The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-09-10
FINANCIAL AND COMMERCIAL.
SAruRnAY. Sept.


market yesterday had been due almos,
solely Z, the buyiny In Of speculative, con.
tracts f,r the fall rnd that at yesterday
closing level Of quotations the market
was, left in relatively weakened oondi-
ton. London was also 4 seller OF stocks
and financial news from abroad was with
out particular encouragement. As the day
advanced an impression gained ground
that IN the weekly. bank return. due to be
published half an hour before the close OF
business, some correction would Do made
OF the understatement OF. tho amount OF
money lost by the banks as the item had
figured In, the bank returns Of the last two
established the fact that this loss In cash
has been greater than the bank statements
have made out, and 1t has been realized
that sooner or later the deficiency would
have to he repaired. The belief that the
error would be to-day disclosed led to
renewed pressure upon the market 80 that
prices Of some OF the mo re active stocks
fell nearly to the low points touched by them
previously in the week. The bank statement
for once was fully in accord with reason
able expectations as to It's character and
made what statisticians call a good bal
ance," even II again forcibly illustrating
that as long as the trust companies as we'll
as the banks, do not make weekly state
rnents o. their condition, no adequate idea
OF local financial conditions can be OBJ
tanned from the bank return alone. 1t has
been we'll understood that during the week
q great effort had been made by the banks
to. transfer as large quantity as possible
OF their outstanding loans to the trust
companies, and decrease, therefore, OF
over $40 900 600 in the bank loan account
due to this cause ard to the weeks liquida-
ton in the stock market was not at all sur
prising. A loss in cash OF SlO.95S 800. an
amount outrunning the largest estimate
thereof made yesterday. represented the
correction OF the error in previous state
ments hat has been described The loss
In cash and the decrease in loans balance
properly in a decrease in deposits Of $N,-
S85 100, and the net, result Of it all was q
deorease in the surplus reserve Of $ee7 ,52S.
Upon this news the market advanced
sharply for few moments, but soon halted
and succumbed under a recurrence Of the
earlier cling movement In the last part
Of the session very little business was done.
but a downward tendency in prices plainly
prevailed There were nc movements Of
Individual stocks to-day calling for par
ucular comment.
TAS weekh Wall Stseet has been pretty
antksesohe. Sharp huctrm lions up and down
In the market rapidly succeeding each other,
but with desire to cell stocks predomina-
ting over a desire to buy. The controlling
factor has been the prospect Of cearer
money and the various probabilities and
possibilities bearing upon this point have
been anxiously discussed. A favorable
influence in the situation has been
the declining movement in foreign ex-
change. Sterling has been depressed
by the negotiations here, on a fairly
large scale Of commercial and finance bills
and by letting up in purchases Of exchange
to cover the remittance to England Of the
proceeds Of the Japanese loans now stand
ing to the credit Of Japan on the. books Of
our banks. On the other hand, purchases
Of this sort. while of course made most ad-
vanta9eously. at the lowest point Of ex-
change possible, must be made before the
gold import point is reached. 1t is obvious,
In other words, that these Japanese remit
tances must be attended to before gold il
brought over here from London to All our
depleted reserves. Similarly, a large guam
tity OF maturing finance bills. which are
practically the same as short sales of ex-
change, must be covered" before a gold
import movement begins. Thought must
re also taken here of the degree Of willing
ness with which the London market will
spare any gold for our use in view OF the de-
mands upon the London market for
money now making from so many diff
ferent directions. and of the harden
ing of money now going on all over
Europe in anticipation of the Russian loan,
whose size. as privately discussed by our
leading bankers. Is greater than has been
mentioned in any public estimate made
thus far. Tbs view. taken of our money
market at the end Of the week by those
whose position and experience would
naturally make them the best Judges Of
the matter - that higher, rates for call
and time money will prevail here before
the month Is out and that further re-
duction of the bank loan account Is in
evitable. The construction placed upon
to-day's bank statement in these quarters
was that the Clearing House institutions
had by an extreme curtaifment Of liabilities
managed to hold their own In the last five
business days against the outgo Of money
fpr various necessities that is now proceed
ing, but as this outgo was only Just beginning
and the bank surplus now stands at point
that In all past time has been regarded 90
pointing to a strained not dangerous
condition Of affairs, the indications were
that further speculative liquidation would
be required. To a considerable extent
tho banks can and will undoubtedly con-
tihue to avail themselves OF their power
to shift loans to the trust companies, to
which to-day's bank statement bore Wit
ness" That these sources Of relief how
ever. are limited any one can see for himself
by studying the last quarterly statements
Of the leading trust companies as these are
now being published. -...,..
Now Ysrk Stock Exchange Sales Sept. Q.
cLosiSo PRIcxs OF UNITED STATES BONDS.
..l---.- BID Asksd.l MA A.h.A