The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-09-29

bringing the excess cash in banks down
to $1,72i,450.
The next statement of the banks will
not appear until Oct. 6, and the ensuing
nine or ten days will probably make for
improvements so far as the New York
banks are concerned As a result of the
holidays in New York, an amount of
money not easy to- calculate will come
into the banks here, and while this is an
uncertain and temporary factor, there is
no question that its effect will be to in
crease the current supplies of cash.
The gold engaged for import will not ar
rive in time to figure in the next state
ment. but the imports and the rising ma
tional bank circulation figures show at
least the general trend of the situation
and what may be expected in the near
future. The demands for remittances
to the interior are not increasing. and
while interior banks have doubtless loan
ed heavily here, it is not expected these
funds will operate to the disadvantage of
local institutions once the pressure is
over. AT about this season every year re-
serves in New York begin to recuperate
and it is only natural to look for the
usual recovery from this time on. I'm
less all signs fail, therefore, it may be
set down that the critical point in the
fall money movement has been weathered
This does not mean necessarily that
money rates will strike an exceptionally
low rate.
The elimination of two days from the
business of the week and the prospect of
dizziness next week consequent upon the
yacht races accentuated the speculative
stagnation, which always follows a pc
riod of unusual activity in the stock mar.
ket, and limited the transactions of the
last four days.
The hope is expressed that the dividend
and interest disbursements next week
may serve to relieve somewhat the local
pressure upon the money market. Many
widely differing estimates are heard also
of the effect of expenditures of Dewey
day visitors on the local money supply.
But as to the main causes of the depletion
of banking reserves it is manifested that
the needs of the interior for money to
move the crops are not yet appeased.
Neither is any cessation of the absorption
of money by the treasury in sight, as the
governments expenditures are now rum
ming well under receipts
The August surplus will apparently be
doubled in September and the July de-
felt is more than wiped out leaving a
growing surplus as the fiscal year pro-
crosses. There has been a constant de-
mand for all the gold certificates which
have been available at the New York
sub-treasury But as these simply served
to convert the gold of New York banks
into a form more desired by the depos,-
tors, their distribution has augmented
rates, rather than relieved the drain on
New York banks.
Many of the clearing house institutions
started the week with their cash reserves
under the limit, and with additional de-
mands upon them there has been further
calling in of loans. The stock market
has been unprepared to move upward I'M
der the circumstances. But it has shown
signs of resistance to decline also.
which made the bears wary of raiding
stocks. 1t was evident that stocks are
much less vulnerable to attack and that
weak speculative holdings on margins and
with borrowed money have been shaken
down upon a more solid foundation
Stocks with intrinsic merit We're taken at
such times by powerful interests not de-
pendent upon ordinary money market re-
sources. Some of these provided them
selves with funds on time loans before the
present stringency set in and have a
handsome profit available now by reloan-
ing on call.
No small part of current transactions in
money are of this character and natu-
rally do not affect the showing of the
banks at all There have been several
monthly reports by great railway sys-
TENS during the week, showing extraordi-
narily favorable results, and reports of
weekly gross earnings show the high level
TO be well maintained. The Transvaal de-
velopments caused but slight influence
on the local stock market