The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-19
RAILROAD STOCKS.

Tho weakness in the market on the Stock
Exchange extended to the outside marke. and
also sympatheticailv affected the stock mar
kets OF Philadelphia. Boston and Chicago
London, Paris and Berlin markets all showed
depression. though 1t was not our money mar
ket. but the Trnnsvnal crisis that affected
Thorn. The natural result OF the heavy local
stock market liquidation was n great dlstur-
bance OF bank loans. and technical position OF
the market in consequences was believed in
Wall street TO have been decidedly I'm proved.
Various rumors. all OF them unfoundod.
were circulated regarding alleged meet
ings OF bank officers to take action
TO relieve the situation in some way. Talk
about an imminent issue OF Clearing House
certificates was pronounced a bsurd by bankers
Some OF the bankers express ed the view that
the situation was not exceptional or dangerous
They regarded the demand for money and the
liquidation on tho Stock Exchange rs entirely
natural and helpful to the situation. Calls for
margin had been well responded to and loans
were all in very good condition
An analysis OF Saturdays bank statement
made by one bank officer shows that thirty
three banks were under the legal reserve TO
the aggregate OF Sl1SS. 900. and that twenty
nine banks held q surplus reserve OF
St4GJOOO. or these twenty-nine banks
S2.2l0.OOO In surplus was held by
tUIo' lHstNutlOuS, tne Nnemlcal, Chase
and Fourth National As the banks
which hold Government money on special
deposit have been including these de-
pos!ts with their other deposits. and re-
tanning % per cent cash reserve against
them. though such a reserve is not
required against Government deposits which
are already secured by bonds deposited with
the Secretary OF the Treasury. 1t was pointed
out by the bank officer who made tho com
piIatOn that their condition so far as reserve is
concerned is really much better than the bank
statement indicates. OF tho $4,000, 900 of
Government deposits hell by the national
banks OF the country, one-fourth is hold in
this city. Much interest was taken In banking
circles in THE suns statement on Sunday OF
the views OF Secretary Gage favorirg the tax inr
out OF circulation by tho national hanks in
anticipation OF the yearly movement of money
to the interior to move the crops. prominent
bank officer said regarding this subject:
THE New York city banks would no doubt
take out NJ once SlO.OOJ.OOO to Sl5 900 600 OF
circulation if they could get tho bonds to de-
post rs security with the Secretary Of the
Treasury Much crculaton-certainly several
mil!ons-is now on hand. printed ami ready to
bs issued. Some few banks that have tho
necessary bonds have taken out the circu,a-
ton that is on hand for them. but the
majority OF the banks cannot get the
bonds. There is no available supply eXcept-
ing in the open market, aud the banks arc
averse to buying them Bank officers gcner-
ally approve Of the Secretary's suggestion that
tho banks should take out circulation in adj
vance OF the crop movement but say that il is
too late TO do this effectively this year Ittakcs
thirty to forty. Ave days 10 got currency on new
orders Fortyilve days is the usual time,
though when specially urgent Older is sent in
the notes can be obtained in thirty dnysn II
was the opinion OF the same bank officer tina.
the money that has been sent away from this
city 10 the interior cannot he expected to begin
to return to this city Tor a month or six wesks,
and that in the absence OF gold imports local
money rates are likely to remain stifr for sew
erai weeks at any rate. Tho Transvaa crisis
has been operating against gold i'm ports. The
sterling exchange market got down at one
time yesterday TO S+.S5h for demand bills.
compared with S4.88 on Saturday. and closed
at $780,. Opinions us to the gold importing