The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-11-06
THE MARKETS.
Wall Street Review.

New York, Nov. 4--Sinco the surplus
reserves Of the New York banks fell to
about a quarter of a million dollars in
middle OF September the professional
traders in stocks have looked for a de-
iicit in the required cash reserves Of the
banks almost every week. The wiping
out of the surplus shown today was,
therefore, not a surprise. The weeks
events made the stock market peculiarly
vulnerable In spots and the slump in
prices of few stocks gave an appear
ance of Generalization to the market.
Leather, especially, which touched 40 at
the opening, and was above 39 when the
bank statement appeared, slumped sud
denly to 20 the breaks between transac-
tions reaching as high as three points.
Marginal accounts in this speciality were
wiped out right and left, and then the
price was bid up again to 36, at which 1t
closed. Sugar and Brooklyn Transit were
also losers to the extent Of over two
points. A number of other prominent IN
| dustrials lost between one and two points,
but the general list reacted only a frac-
ton. There were some violent recover
| les from the low level and the closing
was feverish and greatly excited at net
losses all through the list. The specu-
| lative excitement at net losses all through
| the list. The speculative excitement was
| increased by the fact that the bank
|
utes before the close of the trading. Ef-
forts to close accounts in the short time
| remaining, made the market fur!ously
| active. The loss In cash shown by the
| statement is somewhat greater than was
| expected, which Is doubtless brought over
from last weeks condition by the aver
| age system of computations. The trivial
| contraction IN loans Of less than quar-
| ter of a million dollars can only be en-
| f1ln on q c
| sale calling of loans by the banks early
| in the week was offset by q subsequent
| very liberal extension of credits. The
| growing ease in the money market goes
to confirm this view. Such extension of
CT edits must be based on a faith of the
burkers. Curl ent drain on their cash re-
| sources Is so to be relaxed. The up
ward tendency of New York exchange at
| all interior points durirg the past week
| indicates the ground of this faith. The
| weekly bank statement of the New York
| clearing house institutions had not shown
a deficit since 1893. For six weeks past,
| however, the surplus has been near the
! vanishing points ard at least half and
| sometimes more of the individual men,
bers of the clearing house have been be.
| low the legal reserve limit. They have
not sought to build up a surplus in that
! time, but have apparently been content
| TO discriminate in the calling of loans
against collateral which did not please
them and, with their security thus I'M
proved to keep their fuEds loaned up to
the limit of the legal allowance. The
| average cash holdings now fail of the
legal requirement by 1886. $50. The amount
| OF loan contraction necessary to bring
| the proportion of reserve back to the
legal requirement would therefore be ST.
959, 400 Total sales of stocks, 3l9,7OC
| shares.
The range of today's prices for the ac'
tive stocks of the New York stock mar
kets are given below. The quotations
are furnished The Tribune by j. A. RUS
SELL & CO, members Of the ConsolI