Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-07
Opening Prices in Stocks We're
Slightly Better Today.
REACTION FOLLOWED LATER ON
Recessions Probably Due to Un-
favorable Bank Statement.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, October THE early trad
ing in today's stock market was inclined
toward considerable irregulsrity. London
selling some stocks and traders putting out
moderate amounts, hoping to force reac-
ton under the influence of the uncertainty
relative to the bank statement For a few
minutes the selling was not Interrupted
and fractional declines prevailed in all
parts of the list
The attack on Brooklyn Rapid Transit
was resumed. but failed to make much
progress. Commission houses were mod
crate buyers around the room. and the end
of the first hour was devoted to increased
buying and decidedly better prices The
movement its course about the time
the bank statement was expected. and dur
ing the waiting period which preceded the
publication of these figures some selling
was again undertaken by the room The
statement caused some recession from the
best prices owing to the disappoint ment ex-
pressed by those who had hoped, against a
reasonable probability, that the reserve
might show an increase.
The loss In lawful money had been fig
urea early In the day at about 81 0OO 600
but the actual loss was only So 1872 600 The
loans decreased $3.50 200. the smallest con-
traction in several weeks. This latter item
together with the loss in cash offset by a
decrease of 81 POS 400 in the deposits or
about S1.50O.00O less than is demanded by
absolute consistency. The net result of all
changes is decrease Of $1.OS1 $50 in the
surplus reserve. reducing that item to
$643 200.
The money derived from subtreasury OPP
erations, as the statement shows. has been
and the recent influx of money incident to
the city's celebration has not been equal
to counteracting the outflow
The activity of nearby banks in trying to
40 Nf -
Germs, which object to the recent charges
on collections by the Clearing House As
ISOLATION. Is. In some measure. at least, re-
sponsible for the withdrawal of such funds.
return to the older method would increase
present balances materially. That some of
the banks appreciate this fact is evidenced
by their willingness to increase the inter-
est rate in special instances.
The market failed to consider the state
ment seriously in the same manner. as 1t
ignored the recent forty per cent rate for
call money. The more optimistic believed
the banks to be better off than the figures
indicated, and were confident that the pres
ent statement was about the last of the I'M
favorable exhibits. Long stocks We're not
sold In any volume. and the Willingness to
await developments speaks we'll for the
confidence Of the average operator.
Earnings are the real reason for this in
difference and holders are not willing to
sell stocks on transient money market con-
ditions while betterment Of the highest or
der Is prevailing in all parts of the coun-
try. Should money fail to increase in vol
ume the government may be prevailed up
on to employ It's idle surplus in the pur-
chase of its maturing bonds and perform
the double service of putting idle money
into the hands Of the people and adding
another substantial argument to the excel
lence of Its credit. Since the act of 1881
allows for such action, 1t may be within
reason to look for help from this direc-
ton, should the emergency become acute