The sun. [volume] (New York [N.Y.]) 1833-1916, 1901-11-03
FINANCIAL AND COMMERCIAL.

"
In the item of reserve the weekly state.
ment Of averages Of the Associated Bank
conformed more nearly to the known moye-
ments OF money than did the showing q,
last week. IL In possible that the loss in
awful money, which in about 81. 3oo.O ON
larger h yesterdays compilation OF
the known movements, results from a
rectihcation through the system Of aver.
ages OF the unexpected increase Of nearly
81 800 900 In that item last Saturday. An
increase Of over 1900. 900 in the loans ia
not surprising in view Of the steady transfer
OF accommodations from the foreign or.
change TO the local money market Tho
increase in the loan account. less the loss
In cash. In reflected rather more accurately
thar usual in the deposits. the discrepancy
being only about $500 900. The reserve re-.
quirements against the larger deposits,
together with the loss in cash, have brought
the surplus reserve down to a little less
than Si0,5Oo 900. Still II Ia nearly tvics
as large as q year ago., while two years ago
the banks az a whole were slightly below
legal requirements.
The stock market was dull the greater part
Of the forenoon. and was really saved from
stagnstion by renewed selling Of Peoples,
Gas, which left hat stock ~ per cent. lower
than yesterday, and by heavy buying ot
Union Pacific, particularly in the late deal.
ings, that lifted the price nearly 2 points.
This last movement had a stimula,.
ing effect upon the entire list. and
also gave color to reports that an
authoritative announcement Of the con-
clusion OF negotiations for a settlement
- 81 l.,.z- a.. a.
way situation would be made before the
resumption OF business Monday morn
ing. While satisfactory progress is. &C.
cording to all accounts, being made In ths
direction indicated, il will apparently take
some days yet to arrange the details Of a
settlement. In the meantime, the ma rket
for securities constantly shows a dispose
ton to respond to such a favorable devel.
opment. Stocks other than Union Pacific
that advanced sharply this morning vera
Illinois Central. Evansville h Terre Haute,
Minneapolis, st. Pau 4 Sault Ste. Maris
common, and st. Louis 4 San Francisco COM
mon and second preferred. The dealings in
bonds were unusually heavy for a Saturday,
and the market for them was very strong.
The outside market was largely given over
to the making of election bets. There was.
however, further liquidation in American
Can issues, and an advance in Dominion
securities to the highest price yet recorded
for that stock. There was a revival Of
the demand for New York Transportation
and for White Knob Copper.
The important events this week have
been the exports Of specie and the action
Of the Treasury Department in re.umins
the purchase Of bonds. Present indications
are that the exports Of specie will be con-
tinued, but as the Secretary Of the Treasury
has opened the way for the return Of a part
OF the Government surplus to the channels
of trade 1t seems unlikely that the local
money market will be disturbed by the
relief which thisc country will furnish Europe.
Although the statistics of bank clesrings
indicate that an enormous volume Of BUSH
ness Ia being transacted there are no sug-
g~eetions that the supply OF money Is made
quate. Bank clearings this week are s per
cent. larger than during the previous week
and Is per cent. larger than for the COR
responding week OF last year. Outside OF
this city the increase over the previous
week il 10 per cent. as compared with a
year ago 1t Is 81 per cent.
u IIlDEt ~ Noait ~ Nio ~
dustrial situation Ia the car shortage.
Nearly every manufacturing interest is
Affected by IL, but particularly the iron
and steel and the -four milling trades.
The movement Of cotton TO the eaboard
is being decidedly delayed by lack Of trans
portation facilities. The distribution and
consumption OF son able goods is being
restricted somewhat by unusually warm
weather, but this is a condition which NAV
be remedied any day as approach is made
TO the winter months. Breadstuhs ara
moving out Of the country more freely.
the shipments this week being 6.o72,0 600
bushels a. against &.9S7 900 the previous
week and s.eI7 600 in the corresponding
week last year. Since July ! eTports NJ
bresdstufs have bean 100, 72e 900 bushels
as against o. 800 600 in the corresponding
period Of last year. In the same penod.
exports OF corn have fallen on
1000 900 bushels.
The iron trade continues 20 furnish In
evidence OF great prosperity
are being paid for prompt DE-
livery OF many classes OF manufactured
iron and sterl. and there are no indications
~ an abatement Of the demand The
for steel rails that have already
booked for next years delivery va
rant Expectations that the output viii 10
he largest Ia the history - the trade.
A phenomenal demand for structural non
10 also noted Suggestions thai su al
anoe ~ o. OF o. a ton should be- mad" 10
he pnoe u sls-sl rails nave been Nui~i
by ths United States steel CORPORA
on ia. ground that such action ~'u.t
end To stimulate new oump~tiuuu iis
tot the steel stock deSrlDIssi cII-
.ld.iahis s,r-ngth to-day, h-ius luru'unDi
20 ans.ItsEt by trade conditions All OLD
th. appaf.1t o..@at.on II resent u.I-
liquidation ~ them Ihr ,H-..E
"a oil branoLes - the ~.vunfirs msas
> a. strOus
A. o,inIsTsd .ith tho hnal pno.s ' -
saturday, ths ulA iorty ~ slo'ks aIr H.
ns mui. imlHDnani nrt advance a
Manhattan tall- AZ q. Il-f u.n' haH
ind Ollu -. t~LssaI-Aks aHl uI
tiu,kiyn hapld Ifansii g. AuH
~ AAd foundfy aHi in.os lart
aah. I.~ni.-ylsanA iLaifaad - D.