Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-22
Preliminary Estimates Vary
Widely.
BANKS HAVE GAINED
LOST HEAVILY ON DIRECT SHIP
MENTs, HOWEVER
Some of the Estimates Show Heavy
Drop-New York and Wash
ington Closing Lists.


Special Dispatch to The Star.
NEW YORK, September 22-The prelim-
mary estimates of the principal movements
in currency during the week varied very
widely. The banks have gained In their
operations with the subtreasury since last
Friday more than S1,OOO.C0O. but they must
have lost heavily on their direct shipments
to the interior, as a net loss In cash OF
more than $3,OOO0 coo was indicated in some
of the estimates.
Other calculations pointed to a slight net
gain on balance. The money mar. t. how
ever, advanced to the highest figures
quoted for loans on call at any time this
week. or for many weeks past. so Wall
street was disposed to accept as correct
the more unfavorable estimates of the cur
rency movement. 1t seemed however, TO
be the common expectation that so far as
tomorrow's bank statement Is concerned
there will be another curtailment in the
loan accounts sufficiently large as to lead
to an increase in surplus reserves.
Notwithstanding the advance in the rates
for loans In call. there was no alteration
IN the terms for time loans, and, In fact,
rather easier tendencies were reported
there. Todays London stock market also
experienced a small scare over the none
Iary SITUATION at lndt punt. anu <AHfii|<th
stocks. in common with the other depart
ments. were quoted at material declines.
Operations here for foreign account al he
outset OF the market were on the selling
side, but the arbitrage houses reversed
their positions with the course of the morn
ing. and were buyers on balance of up
ward of 25.G10 shares. The local stock
market moved irregularly. but practically
all of the more striking changes in prices
were toward higher figures.
Louisville and Nashville and Southern
railway common were exceptionally strong,
and further advances were noted in all OF
the Central of Georgia income bonds.
The chief features of the dealings there
were the American Tobacco securities, all
or which rose very sharply. while in the
curb market American Tobacco common
enjoyed a sensational advance The days
total transactions in the general market
attained a respectable total, and activity
was quite well maintained throughout the
business session. In the afternoon the
market took on much steadier tone than
1t had previously displayed. and apparently
received some stimulus from the more strik
ing movements in the stocks which have
been mentioned. Aside from the course of
the money market. there were few develop
ments of general Importance, and there
wa, little actual news relating to individual
stock of even routine character.
The movement In Louisville and Nashville
was accompanied by discussion with regard
to the likelihood of an Increased dividend,
but little definite gossip accompanied the
rise in Southern Railway common. Other
very strong features of the railway list
were ST. Paul. Texas. Wabash. Reading
and New York, Chicago and st. Louis.
Transactions IN the local traction shares
were upon larger scale than for weeks
past. with exceedingly heavy and
concentrated buying in Brooklyn Rapid
Transit. From the Identity of the house
which executed the largest orders in the
stock 1t was conjectured that the purchases
OF Brooklyn Rapid Transit might be in the
interest of Pennsylvania railroad and ac-
cordiugly there was a revival Of the old
rumors TO this effect. In the industrial
and miscellaneous stocks the same degree
of irregularity that was evident in the rail-
way list was shown.