Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-08
Loss in Cash by the Various
Banks.
WEEKLY STATEMEN T
OPERATIONS WITH THE SUB
TREASURY.
Question as to How Tomorrow's Bank
Statement Will Show
UP.
EneclaI Disnn tch to The Star.

Special Dispatch to The Star.
NEW YORK, September 8.-The prelimi-
nary estimates of the principal movements
in currency during the period from which
the weekly bank statements are compiled
indicated loss by the banks In actual cash
of between 100000 and 81. 100000 These
amounts are in excess OF the total sum OF
surplus reserves which were reported in last
Saturdays weekly bank statement.
The larger part of the loss indicated by
the banks was incurred In the direct opera
lions with the subtreasury. but In addition
they have apparently shipped directly to the
interior something more than $2.0OO.OOO. In
Rsmuch as by far the bulk of the money lent
on call during the past few days was for the
account OF the trust companies and other
extra clearing house lenders, 1t was COM
monty expected today that the bank state
ment would show a decrease in the loan &C
count great enough to Offset in part the
very heavy loss In cash which the banks
have suffered this week. Whether such a
change appears in tomorrows bank state
ment Is open to doubt on account of the
system OF averages employed by the banks
in making up their weekly statements. but
1t is none the less plain that the banks real
position will be very much stronger than
that set forth tomorrow, and II a sweeping
reduction in the loan account does not ap-
pear then 1t will be shown in next weeks
returns. AT all events the days money
market showed no very striking changes.
Loans on Call
Loans on call which CARRY over until
Monday were effected at around per cent,
ninety day loans at 3x per cent and four
months loans carrying over into the new
year al from to Az per cent. What was
OF additional significance so far as the
money market was concerned was further
very severe break in sterling and a gen.
ersl readjustment In the rates for foreign
exchange
1t does not appear likely that the New
York market will fare badly In any COM
petition for Europes gold supply should To-
cal monetary conditions render importa-
lions of the metal necessary. In today's
stock market the main influence in a gen.
eral. pronounced. and. all things considered,
well-sustained rally was the very heavy
and unexpected buying for foreign account.
Previous to the opening Of business hero
American stocks were shown in the London
market quoted at advances which extended
from fractional limits to over i point. and
these extensive gains were followed up by
purchases for foreign account which ag-
gregated upward of $4,000 shares. The
London stock market had been rather
hedSy III tno early part OF the business
session. but enjoyed a general rally with
the course Of the day.
Russian and japanese bonds were both
comparatively heavy. however, the first
named in anticipation Of the new loan.
while both Issues were doubtless unfavor-
ably influenced by the internal disturbances
In each country.
Notwithstanding the improvement in the
markets tone there was a sharp falling
away In the volume Of business, circum-
stance which suggested that the better
ment In prices was mainly the result of
the large foreign buying and the covering
or short contracts. There was little real
news relating to individual securities
apart from the traffic statements reported
which included the really magnificent ex-
hibits of the Union Pacific and Southern
Pacific companies. The securities of the
companies in question we're naturally
prominent in the days dealings. but gen.
orally speaking price movements were
quite uniform and did not call for partic-
ular comment. This was the day selected
by Bostons false prophet as the occasion
for his much-proclaimed stock market
panic, a circumstance which in Wall
streets more cheerful humor attracted no
little cynical comment