The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-09-11
SECOND BIG
S'Il.Rl N {:
The Bank Statement. for the
eek Proves Rather
I Startling.
lS,t.ar.tlin

Especial to The & Times Dispatch.) "a
IN CIV YORK, Sept. Il, II days bank
+ statement, says the Post, was q, slit tie
startling. + lowing Ia St week. decrease
4 Of nearly s O,OOo,OoO In surplus reserves,
comes another 50. 900 900 shrinkage for tho
i present week. "A bank surplus, whicl
three weeks ago was alnlost5at tile max
ailnum OF our banking history, and Which!
oven to-day Is the hlg hest; for he current
SweckSIn ten years pils t, oall face WI bout
winking even a $40. 900, 900 fall in IA single
Fortnight. But naturally itSc could not face
many rcpetltions Of It with equpnimty.
Large as this weeks repia aiming surplus
As four weeks more of reduction a the
recent pace would use sup he whole OF It..
1T Ii improbable that anything OF the
5sort&will happen, but the reason for say "
ling thatYit Improbable Is the rapid loan
expansion SIS ,0o0, 900 last week and $l3,-
3 100000 u lls-cannot long continue IL the,
face OF tho falling surplus. This makes
the question very much In point how far
the stock market has been held up there
past few days through precisely this loan
& expansion. II will have considcra bly, less
of such support q to rely upon IN the fu i,
Eturc. ia Sas. z ..S z az: WA
Il Prices Hysterical.
To-day''s stock mark Ct paid no attnll-it
ton to the poor bank ,showing;s, in fact,
4 the5actionf Q & pr ceSl WAS llyster!cal. anu
not on this oecusion8 OF tho sort to invite!
very serious analysls,t The market s. gem
8eral course was upward, and IL few su1-
Estantial gains were made, but there
Was rather too Visible Yidence OF en-
forts. both to distribute. speculative
holdings and to prevent tho consequent
lower prices, through sky.rocket prnct-!
htice elsewhere In the list Generally
prices closed at or .Hen n no bes Il:
n sTraditlonally tho stock q market Is al
Index to ncomnunity's llnancial CONS
@tion, and tho Iron ma IKE b sis hers;
Ito beS giving con Trajectory testimony
either; something isfHrong with thu inul-
Gators, or oso ono of II l,e two. mi res som
sit!ye than the pther,3 has felt some infl4-
gence which has not yet he'd tlns
other, but Which Will do 80 later rl!aI
second supposi Ion may possibly apply
70 tie conflicting EVIDENCE borne In July
and August by the stock exchange and
tho iron trade, 1t lis cnrtatn hut while
prices az Investment securities M'era rlS-
ing vigorously, production st ilIon Wues
falling off. consunlpt! Ion wa y shr9nk!ng
even more rapidly, unsold supplies were sIl
accommodating, and prices we're waYerln
1T viii be rensm bersd tl,at ~ Iron trade
circles even Itlell Il note Of cheerf " mess
WAS dominant.s lsreel ysconc ICED ne hat ours
rent trade ratYrns Were not pleas 7 read
ing. and that even de steel olpora y olls'
&nid-year earnings statements yas u cold
comfort, people ins the sfeadq !, 4, !, III
the industry nevertheless predicted bot-
ter things, ana rel uaed to worry,
Hopes for the Future.
ma ba hoped that the; signs 81 ths.
markets. 40 this date ARC not dellslYo ana
that s1riethhlg moro permanent than the
4 flicker OF rccoyery. Ills past spring wsll.
i follow n or will it be q matter for res
greet if8 the mass OF Idle money which
has heen cumbcrirlS the recent market.
rs drawn off W the channels or lesit ln.ate5