECTATORS, as various factors We're
looked to confidently TO bring relief, in
GLIDING the anticipatory payments of the
October interest on the government bonds,
increases in the government expenditures,
gold imports and the poStpOnement OF the
payment of the small remaining portion of
the government subscriptions. These
factors have proved ef1icaciOus as the
work advanced to cause lower rates for
money. but in the meantime number OF
the banks which had fallen below the %
per cent reserve limit called loans TO re
plenish the reserve. The call money rate
went to 6 per cent on Tuesday the high
est point of the season, in spite Of the
heavy engagements of gold for import.
The fact that the gold movement has been
inaugurated in force just at the time when
the money market has passed successfully
through the strain of the government
loan, is significant of the country's en-
larged needs for money.
The bond market has been dull and
heavy on the light money market United
States new As registered have declined
=: old As registered have declined Il
old As coupon Il: new Is coupon and the
IS when issued i and the As have adj
vanced 4 in the bid price.
Total sales of stocks today 151, 500 shares. |
including 9,147 Northern Pacific. 1880 |
Union Pacific, II. 325 St. Paul, 12.242 Union /
Pacific preferred. 1880 Tobacco, L, 225 |
Peoples Gas. 16, $50 Sugar, 1900 Rubber.