Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-15
Loss in Cash by Banks This
Week.
ADVANCE IN IA TIES
ToMoRRoW's BANK STATEMENT
ANTICIPATED.
Gloomy Indications Ahead - Matter
for Subsequent Discrimination
Closing Stock List.
Special Dispatch 10 The Star.

Special Dispatch TO The Star.
NEW YORK. September 15.-The prellmi-
nary estimates OF the principal movements
IN currency this week pointed to loss in
cash by the banks of upward of $l0.0OO,OO
a sum more than twice as large as was the
total amount of surplus reserves set forth
In last weeks bank statement. 1nasmuch
as this disclosure was followed by an ad-
vance in the rates for call loans before the
noon hour to 1 per cent. attention was at
once diverted to the probabilities Of tomor-
rows bank statement, with the effect OF
bringing trading almost to a standstill and
of leading to irregular and generally reac-
tionary tendencies In the stock market. 1t
may be recalled that the prospects for last
weeks bank statement were well nigh as
gloomy as those Indicated for tomorrow.
although the banks were able to retrieve
their position In part by reason OF the
sweeping reduction In loans which was
shown.
Whether they will be able to report an
equal curtailment in the loan account to-
morrow is. of course. a matter for subse-
queut determination, but 1t was the gem
eral opinion that a sufficient reduction in
the loan Item would be shown to enable
the banks to show holdings OF cash still In
excess of the lawful requirements. In
speculative circles there was, of course,
much discussion with regard to the likeli-
hood that last weeks surplus would be en-
tIrely obuterated, but similar expectations
were entertained last Friday and Satur-
day up to the time that the Bank state
ment appeared. Another of the days de-
velopments which accounted a dis
turbing factor in the market was the ad-
vertisement which was published in this
mornings newspapers over the name of
the president of the Wabash railroad re-
IL a,--
OF the company. to be used presumably in
opposition to the interests which now
credited with the control OF the property.
1t was commonly taken for granted that
in his appeal for proxies the president of
the Wabash had the support of and was
acting in cooperation with other importa Mt
interests in the property. but little definite
information in this regard was obtainable.
Nor was ii at all possible to obtain any
confirmation of the innumerable conjectures
which were expected as to the Identity of
the interest which may be uphoding the
hands OF Mr.. Ramsay in his appeal for the
support of the Wabash security holders.
The prospects of a contest for the control
OF the property led. however, to a rapid ad-
vance In all of the Wabash securities. and
the movement there was participated in, al
though upon a smaller extent, by the other
so-called Gould stocks. The Wabash deben-
ture bonds were particularly strong and
active. Price movements elsewhere in the
railway list were exceedingly irregular.
The Southern railway shares were ex-
ceptionally firm, as were Chesapeake and
Ohio. Norfolk and Western and the Wis
consin Central stocks. On the other hand
Erie was rather exceptionally heavy, pre-
sumably because this mornings definite an
nouncemeut of the transfer of the control
OF the Cincinnati, Hamilton and Dayton
system carried with It no exact information
as to what the final disposition of the prop
erty would be. The local traction shares
were dull, while the Industrial and miscel-
laneous issues showed the same Irregular
ity OF movement which characterized the
railway list.
After opening firm the Industrial stocks
developed sagging tendencies, WITH how
ever. exceptional strength being shown by
number of issues, including American Lo-
connective. the Republic Iron and Steel shares
and the United States Rubber. The United
States Steel stocks were also comparatively
steady.