The times., 1898-09-18
BANKS DOING BETTER.
Review OF Financial md Stock
Dealings of the Week.


New York, Sept H.-The weekly state
ment of averages of the associated banks
made a somewhat better showing than
had generally been expected. The street
was prepared to see the surplus reserves
remaining at the end of last week wiped
out. but owing to a large and appar-
entity voluntary reduction in loans, the
deposits were reduced to an extent that
required nearly So 100000 less reserve than
week ago, and, in consequence, al
though the banks have lost S7,S00,000 in
lawful money, they are still able TO show
an aggregate surplus of nearly four and
one-quarter millions.
An interesting although comparatively
small, change in the statement is the in
crease of sl,000,00O in legal tenders. This
shows that receipts on currency from
nearby points have more than offset ship
ments to the interior. Practically all of
the specie the banks have lost has gone
into the subtreasury in payment for
bonds. AS the banks and the Treasury,
acting In concert, have brought about
practical cessation of the absorption of
money by the last-named, and as imports
VI SPeSic dte SlSttQil dSSuHllHB IdTSbT pIO-
portions, it seems safe to assume that
from this the banks will begin to make
better showing than they have for sew
eral weeks past.
The stock market today was somewhat
irregular in the early dealings, but de-
Yeloped good deal of strength on the
publication of the bank statement. The
majority of the list closed fra ltU
higher than yesterday, and noteworthy
net advances were scored by Reading is
sues on the publication of the annual
statement. Wabash preferred, American
Tobacco and Chicago, Great Western also
advanced. There was a fresh liquidation
in Sugar Refining in the late dealings
that left that stock more than a point
lower than yesterday. The remainder of
the list, however, ignored this movement
as 1t has the previous decline in the stock
during the week.
Practically all of the news this week
political, financial and commercial has
been of a character to stimulate specula-
tion- few statements OF interest may
be presented regarding one of these de-
velopments that has attracted unusual
attention both here and abroad, namely
the announcement that the president of
the Great Northern has acquired a con-
siderable interest in the Baltimore and
Ohio Railroad Company. This news has
given color to reports and conjectures
that the Great Northern system is to be
extended TO the Atlantic coast.
1t can be said authoritatiyeiy that moth
ing is further from the thoughts of Mr..
Hill and his associates In the manage
ment of the Great Northern system. The
eastern terminus 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 of the Great Northern to ac-
| quire mileage east of the points named
| is in no degree threatened by the fact
that the president of the company
| through his intimate relations with those
who are reorganiZing the Baltimore and
| Ohio system has been induced to take
| an interest in that property as a person.
| al investment. II is probable that he was
induced to take that interest not only be-
cause of the prospects of profit but be-
cause of desire to demonstrate that the
methods of operating which have proved
successful in the Northwest may be ap-
piled with equal success upon trunk line
between Chicago and the Atlantic.
1t is also remarkable supposition that
the reorganization managers of the Bal
timore and Ohio were constrained to in.
terest Mr.. Hill in their undertaking be-
cause of the results he has obtained in
solving the transportation problem in the
vast territory between the Lakes and the
Pacific coast. Ii is understood that Mr.
Hill will. for time at least, virtually su-
pervise the traffic operations of the reor-
ganiZed Baltimore and Ohio system.
In conclusion ii can be said that any
attempt to connect him with Indifferent
railway propositions having in view the
linking together of the Great Northern
and Baltimore and Ohio systems by the
acquisition or rehabilitation of mileage
between st. Paul and Chicago are entire
| ~ unwarranted.