The age-herald., 1900-10-08
BANK STATEMENT
 INFLUENCED STOCKS Bull Spectators Content to Stand By and Watch HOPEFUL VIEWS ON STEEL sG1 Adjustment of Long Drawn Out Wage
 Controversy With Tin Plate -. Workers Relieved Fears of
 Labor Troubles

New York. October 6-Attention centered on the bank statement on the stock ex- change today. But the very heavy decline in the cash reserves of the banks seemed to have little effect on speculative send- ment. beyond a futter amongst the smaller class of traders, who offered prices down after the statement appeared
 The larger spectators who have been pulling the market during the week seemed content to stand by and watch the effect of the statement on general speculative sentiment. The steadiness of the market under the showing by the banks seems surprising when 1t is duly considered that great stress has been laid by the specula- tors for the rise on the offsets to the in terior drain of currency which were ex- pected to mitigate the cash loss. Even yesterday, when the movement to the ln- terior was known to have been large, the maximum estimates of the decline ln cash did not reach $6,0 900.
 The interior demand for cash has been larger than any previous week of the sea- son and for in excess of any single week in the fall season of last year The extra ordinary cotton movement is undoupteaIy responsible for the showing. The equanlm- ity of speculators in the bank statement must be due to the conviction that the heavy movement of cotton to the seaboaro insures continuance of the export move ment and the making of commercial ex- change. With the strain on the New 1ork market to harden interest rates, It IS ar gued that the continued foreign buying or cotton Is likely to necessitate shipments or gold to this country, probably the coming week.
 The hopeful view expressed by authori- ties in the iron and steel trade had marked influence on the much depressed stocks in that group and affected the gen eral list favorably by sympathy. The ad- justment of the long-drawn-out wage con troversy with tin plate workers gave reilef to fears of labor troubles and the expected satisfaction of officials of some of the railroads which benefit their carriage of the steel rails with the price fixed by the makers promised a line of orders III tnat industry. The declaration of the regular quarterly dividend of per cent on Ten nessee Coal ended a very bold bear cam paign against the stock, based on positive assertions widely published that the divi- dend would be reduced or passed. The subsequent rebound in the stock had a reviving influence all the stock in the steel group. The placing of some long or ders for freight cars was another element in, the strength o1 the group. From the technical side the completion of some re- cent orders for liquidation of various stocks was a relief to the market and facilitated the advance The principal probability most relied upon by the bulls was the promise of early imports of gold carried in the market downward course of ex- change under the continued flood of bills against heavy exports of cotton and the apparent acquiescence of European money markets in the threatened movement of gold by refraining from advancing their discount rates.
 1--e bond market was steady.