The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-09-03
FINANCIAL.

MONEY MARKET REVIEW New New
Y ork. Sept. 1.-The New York F'fnancier
says thls week: At the opening of the
season, when demands from the interior
Tor crop moving money are ALWAYS en-
counfered, the associated banks of New
YORK report an addition to surplus re-
serve S9l OF 49, lS5, 800, bringing the total sur
paus above legal requirements to $27,
40, as compared with &c. 191 250 for the
corresponding week in 1885, and S14 901 .O50
In 1888. The inference is that should in
terror needs prove to be no more insistent
imam IN previous years the local fnstitu-
lions will be able to meet them and still
be able to accommodate other borrowers
IN Tact, If the repeated assurances Of
drain OF money from New York this fall
will be less than usual, and therefore
the local situation will remain easy. But
Tor all that, a call for ten millions of
cash over September, the amount shipped
last year, will have an Irresistible effect
on rates. The rates for the banks. now
reaching $SOS, 4S6, 800, in one of the dulIest
speculative seasons ever known are onIy
about SIG. 600, 600 less than the highest nOint
ever reached, and any extraordinary de-
mand will operate to reduce this total
The, decrease of $685., 800 in loans for the
week ending Saturday has no special sig
nlhcance. The whole statement loses
any Importance it might possess otherwise
from the fact that the gain of SIS. 900 900 in
specie and $4,000, 900 In deposits by a single
institution offsets the changes of the
other banks as whole. The clearing in
stitutions gained the bulk of Increased
cash holdings for the week from the sub
treasury, but interior shipments also
netted them something over 81, ZOO, 900. The
latter source of supply, unless all prece-
dent is at fault, will be a minor factor
from this time on. 1t is surprising, but
nevertheless true, that all the money lost
to Europe through the exports of August
has been made up by receipts from vari-
Gus sources since, and the effect Of the
payment of the British loan has there
hnn nil Nir0J1 1of fr1,
creas1ng, probably in anticipation of its
shipment to the interior later on.
TREASURY Washington,
Sept 1-Today's statement of the treas
ury balances In the general fund, excIu-
sive of the $3.50, 600 900 gold reserve in the
division of redemption, shows: Avail
able cash balance, $135, 495, 500; gold, $685.
263 969.
WEEKLY BANK STATEMENT-New
York, Sept. 1.-The weekly bank state
lnent shows the following changes: Sur
plus reserves, increased $3,189. $50; loans,
decreased $685. 300; specie, increased So, 375,-
200; legal tenders, Increased $349, 600; de-
posts, increased $2,130.6 600; circulation,
increased $516,300. The banks now hold
~, UiS, 40 IN excess of the requirements of
the % per cent rule.
LONDON STOCK EXCHANGE-Lon
don, Sept. Much money changed hands
in the market today. New issues Of capt.
be met, besides 92, 500, COO of interest and
dividends distributed.
There was much irregularity in Ameri-
cans. All the oeening they were dull
and below parity, but grew frmer and
closed quiet The indisposition to do bust
ness was owing to the fact that the New
York stock exchange was closed. South
ern Pacific were especially firm Atchi-
sons were In renewed demand on increas-
ed profits in place of the expected de-
GREASE. Copper and Kaff1rs were steady.
The financial authorities insist that the
100000 Bank Of England reserve is
none too large, and that to prevent an
outflow of gold to New York or Paris II
Is essential to maintain interest rates
here.
The statist says: america win CON
tinue to be in a position to take gold.
We think the position of the cotton trade
may considerably affect the money mar
kets as. attenuated stocks of cotton at
Liverpool means purchases from America
when the new crop is available"
BANK CLEARINGs.
st. Paul, s64O,528
Minneapolis, $1,755, 562.
Chicago, $1S,779, 544
New York Sis, 918O05.
Boston, $13,6S3 S39.