The sun. [volume] (New York [N.Y.]) 1833-1916, 1900-10-13
FINANCIAL AND CohhkRCIAL.
ERInAY. Oct. IL.

uih nv Woth tnulnk lpN hiknb u Ni'o
Ing House banks lost to the sub-Treasury
chiefly on transfers 70 the interior. 8.s2o,ooo
and the larger banks have also shipped by
express TO tho interior a.. 1885, 900 In excess OF
the amount received. OF course, a part OF
the money shipped to the interior was not
available for reserve. being National a
notes, but the proportion Of that kind OF money
was undoubtedly small. Some Of the heaviest
shipments were made toward the latter
part Of tho week. hence they Will not count
In to-inorrow's bank statement except Tor
a day or two. On the other hand. similar
heavy shipments made toward the close OF
last week will count In the Clearing House
statement Of averages for tho entire six days.
Unless there has been a heavy reduo-
ton In loans which would logically bring
tho deposits dow materially. to-morrow's
bank statement Is likely 70 show that the banks
have very little. II any, surplus reserve. The
figures given above we're not made public until
shortly lefore the close of business. hence had
very little Influence upon the speculation on
stocks. Prior to their publication the street
was Informed OF the engagement OF s2,760,Ooo
gold at various European centres for shipment
10 this country Tomorrow. and that circtum-
stance naturally Offset the effect upon sentiment
Of the heavy drain upon the reserves OF the
SeAho HhS VIVA vi Glo GOlu W bo bhippVt
from Europe. 100000 comes from London.
n.Soo.ooo from Paris and $4,000 from Berlin.
Previous engagements this week were ttSo. 1000.
making the total movement %, 2oo.ooo 1t Ia
possible that other amounts may DO under way.
as some foreign bankers who make shipments
pick up their gold In the open market and do
not make public their operations.
II IL now plain that the efforts Of domestic
and European bankers 70 Offset the heavy
drafts against cotton shipments by remit
tances made against European loans that have
been recently noated here. have failed because
Of the extraordinary outward movement OF
cotton at high prices. To-day's engagements
OF specie abroad Il an admission that the at
tempt TO avert imports OF specie have failed
because OF the virtual exhaustion OF ex-
change that was counted upon 20 delay the
transfer Of gold from Europe, where II Is
needed, 20 this country where there IA no
special requirement for II. Present condi-
tions are most remarkable, since for more than
a third Of a century this country has
Invariably regarded with great satisfaction
every movement OF gold from the Eastern TO
the Western Hemisphere. Now that the
United States has become a creditor rather
than a debtor nation, and owing 10 the sound-
ness and stability Of its financial system does
not need to Increase It's stock OF gold, It's bankers
are averse 10 bringing the metal from European
centres, where It is required because OF war
expenditures and industrial reverses, IL may
be noted right here that this exceedingly sat
isfactory condition OF affairs would be abso-
lutely d~issipated by the success OF Mr.. Bryan
and his followers on Nov. Q.
The decrease In the reserves OF the local banks
Ia not a cause for apprehension. since the money
that hoe haap yri4blroun Sr,,, thIa oartro Ia
not being boarded because Of apprehension
regarding the currency nor Is It being used in
speculation. The greater part Of 1t Is being
utilized to move the crops. and II Is only a aues-
ton OF time when it returns 10 the commercial
and financial centre Of the country. As already
noted. the crop movement IA bringing money
from Europe. and It will doubtless come in
amounts that will speedily replenish the de-
pleted reserves Of the Associated Banks. The
ruling rate for money on call to-day, which was
3 per cent. shows that there are no serious
fears Of a stringent market. The foreign ex-
change market was a little frmer. owing 20 the
falling on in the supply Of cotton bills and also
because Of the engagements OF gold abroad for
shipment to this country.
The stock market was a little more animated
than yesterday. owing chiefly 10 moro active
speculation In Peoples Gas and Northern
Pacific common. Those two stocks supplied
more than n third Of the total transactions.
The campaign against the shorts In Peoples
Gas was continued and resulted In a further
net advance Of "a points. This movement. to-
gether with recent persistent buying Of North
ern Pacific common through commission houses,
alarmed the short interest In that stock. II
closed q. per cent. higher than yesterday.
The only other stock In which the transac-
tionS exceeded 10000 shares we're Union
Pacific common and Sugar refining. The last
named was advanced a point on moderate
transactions. Other noteworthy net gains
We're enjoyed by. Pennsylvania, Tennessee
Coal and Iron. New York Central, CONSOLE
dated Gas aud Atchison preferred. The usually
inactive stocks also made a good showing
Political eminent was not without effect upon
the sueculation. The Increase In the betting
odds in favor Of the Administration candidate
was made much OF by the advocates Of higher
prices II should not be inferred from what
has been said That there IL renewed public
interest in the market. The dealings. in fact,
reflected nothing more than increasing hopeful
on the part Of the professional
dealers, The closing was strong at about the
best prices.