The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-09-22
FINANCIAL AND COMMERCIAL.


the known movements OF money. The
actual condition Of the banks IL estimated
10 be between 90 and 100000
stronger than that shown In the averages
The discrepancies are v~ariously due to the
short business week. the peculiar work
lngs Of the average system and a larger
outgo to tho interior than had been realized.
The preliminary estimates yesterday called
for a gain In Lawful money Of spprosi-
nately 100000 The direct shipments
o. the interior were exceptionally large.
oonsdenng the broken week. a. reported
by the banks whose figures are regularly
taken a. an index.
Almost invariably. however. when there
IL q heavy general movement Of money
either 10 or from the interior. banks hat
ordinarily do not figure sppreciably a.
receivers or shippers Of currency by direct
express participate In the movement. and.
unexpectedly, swell the monetary tide.
II IL known that the Treasury Department
In the last two days Of the week paid out
considerable sums for Government bonds
purchased. and for interest and pensions.
In addition to the disbursements made
early in the week which alone made possible
q decided favorable bsnk statement to-day
A decrease of ss.3i6. go In loans caused
favorable comment and the almost Identical
Increa-e ~ ~. Sts. 675. shown in The surplus
reserve. was attributed almost entirely
"a the operations OF the syndicates that
had .old Government bonds last week,
which had previously counted in loans
but which had been only slightly reflected
in last weeks hank statement. Two oil
the larger hanks Increased deposits 5000,
OoO In the aggregate this week. but the
changes in This item 10y the other banks
Offset tho-e figures In the average, - hat
that item shows a decrease Of a little over
si.na.Oo. The net result brings the item
81 surplus reserve up To SIS. as .22S. ~ COIN
pared with a surplus a year x Of sls.SS2.-
aas. Payments Of subscriptions for large
blocks Of municipal bonds last week were
only to a very slight extent reflected In
to-day's statement. The collections for
internal revenue, which the depository
banks were recently allowed to retain.
have not ye' been nearly covered To the
amount authorized by the Secretary OF
the Treasury.
IL /. believed that the indirect imports
Of gold TO this country by wsy Of Austria
liza will continue. and also that the outflow
direc, from Europe which has just begun
will reach fairly considerable proportions
Last year the local ranks continued TO
lo~e money TO the interior until the week
ending on Friday. Nov. ?. when they made
q gain OF about $500 900. Two weeks later
the return fow to this centre from domestic
Interior points had become heavy.
TbS features Of to-day's stock market
were A~malgamated Copper and the local
traction shares. Tn dealings In the first
mentioned counted for about one-third OF
the entire transactions. which were about
up to Yesterdays record. allowing for
the half holiday. In view Of the ~unfounded
assumption regarding the dividend action
i,,st before the Close Of trading yesterday,
the stock az the opening to-day overshad-
owed all Others in interest. The initial
price was 100. as compared with io'','
Yesterdays Anal figure. and on heavy trans
actions Il sustained n further loss. touching
100. From that figure a rally OF les than
a point occurred and the final price showed
Q net decline Of an points.
Leadership In point OF activity was en-
loved in the railroad list by Man haitian
Railway and the stock. at not far from
the highest price. left on -. per cent. above
yesterdays closing figure. On dealings
lighter by one-third than those In Man
haitian Metropolitan Street Railway re-
corded a net Improvement OF > points
BROOKLYN Rapid Transit was also active
and finished ~ per cent. higher. There
was no special explanation OF the Upward
movement In this group attempted. except
that a prominent professional operator
was said to he responsible Tor the ad-
vance-. The only other issues that were
active were Union Pacific common South
en Railway common. which was con
siderably lees prominent in this respect
than In the two previous business days
Of the week. Erie common and southern
Pacific.
Notwithstanding the depression In Anal
gamatcd Copper, 10 the early dealings,
the genera, market displayed strength.
hut subsequently, irregularity developed
for which London selling partly accounted.
until the publication OF the bank statement.
when renewed frmness resulted from
favorable consideration OF b decrease
shown In the loan account. On less active
trading than In the stocks noted. Louisville
and Na@hville rose a point net on buying
due 10 the substantial Increase reported IN
the gross earnings for the second week OF
September. In the usually less active
shares dealings were fairly large In the
Chicago Terminal issues. which recorded
net improvements Of nearly a point on
buying said to he for interests Identified
with the property.
In the industrial lis, Sugar Refining was
exceptionally dull ard left on over a point
below Fridays final figure. Anaconda
Mining closed nearly 2 points lower. In
sympathy with Amalgamsted Copper. The
United Staie- Steel shares were inactive
and rather heavy In tone. closing at frac-
tional net declines. II IL understood that
the success Of the United States Steel Cor
poration In bringing It's refractory en-
ployees to terms has very fsvorahly in
ruenced capitalists owning large interests
In some Of the constituent properties, the
point beins made that the various corpora
tions. had they hem working Independently
OF each other. would probably have been
compelled to yield to the strikers.
The railway bond market was fairly
active and the tone In the main firm. The
greatest interest was shown In Wabash
dehenture Re. The outside marke, was
quie, without special changes In price.
The stock market closed irregular. hut,
with the majority Of the Lis, retaining a