Evening star., 1900-10-08
Saturdays Bad Bank Statement Af-
fects Today's Market.
some FEAR OF DEAR MONEY
Trade Balances Abroad May Be
Called In.
GENERAL MARKET REPORTS
Special Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK October S-The influence OF
Saturdays bank statement was the pro-
nounced factor in today's stock market.
Fears of dear money were in evidence on
all sides and the legal rate for call loans Is
prospect of the near future. The reserve.
while larger than year ago is only one
third as large as in 1S.iS and Is almost GER
tain to be further decreased by the interior
movement, especially to the south and
west.
The campaign makes new accommoda
ticns trifie difficult merely on the side of
conservatism. but the smaller reserve Is the
stronger advancing factor.
Months ago shrewd brokers made time
loans carrying over the present period. and
for this reason certain conservative houses
have not been advising purchases OF stocks.
except those of standard properties and
upon ample margins. These houses having
provided for their needs In the presence Of
a possible stringency, have not sought to
extend their commission business at the ex.
penSe OF an equal extension in loans sub.
ject to call. There is no prospect of such
an advance in rates should disturb busi-
ness outside of speculative circles.
The untouched trade balances which have
been allowed to accumulate in Europe since
our export trade began to attract universal
attention can be called upon al any time TO
relieve the local situation. Dear money at
this time is possible without there being
any concern as to the supply. Cold i'm
ports may be relied upon should the neces-
Sity arise, but previous to them the furry
in money will probably have passed
In this situation the holders of the indus
trial stocks are at the greatest disadvan-
tage fnasmuch as the banks only take
them in mixed loans at the rate of 25 per
cent industrials and ID per cent railroads
on standard collaterals.
Even with such discrimination however
the industrial shares have managed to tfuc-
tuate with the general market and not In
the more radical way which at one time
seemed likely. The preference for the new
business Is strongly in favor of the rail-
roads, however and to this extent the dis
elimination of the banks is reflected by the
attitude of the public.
The steel stocks were sold down under
mixed trading based on variety OF rumors,
but were really being liquidated on account
OF monetary conditions. The coal stocks
were inclined TO shade off under sales by the
tlement.
The meeting of next Friday is expected
u DE harmonious. however and this week
should see the matter disposed Of but
coming a time when politics will be more
potent the result will scarcely come m tn
original expectations. The Pacific share
We're sold to take profits by one of the re-
c'htiS active pools. the stock finding fair
market on the way down. The Grangers
declined under selling by the room and
the low-priced Southwestern issues sold off
in sympathy.
The traction issues and Peoples Gas
showed the effects of considerable pressure
The market is not likely to resume its up-
ward swing until after the middle of the
month. The political meeting i'm Madison
square october 10 is almost certain to be
Hade the basis of a stock market move
ranged already.