Evening star., 1905-11-10
Movements in Currency In
terested the Street.
BANK LOSS INDICATED
VERY LITTLE DIRECT LENDING
BY CLEARING HOUSES.
Expected That tho Loan Account In
Statement Tomorrow Will Show
Material Contraction.
BANK LOSS INDICATED

NEW YORK November 1O.-The prelim-
inary estimates of the principal movements
in currency during the present clearing
house week or for the period on which the
figures OF tomorrow's bank statement Will
be complied, indicated that the banks had
sustained a loss in actual cash of upward
of 100000.
1t may be recalled that the amount Of
surplus reserves set forth in last weeks
bank statement was only little In excess
OF 5000 coo. The extent to which the loan
account may be curtailed in tomorrow's
bank statement is, of course, probablemati-
cal.
There has been very little direct lending
by the clearing house banks this week. the
larger part OF the funds put out on call
having been for the account of out-of-town
bank and non-clearing-house institutions In
general.
This would suggest that the loan ac-
count In tomorrows bank statement may
show very material contraction. al
though, OF course. discussion of the pros
pect must be qualified by consideration or
the averages system employed by the banks
In compiling their weekly statement. VI this
weeks loss in cash s.. 12T 900 represented
payments by the banks into the subtreas-
ury on one account or another, inciudlng
currency transfers to the interior, and the
remainder reflected direct shipments Of
currency by express.
Local Money Market.
The local money market opened with
money on call lending a. 10 per cent. and
with renewals OF standing loans effected
upon terms which depended largely upon
the personal relations between borrowers
and lenders.
In fact, notwithstanding the extremely
high rates quoted for money on call. the
stock market had a rising tendency during
the greater part of the business session. As
might be expected. the dealings showed
nervous and feverish tone and upon occa-
sions prices receded quite smaruy, but the
underlying drift seemed to be toward high
er figures There were very few exceptions
to the general course of prices, and prac-
tically all OF the more active movements
were advances. In the railway list notably
firm features were Atchison, Canadian Pa
clhc, Reading. Erie and Missouri. Kansas
and Texas.
Missouri Pacific continued under some
pressure but rallied moderately with the
course OF the day In common with the gen
eral market The Industrial quarter was
'strong also. with substantial gains shown
by Tennessee Coal and Iron, Sloss Shef1elo,
National Lead and Pressed Steel Car
The United States Steel stocks were firm
on large transactions, as were the otner
usually active Industrial issues, including
American Locomotive. American Smelling
and Amalgamated Copper. There were no
novel developments at all relating to the
stocks mentioned or to other securities not
referred to.
Scant attention appeared to be paid to the
government crop estimates, or, In fact as
already mentioned. to any other subject
than the money market affairs.
1t would probably be accurate to say that
the bulk OF the borrowing on call today was
effected between IL and IA per cent, but
the extreme range OF rates was even wider
Sterling exchange suffered a further ex-
tensive decline. and large stock commits
sion houses In view Of the state of the
local money market, quite commonly made
large sterling loans for ninety day periods
The Principal Topic.
Money market conditions virtually en-
crossed interest to the exclusion of all
other topics. including even the local po-
lltlcal situation. Somewhat Unexpectedly,
IT was observed previous to the opening
of business in the local market that Ameri-
stocks were quoted in London at sub
stautial advances above yesterdays local
closing prices. The figures furnished from
that quarter were followed up by moderate
buying orders for foreign account in this
market, and the two circumstances had
Uuquestionably powerful effect upon spec
Olative sentiment.