The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-29
BANK RESERVE
WAS REDUCED
Yesterdays Statement More Unfav-
orable Than Expected.
STOCK MARKET A TAME AFFAIR.
The Violent Price Fluctuations Of the
Earlier S%tringency Notable by
Their Acknowledging in
Bonds Also small.

xNEW YORK. Sept. 2S.-Tho market
FOR securities to-day was a small and
tame affair by contrast with the violent
fluctuations OF the earlier period Of the
money ~stringcncy. The rate Tor call
money vibratcd between L. ana IL per
cent during the period OF active demand,
but after that was satisfied, fcl by quick
stages 10 3 per cent. The needs OF Dor
goWcrs over the three ensuing hoildays
was satisfied in large part to-day In dnuc-
ipatlOn Of pressure for ccommodation
To-day, and consequently to-day S higher
rate did not reach within O per cent. OF
yesterdays. The bank statement was
unfavorabie beyond al expressed antici-
patton. Although The Outg0 20 the Sub
treasury was reduced 20 $l,lg.00o for
-FOUR days OF business. the losses Of cash
10 the interior brought the total reduc-
ton In the reserve uD TO Si.j4J.sOO. In
spite Of q net reduction m loans OF S7.1S2,-
go, the meagre surplus reserve was stu
further reduced $l.23g. 80. Il IS obvious
that loans made in The last few DAYS on
the STOCK Exchange DO not figure largely
In this showing. and the accommodations
were probably secured from dealers i'm
money who had supplied themselves with
time loans some time ago. and who put
their supplies out again al profitable rul-
ing rates in place OF the loans called
by the banks TO meet the demand for the
october settlement. The showing Of the
bank statement and tEe continued tight
ness Of money We're offset by IN addi-
uonal engagements of gold for import
and the drop in the rates for sterling ex-
change 10 very near the regular import
point. The sentiment on the Stock lEX-
change was that further relief to the
money market from this source rs now
available. and that a regular movement
OF gold Is now fairly -inauguratcd. No
pressure of liquidation was manifest. and
present holders of stock evidently felt
themselves strong enough TO await a
more favorable turn Of affairs. The con-
ndenC In further gold imports was en-
uDIStynf ny the fufNurn of the RunL IF
England 90 advance its official discount
rate, Notwithstanding The fact that the
principal demand for money in Iondon
d. now thrown upon the central institu-
ton by reason of the higher prevailing
private rate of discount. a fan in storl-
ing exchange az Berlin in response TO the
former discounts there suggested add
llonal pressure on London for gold from
that source also. With gold moving 10
New York some measure OF protection by
the bank at an early day nay be accept
ed as a certainty. The interior money
markets IN This country gave no evidence !
81 a relaxation Of the pressure upon New
York for funds. New York exchange az
interior points tending rather dOwnwards.
some relief IS anticipated next week from
dividend n interest disbursements and
from the money 10 be left I'm the city by
visitors TO the Dewey celebration.
Except for r recovery Of 80 I'm Tonnes
see Coal. gains Of 14 and , I'm the ST..
Louis and Southwestern stocks. and wide |
movements in a few usually inactive
stocks. to-day's market was without /
notable incident. The total dealings fell /
20 the level OF the midsummer period Of
dulness.
Dealings I'm bonds We're on a small
scale, and price changes were mixed.
Total sales. par value. S1.32JOOO. United
States new As declined y i'm the bid price.
The total sales Of stocks were go. 200
shares. including Atchison preferred.
9.1J0; Manhattan, S.t5O: st. Paul. 1850:
southern Pacific. 1880; American To-
bacco, 1850: Brooklyn Transit. IS 2S0:
Sugar, 1910: United States Leather,
CLIO; do. preferred, 500.
MONEY AND EXCHANGE-Money on
call closed easy; transactions at 3014 nor
cent last loan at p per cent. prime mor-
camille paper, Ji2ua per cent. Sterling
bankers bills at S4S8K04SJ4 for demand
and at S4.S1HM4S1& for sixty DAYS. post
ed rates. S4S2iaQ4.S3 and 81 SGd4SGi5:
commercial bills. S4S0ia. Silver certi6-
Gates, 69a6O; bar silver. $50: Mexican
dollars, Az. Government bonds weak:
State bonds inactive; railroad bonds
irregular.
BANK STATEMENT-Thc weekly bank
shows the following changes:
reserve. decrease ......S 1.239.2jO
Loans, decrease ............... 4,fl2. 200
decrease ............... 4ol4,NOD
tender. decrease ........ 52S.Ooo
ttp0aftS. decrease ....s...s.... il ,Z1n.~ Nt
Circulation. increase .......... 3O5. 200
The banks now hold $f.724.4JO I'm excess
" the legal requirements. The statement
shows the results of four days charges.