The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-13
BANK STATEMENT BAD.
1t Was Even Worse Than Had Been
Looked For.

NEW YORK, Nov. 11.-Today's bank
statement proved rather worse than the
most extreme estimate had foretold. The
loss In the cash reserves ran up to So 217,-
470, whereas the extreme estimate had
been $,5 900. Some sanguine persons
had hoped that the cash losses would be
offset by loan contraction as high as
Sl2, COO. Instead of that the decrease
In loans reached only $7,151, 100. AS this
only reduced the reserve requirements
to the extent Of 81, 766, &c., the cash losses
have resulted in increasing the deficit
below the legal requirement to 50, 7SS, $50
1t was not to be expected that so for
midable all encroachment on the already
depleted reserves of the banks should be
without effect, and prices gave way all
around. The losses in the railroad list
are strfkingly small, in spite Of a large
volume of dealings This department Of
Tered stubborn resistance to the pres
sure, and there were evidently heavy
buying orders to be executed. In the
specialties, especially those recently act
I've In speculation, the losses were more
severe. In Sugar, the coalers, the local
traction stocks, and principally Manhat-
tan, Tobacco and Tennessee Coaf, 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 Oh Friday on the stock
exchange carry over until Monday to-
days market was nominal. Liquidation
was in anticipation of MONDAYS money
market, and was not forced by actual
calling Of loans. Yesterdays large call
Ing OF loans is probably not fully re-
Hected IN the statement, so that the &C
tual condition of the banks may be slight
ly better than indicated, but the course
OF the money movement makes the neces-
sfty Of further loan contraction q prac-
teal certainty
The foreign exchange market like the
money market, is almost wholly nominal
on Saturday, but the nominal rates for
sterling were marked down an additional
II. BY Monday morning last the opera
tors In stocks had recovered largely
from the fright occasioned by the show
Ing In the Saturday bank statement of A.
cehcit In the required cash reserves Of
the banks. They were soothed by a
specious explanation that the statement
made the showing worse than the actual
change warranted owing to the neces-
sary rectiI1cation of an error in the state
ment OF Oct. 2S The admission Of an er-
ror In the showing, and the fact that the
statement WAS withheld from publication
until ten minutes before the close on
Saturday last, were made the occasion
for criticism in Wall street and in the
reVufston Of speculative feeling opinion
rushed to the other extreme Of overcon-
fidence in the money outlook.
Bonds have moved slightly In sympa-
thy with stocks, but the changes have
been narrower. United States old 4s reg
tstered advanced u; United States cou-
pons, new is and 5s, a, and the IS, 81 in
the bid price. The rs declined a.
STOCK QUOTATIONS.
Furnished by Charles n. r Smith g.
Co.. members of the New York stock cx-
Change, Pioneer Press building. who have
greet wires to Chicago and New York
Closing prices are bid: