The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-10-08
BANK REsERTKs LOWER AGAIN.
Influences That Appear in the Weekly State
ment-Sage Thinks the Worst IL Over.

ment-Sage Thinks the Worst IL Over.
A feature Of the weekly statement Of the asso-
ciated banks yesterday was tho announcement
OF increase In tho leg al tender holdings OF the
banks amounting to s1,851,4oo. This increase
was due largely 70 the exchanging Of silver Ger
ti6cates held by some Of the local banks for legal
tender notes furnished by the United States Sub
Treasury. Tho reason for tho operation was
tho very small free supply Of standard silver dol
lars held by tho Sub-Treasury. By obtaining
the silver certificates the institution was able to
release silver dollars for shipment south to move
the cotton Some OF the increase may also have
represented expenditures by out-of-town vis-
tors during the recent Dewey celebration In
the case Of specie held by the banks the statement
showed decrease OF IS, 484 000 this loss reflect
Ing not only the loss In silver certificates
for legal tenders at the Sub Treasury, but con-
tinued large transfers 10 tho interior OF the coun-
try and direct customs and internal revenue pay
ments into tho Sub-Treasury Tho loans OF tho
banks showed contraction Of s3. SOC, 000 while
tho deposite, rejecting the changes In loans
and cash decreased A.2O5. 400. The loss in
deposits was not sufficient to overcome the loss
in cash. and the surplus reserves were decreased
81, 0S1, $50, which brings them down TO but $685.
200, It's lowest total since 1893, excepting that
Of s275. 4b0 touched three weeks ago.
The stock market however, was not affected
by this showing, displaying firm tone as 1t
was expected in Wall street that the bank state
ment Of next Saturday will show an improve
ment in the reserve the result OF tho arrival OF
gold from Europe and OF Australian and Klon-
dixie gold coming from San Francisco. Tho
steamship ST. Louis. which reached this port
early yesterday morning. brought ST. 900
OF gold from Europe consigned to Lazard Freres
and j. q W. Soligman Co., Of which amount
81 4Oo. 900 was taken OF tho vessel and deposited
In the United States Assay Office, checks pay able
through the Clearing House being taken therefor.
The rest Of tho gold stayed on board OF the ST
Louis owing TO delay over the customs papers In
the past week. prior 10 yesterday about 81 600 900
In gold from Cuba on postal money order account
and $4,000 In gold from San Francisco was
received at the Assay Office II was payment
OF Assay Office checks ag ainst this gold that in
large part caused the Sub Treasury to be a heavy
debtor at the Clearing House yesterday.
The institutions debit balance aggregated
S2.O91,3 1888. The extent OF the Cuban gold re-
ceipts was indicated by the fact that tho Seventh
National Bank, which has the account OF tho Post
onlce. had a credit balance at tho Clearing House
Of $4,000. Part of the largo debit balance Of
the ubTreasury reflected Government disburse-
ments on army and navy account and disburse-
ments OF this sort expected TO enlarge consid-
erably In the immediate future. The chartering
Of transports and the preparation OF naval vessels
for the Philippines well payments TO the con-
tractors, who have been constructing new war
vessels, will enter into the matter.
Russell Sage who is an authority on money
conditions in speaking OF tho present situation,
said yesterday that he believed that the most acute
stage in the money strngency had been passed.
and that from this time forward money would ease
and the stock market situation improve.