Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-11-04
FINANCE AND TRADE
Strong Opening in Stocks Followed
by Sharp Break.
UNSATISFACTORY BANK STATEMENT
Leather Made Sensational Break
and Recovery
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

| Special Dispatch TO The Evening Star.
NEW YORK, November 4.-The COM
parative calm OF London in View Of recent
advices from the Trausvaal, as expressed
in the security markets. had favorable
influence on local prices during the opening
hour this morning. Advances OF a per
! cent prevailed in the numerous low-priced
international Issues and some rather good
buying prevailed for time in spite az the
iact mat the bank statement was expected
| TO. De uniayorable. At the end of the sec
ono hour the market halted and remained
stationary until the figures supposed 10 rep
resent the weeks financial operations were
| published.
The Withholding Of the statement until
the last fifteen minutes of business prepared
| the street in some measure fpr the sorry
EXHIBIT which finally appeared. The loss In
| cash runs up to SAILS. 200. the greater part
| OF IL IN specie. The loan account. for the
| first time in weeks, remains aim pst station
| airy, a decrease of S2io9ro being reported
In view Of the activity toward the close
| Of the week, the fact that the total loans de-
creased instead OF increased is modcra tely
| encouraging. Deposits decreased s.. IG7, 800
| or about $4,000 in excess of the amount
necessary to balance the statement
The net result Of all changes is reflected
| in decrease Of %}.376.SIj in the reserve. a
decrease which cXtinguishes the surplus re-
serve fund, and leaves the average reserve
of the associated banks about SSSS so M
der the - per cent legal requirement The
realization of this latter fact brought in an
abundant supply OF selling orders for both
accounts and led up to an episode which
VIII do more real mischief than the bank
statement itself
Leather, common. which had been adroitly
manipulated from 25l2 last Monday to 80
! early this morning. was suddenly forced
| through all sustaining orders and on down
! to p. The attack was impetu1us and was
| checked only because 1t became exhausted
| with its own eXertions
The t1fteen-point reduction in price was
| accomplished in as many minutes At the
| low point pool bookers were sent in and
forced the price back to 80 or within about
per cent of the point from which the de-
cline started. Brief the double move
ment was, ii Will serve To impress upon tho
public the really artificial basis upan which
the whole campaign has hinged. Stocks OF
this character may well be permitted Ia
stay Indefinitely under the control of tina
manipulating interest. They are not des-
tined To add to the investment strength Of
the pubiics strong boxes.
The entire market shaded off from /, IN
1l2 per cent under the influence OF the bank
statement and the prospect for an active
money market during the coming week
Inc election holiday on Tuesday is likely
to make the demand for money rather ag-
gresSivc on Monday.
Realizing sales are to be expected as one
of the more likely means Of increasing tho
cash resources Of the banks. Much com
ment Is heard on the delay in the return
currency movement, but bankers persist in
ignoring the short-sighted policy of the
clearing house in charging on all out-of-
town collections
Much money, aggreEating millions in
bank balances and corporation accounts,
mas been withdrawn without the slightest
intention or being returned under this clear
ing house penalty.
Nearby New Jersey banks arc increasIn
their deposits. and New York bankers watcn
their mail business fail off end marvel at
the evils of the yearly crop movement
There has been some proRressiVeuess in
banking customs during the years business
revival. but 1t has been mostly outside OF
New York.