The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-15
STOCK MARKET GOSSIP
Heavy Investments the Order Dur
ing the Past Week.
Surprising Contraction of Loans I'm
the bank Statement. While Sccur-
ity Prices Continued Strong. Indi-
Dictates Absorption - Summary of
business Conditions Favorable.

NEW YORK, Oct. lin the light of
yesterdays bank statement, the past week
has been a remarkable one in Wall Street.
The banks have contracted their loans
nearly 100000, with the result of ad-
vancing the money market only per cent
for call loans without influencing the time
money market perceptibly. At the same
time the stock market has been moderate
~ active at advancing prices. Ordinarily
such contraction Of the loans as
took place last week would have re-
stricted speculation and probably have
depressed prices. AS a matter of fact,
the street was not conscious of the con-
traction that has taken place until it was
shown in the bank statement yesterday.
of course, the liquidation CT leans has
not been entirely OF Stock Exchange OBJ
legations, but the chances are that they
supplied large proportion Of the reduc-
ton. The question naturally arises as to
where the money has come from to pay
for the stocks that have been taken out
OF bank loans. Probably some of them
have gone into trust companies and into
the boxes of individual lenders of money
in consequence of the shifting of loans,
and il would not be surprising if there
had been considerable absorption of Sc
curities by capitalists of ample means
who are convinced that business generally
will revive as soon as the election is over.
The bank statement WAC surprise in
other respects than in the contra ction of
loans. The decrease in lawful money,
more than half of it in specie, was about
sS,e0o.000 less than the known outward
n< nd
the absorption by the Sub-Treasury. AS
these operations, together with the pay
ment OF loans. reduced the deposits over
5,500,000, the amount of reserve requir-
ed was proportionately reduced nearly
100000. In consequence, the surplus
was cut into only $3.50, 600, whereas,
decrease of two or three times that
amount had been expected. The net re-
suit leaves the banks with an aggregate
average surplus of nearly 81 ,500, GGU, which
Is nearly four times the amount they held
q year ago. The chances are that there
will be a further contraction Of the loans
this week, but in view of the ease with
which the liquidation has been accom-
plished recently, ii is not likely to cause
apprehension.
cold is still flowing toward this city in
a steady stream from the Klondike. One
Of the Canadian banks received $500, 900
Saturday and has an equal amount under
way. There arrived at Seattle yesterday
$4,000 more from the Klondike. Now
that gold has begun to move this way from
Europe the chances are that the move
ment will continue, possibly on an increas-
ins scale, for some time to come. The
amount known to be in transit is 1885,,
900. The Bank of France, which has been
increasing its stock Of gold rapidly Of late,
tn Ste
that 1t will furnish gold for export as it
may be required. 1t does this because Of
the needs of Germany and Great Britain.
The policy II has adopted at this time is
confirmatory evidence OF at least tacit
unders landing between the great CONNER
cial nations, including the United States,
to pursue a policy that will conserve and
not disturb the various money markets
and keep them as nearly as possible in
equilibrium.
According to the weekly trade reports
more seasonable weather has stimulated
business throughout the country. At the
East the strike of the anthracite coal
miners continues to hold various branches
of trade in abeyance, but at the West the
distribution of merchandise is active. In
the Middle West fears of scarcity of
labor is expressed in railway and manu-
featuring circles.
In spite OF the restriction of business
bank clearings did not show decided
falling off next week and the decrease is
very largely accounted for by the much
smaller volume of speculation as COM
pared with year ago. Business casual
ties are not larger in amount than they
were a year ago, notwithstanding the re-
action in prices and in activity that hes
taken place during the beginning of the
year. The iron industry appears to be
grounding upon the bottom, owing partly
TO reduced production of raw material
and consumption of supplies in the hands
of manufacturers and consumers. The
awarding of contracts for $4,000 tons OF
rails by the Pennsylvania Railroad Com
pany at prices fixed by the manufacturers
namely, SIG per ton, is important though
1t may not indicate that other companies
will accept the same price. The placing
of order for 10000 tons of structural
iron for the new East River Bridge was
another feature of the iron market mex
week. Quotations for manufactured pro-
ducts of iron are in the main steady.
The enormous movement of cotton al
nearly double the price of a year ago con
tinues to be the most important develop.
ment in the commercial world. Statistic.
of the prices of staples show that they
have begun TO recover, the advance fol
September being Is per cent. Railwa,
traffic reports continue satisfactory, tn.
gross receipts of $1,000 miles of road il
the last month being per cent larger
than for the same month of last year ant
great deal larger than for the sam,
month In the last five years. For tn.
nine months ending September 81 the in
crease is 10 1-2 per cent
New York Stock Market.
Corrected daily by W. B. Hibhs e. Co.. MON