The Washington times., 1902-09-21
BANK STATEMENT A
SHOCK TO STREET
Disagreeable Surprise At
forded by Figures as
Published.
DROP IN MARKET FOLLOWS
Decrease in Surplus Reserve as Large as
the Increase That Had Been Pre-
dicted - Higher Rates for Money
Likely-Cold on the Way Here.

NEW YORK. Sept. 2o.-The averages
OF the associated banks were disagree.
able surprise to the financial communit,
at large, q decrease in the surplus re.
serve being shown almost as large as the
increase that had been so confidently ex.
pected yesterday afternoon. The loss ir
the item amounts to 1885,, ,125, bringing
the banks below the legal Is per cent
requirement to the extent of $1.s42, ,050
This is the first deficit that has been
shown In three years, the last occasion
being In November. 1899.
As stated in this column, few OF the
larger banks show large decreases in
the loan and deposit item this week.
prominent institution decreased depos-
ats a. A.oe0 .0o0. and two others show re-
2uctions o4 $4,000 each. The balance
OF the aggregate decrease In the item OF
$ls.sss. 800 is divided among number
Of banks. An aggregate decrease in
loans OF $11.964. 500 is also spread out
among number of institutions.
Loss In Cash.
Had the actual decrease in cash corre-
sponded with the amount indicated by
the eknoWnfmovements of money. an in
grease Id the surplus reserve would have
been shown, but the loss in cash,
amounting to 1881 200. was nearly twice
as great as the preliminary figures, the
excess loss not being accounted for by
any of this weeks known monetary oper-
ations.
OF the decrease In lawful money, about
IS, $50 900 was In specie. Circulation In
creased $4s8,s0o, making the total in
crease In that item in the last five weeks
1868. 900. The surplus reserve year
ago was s13.654, ,225, and two years ago
was SIS, ,552 .325.
1t is expected that 1,ooo, 900 or more
in gold transskipped from Liverpool to
New York will be received here about
next Tuesday, and another direct con-
signment from Great Britain, amount
ing to about 81, 1,500.000 is figured to ar
rive a little over. a week hence. About
the beginning OF October various
amounts of gold, as previously re-
ported, arc due from Australia
e Insbondns circles today the opinion
was almost generally expressed that to-
Gays bank statement would call for a
more conservative attitude on the part
of the lenders next week, and inferen-
TALLY higher rates for money are looked
for.
st. Paul Still Leads.
Trading in stocks was about I'D to
the recent average. allowing for the
short session and the fact that the Lon
don Stock Exchange was closed today.
ST. Paul, upon about half yesterday s
volume OF business. led the railway list,
and after an early advance of 2a4 the
stock fell back to yesterdays close. The
decline, as in the case of a number of
other issues that displayed strength in
the first hour, was due TO selling fol-
loving the disappointing bank state
ment
In the Industrial department activity
centered in United States Leather COM
mon. which left OF unchanged, and
United States Steel common, which fin
iuhsd sfrscfionally below yesterday s
closing figures. Colorado Fuel and
Iron, on moderate trading. closed near
IL a point lower New York Dock pre-
ferred gained ~, and fractional i'm
provements occurred in United States
Rubber issues. Rubber Goods preferred.
and Railway Steel Springs issues.
Chicago Union Traction preferred
closed a. net gain Of point. There
are 10000, 900 of the common stock of
this company and $4,000, 900 preferred.
The last mentioned paid dividends at
the rate OF 5 per cent per annum, but
no disbursement has been made since
1900. AS the dividend on the preferred
is cumulative; there is. therefore. 10
per cent in arrears that sooner or later
will be paid to the preferred stock
holders.
In Other Markets.
The railroad bond market was fairly
active and the tone was in the main
arm. The strong feature was Pennsyl-
vania Railroad convertible warrants.
In the curb market the features were
Northern Securities, the new Rock ISL
and issues, Virginia Coal and Coke, Dis
tilling OF America issues, and Unit,
States Realty issues.
The stock market closed weak
AS compared with the final prices uf
last Saturday the list is irregular. Tho
more important net advances are in s.:
Paul, 6x per cent; Rock Island, s; Man
haitian Railway. 3A: Canadian Pacific,
IN; American Sugar Refining. 11a:
Pennsylvania Railroad, In; United
States Steel preferred. 1h; American
Car and Foundry aai Chicago and Al
ton. u each: Peoples Gas, *; Union
Pacific and United States Steel 1ia rer
cent each. The noteworthy declines are
in leading first preferred. per cent.
and the common. IA, ane Baltimore and
Ohio, IN.