New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-16
BONDS.


The bank statement yesterday showed a larger
loss Of cash by the banks than had been counted
on. From the known movements of money, 1t
was calculated that the decrease IN cash would
be not much more than S30000O0 Instead IT
was nearly S5.O00O00 or. 10 be exact $4,954,No.
This shrinkage IN the cash holdings OF the banks
was due IN part to payments by them to the
sub-Treasury, but It chiefly the result Of the
transfer Of funds to the South and West for use
IN marketing the crops. The fact that an increase
Of SIO22, 900 in loans was accompanied by an
increase Of only S1O63,5O IN deposits was evi-
denoe that the loans were for crop moving pur-
poses. and that the deposits created by them
were simultaneously drawn against. The de-
crease OF 81 691 100 IN specie was effected main
II by transfers through the Sub-Treasury. d.
reot transfers by mail and express were in legal
tenders. IN which decrease Of S2,26S,1OO was
shown. The decrease IN cash, with the Increase
In deposits. accomplished decrease of So'22dV'o
"a the surplus reserve. It is clear that the
movement Of money TO the South and West is
Ss1ily under way It Is presumed that thsexodus
OF money win be heavy for some time to come
snd aocordfngly, an advance in rates for loans,
especially for ;au loans. may be expected. Inc
position Of the banks, however, IS strong ana
s- actual squeeze IN money is not probable
The surplus reserve is now $50 S36.175, whereas a
year ago It was S275. $50 There would have been
no surplus at all at this time lest year, and, in
decd the legal reserve would have been trenched
upon, but for a heavy contraction in loans. The
necessity has not existed thus far this fall for
calling Loans. On the contrary. there has been
s steady expansion in them. The money mar
let appears 20 be under good control The ar
rangements FOR handling the German loan are
such that II will create disturbance in money.
There viii be exports Of gold in connection
with IL The transaction will be entirely COM
pleted with bills Of exchange.
The dealings on the Stock Exchange were
heavier for a Saturday than in many weeks.
Stocks were pressed for sale from the opening,
and the volume Of offerings was increased after
the appearance OF the bank statement. The
decline in prices sharp, and it extended gen
orally through the list To the expectation Of
higher rates for money was added apprehension
of great losses to the anthracite companies from
the strike Furthermore there a DISPOSE
ton to look for political surprises that would be
temporarily disturbing. The stock market was
wholly IN the hands of the professional element
which seemed to consider that opportunity
for a turn" existed, and 10 be resolved TO take
advantage Of It, 1t was in only few issues
that support appeared, so that the work Of the
attacking party was comparatively easy.
The business In the anthracite stocks not
large, as compared with that in other issues
and the losses in price were not great. The
most extensive dealings were in the railroad
stocks. which recently had been features Of
speculation. such as Union Pacific. Missouri Pa
cifc. Atchison, Burlington and Quincy and St
Paul Brooklyn Rapid Transit was selected as
one Of the special objects of attack Peoples
Gas receded slowly. The report was repeated
that the gas IN Chicago would soon be set
tied The fan IN steel stocks was not heavy
as In the railroad issues.
The usual weekly sable OF price changes for the
more active stocks follows: