The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-10
HIGHER Rates FOR LOANS
Developments in the Money Market
Restrict Trading.
London Cable Advices Report the
Withdrawal of 100000 Pounds
Sterling for shipment to America,
Germany, and EEypt-Rcscrves of
New York Banks Heavily Depleted.

NEW YORK, Oct Grading came
virtually to standstill after the first hour
Of business. II was, apparently, the uncer-
tainty felt as to the immediate develop
ments in the money marke: which served
to restrict trading, and, at all events,
money market probabilities were the chief
subject of discussion throughout the day.
There was a quite general disturbance of
loans On call. owing to the low ratio of
reserves held by the banks, and higher
rates prevailed in consequence.
Sterling exchange ruled at about the
level prevailing at the close of business
yesterday. Cable advices from London re-
ported the withdrawal from the Bank Of
England of e7o0,oG0, of which it was said
that G500o0 was for shipment to New
York, the remainder of the amount taken
being for Germany and Egypt.
II was not possible to learn today that
any more important consignments of the
metal were arranging. and. of course. much
depends in that respect upon the develop
merts in the money market. From cur
rent indications, however the reserves of
the New York banks are being heavily
depleted, and the conditions disclosed in
last Saturdays bank statement are certain
to be emphasized in this weeks returns.
There is, however. little real cause for
anxiety regarding money market conditions
in view of the foreign exchange situation,
and further, in view of the fact that in
recent years the presidents of the New
York banks have realized the fact that
reserves are intended to be employed in
times of stress.
The London stock market was naturally
disturbed by the heavy gold Withdrawals
from the Bank of England. although there
was no reflection of the matter in actual
discount rates in London. The operations
here for foreign account were limited to
about 10000 shares of stock and were near
ly altogether upon the selling side. There
were no developments of any consequence
with the course Of the day aside from those
noted In the foreign exchange markets.
The dealings in the local market, as was
the case yesterday. showed that recent
tullish manipulation in various quarters of
the market had been suspended, but there
was as little outside interest on this side
of the market as there has been recently.
Price movements during the day and the
net price changes were limited and irreg-
ular.
Comparatively firm features of the mar
ket were BROOKLYN Rapid Transit. Sugar
Refining. and Manhattan Railway. Peo-
pies Gas was quite sharply depressed in
the early dealings, but it subsequently
scored a material recovery. There was
nothing novel in news or gossip bearing
upon the stocks cited. The apparently ap-
preaching end of the anthracite coal min
ers' strike does not seem to enter into
speculative calculations. but on the other
hand while the day showed no develop
ments in the political situation of any sig
flr- .hnr Cd ha
disposition to regard the issue with more
concern, not unnatural circumstance as
the Presidential campaign draws to a close
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