The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-12
STATEMENT is DISAPPOINTING
THE Loss IN THE CASH RESERVES
RAN UP TO SJ,217.i00.
Tile Decrease in Loans Was Expect
ed to he S12.Oo0.000, but 1t Only
Reached $5,151, 100.

New York, November 1.-Todays bank
statement proved rather worse than the ex-
IRENE estimates foretold. The loss in the
cash reserves ran up to 400, whereas the
extreme estimate had been for only si,5OO,Ooe
Some sanguine persons had hoped that the
cash losses would be offset by loan contrae-
ton as high as 900. Instead OF that
the decrease in loans reached only s7.i5i, 100
AS this only reduced the reserve requirements
to the extent of S2.766,s00 the cash losses
have resulted In increasing the deficit below
the legal requirement to S2,7SS,9o0. II was
not to be expected that SO formidable an en-
croachment on the already depleted reserves
OF the banks should be Without eject and
prices gave way all around.
The losses IN the railway list are strikingly
small, III spite OF large volume of doalins$.
| TINS department onerea STUBBORN resstalIee
| 10 the issue aud there were eytdent!y neaVy
! buying ORDERS to be expected. In the spel ial-
| ties, especially those recently active IN specu-
| Iation, the losses We're more severe IN
| sugar, the cOaiers. the local traction stocks
and especially Manhattan. Tobacco and Ten
| ness Coal there were wide breaches IN prices.
| Even in these the bears were eager to cover
at the decline and some sharp rallies were
achieved
| AS loans made on Friday on the stock ex-
change carry over until Monday the day s
money market was nominal. Liquidation was
/ in anticipation OF Mondays money market
|
! loans. Yesterdays large calling OF loans Is
| probably no. I.-iy REACTED in the statement
| so that the actual conditions OF the banks may
| be slightly better than indicated, but tins
course OF the money movement makes the
| necessity of further loans contraction prac-
| teal certainty. Foreign exchange, like the
money market, Is almost wholly nominal on
SATURDAY but the nominal rates for sterling
were marked down an additional half. BY
Monday morning. last, the operators in stocks
| mad recovered largely from the fright oc-
| hy fha
bank statement OF de6cit In the required
cash reserves OF the banks They weFo
soothed by a speeious explanation mat the
| condition warranted. owing 70 the necessity
OF rectfcation OF an error In the statement
Of October Is. The admission na o. an error
nent was withheld frem publication until
ten minutes before the close on Saturday last,
was made the occasion for criticism IN wall
street and in the reyulsion OF speculative
feeling. opinion rushed TO the other extreme
Of overconndence In the money outlook
Traders In stocks generally seek TO antiei-
nate n certain amount OF outside buying.
which comes into the market after an cleo
|, ton. owing TO the relief from the unsettiing
Influences on business OF pon,lcai cam.
! ttnsks ON Monday with this object and re-
su Itn advance in prices, There was also
some outside demand on Wednesday; as WAS
sorl, ths offerings The large buying By the
bear element during the PREVIOUS week result
"a in olir,inntiug much OF the SNORT interest
ar the market and us technical position was
weakened TIE eOStss q s ,Ss s
~. ngge, elevation during the previouc
, nvpsl hsa been illusive New York exchange,
which iIc had hardened at various points an, and
al Chicago had risen 70 zoe premium per 1000
sdeT,,, y" THE renewal of the demand fron,
ths interior on New York banks was supple.
! mented by the continued spsorpuon OF ,mra,
ps r,v I, Inc week that the treasury depart
rss was about 20 take up large smount Q,
government bonds ip the tr SDen ofaeials 81 *.
~, nsr,,,ent The treasurer has made II OBJ
vious that no government measures OF RELIEF