The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-09
NO RISE FROM DECLINES
An UnfayOrable Bank Statement
Causes Pressure.
Heavy and Unexpected Loss in
CnsIi-Indicntions That Call Money
VIII Not Go Above Six Per Cent
This FAN - Pronounced Selling
Noted ia Certain of the speciaIties.

NEW YORK, Sept Stocks declined
from the opening today, and the downward
movement was accelerated by the publiea-
ton Of the bank statement. A loss in cash
was shown. which was something unlocked
for. inasmuch as the banks had been gain-
ing from the Treasury The loss was plain
ly on account of the interior movement
Of money. There was an increase of 81
2S1,5e0 in specie but decrease of 81, III, =
Toe in legal tenders, showing that cur
rency was at last flowing from this cen
tire in some volume An increase Of 81
79i.500 in deposits, which partly accounted
for an increase of 1853, 600 in loans, re-
suited. with the decrease in cash. in dc
crease of 81, 022, 225 in the surplus reserve
The surplus reserve now stands at s27,-
07S,475, as compared with S2.45S, 925 a year
ago and s7,976.775 two years ago. The po-
sition Of the banks is strong. Last year
at this time the banks were contracting
their loans, This is q step that may not
be found necessary this year. or at any
rate, not until considerably later in the
season. The surplus reserve has not be-
fore been as large at the corresponding
time of the year, since 1895, when it was
S34. SAC, T75. In 1894 it was sol. So. 275.
In 1893 it was down TO 81 $50, 1926. The
banks at other important centres, and in
deed, throughout the country, are muel
more comfortably situated than they were
at this time in 1899. There is no way OF
calculating the loss Of money by the New
York banks from the transfer OF funds
TO the South and West TO move the cot
ton and grain crops. There is reason to
hat Will mn ha low
former years. but 1t must inevitably attain
considerable proportions
From indications call money is not likely
to go much, If any, above 6 per cent this
fall. 1t is now regarded as practically
certain that there can be no actual squeeze
in money.
The labor trouble in the anthracite coal !
region is expected to be of short duration.
The situation otherwise as whole, is IA !
vorahle. The steel and iron industry is
being re-established on a stable basis, and
a long period of prosperity is apparently
before it. In most lines of trade highly
conditions prevail. The re-
ports Of railway earnings tell the story un-
The heavy receipts last year
are surpassed this year because business
throughout the country is better this year
than it was last year.
The total business of the stock ex-
,hange was small but ii was fairly well
distributed The largest dealings were in
Peoples Gas. The selling orders en-
mated principally from Chicago. but there
vas support from the inside and only '
fractional net loss was sustained. The !
elief was that the Chicago gas war would /
e protraeted. The old rumor Of a political I
lot against the Brooklyn Rapid Transit I
company to put its wires underground was
eyived. @
Sugar Refining Welded readily r,r57a- ,,o+ 7
cry extensive sales. The shortage in the s
upply Of raw sugar will, according 20 Y
rade authorities, serve to keep up prices
or refined. There were realizing sales Of
iissouri Pacific, but the recession in the 2
rice OF the stock was triiing. There was v
tile business in the coal stocks Reading b
rst preferred was sold and fell of. n