Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-09-09
Reactionary Tendencies Re-
sumed.
SOME DECLINES TODAY
LIFE INSURANCE INVESTIGATION
HAS EFFECT.
Weekly Reports of Mercantile Agencies
Prove Gratifying-CloAng
Stock List.

Special Dispatch to The Star.
NEW YORK, September o. - The stock
market today resumed the reactionary
tendencies which It displayed earlier In the
week, and a large number Of the moro ac-
tive issues showed declines in excess OF one
point Superficial explanations OF the
course OF prices were found In the disap-
pointing attitude of the London stock mar
ket the disagreeable impression produced
by the progress OF the investigation OF the
life insurance companies and In the COM
mon expectation that the bank statement
would make an exceedingly weak showing
AS matter of fact the market showed
plainly enough that yesterdays sharp
advance reflected In large measure the COW
ering of short contracts, and on this ac-
count the renewed and scattering liquida-
ton which appeared today produced the
greater impression upon prices There
was no news of any consequence Of q
general particular nature aside from
such statements of earnings as were
made public. The weekly reports. Of
the mercantile agencies were satisfying ex-
hibits. and II was commonly assumed that
the governments report upon the state OF
the cereal crops would make a magnificent
showing Detailed comment upon the
seem to be necessary. Both Reading ana
Erie were. however, notably weak and ac-
tive. and Amalgamated Copper and the
United States Steel shares lost ground.
after opening firm. Sloss-Sheffield was ex-
ceptionally strong on the expectation that
the declaration of stock dividend of 80 la
per cent would be announced next week.
The days dealings were upon q fair scale
of activity. and interest was well distrib-
uted throughout the various quarters Of the
market.
Averages in Excess.
Although the decrease In the actual cash
holdings Of the associated banks as It was
shown In today's weekly statement Of aver
ages was largely in excess Of the prelim-
mary estimates. amounting to SO. 95S. 900.
the banks statement In other respects was
in the nature OF an agreeable surprise to
the Wall street community. The loan ac-
counts showed the enormous curtailment
Of S30. 237 900. which. together with that In
actual cash. was very closely reflected in
the deposit account, which decreased 81, 165,-
600. The sweeping reductions In the loan
account reflected undoubtedly the transfer
of loans from the banks to the trust COM
panies and other non-clearing house lenders,
although 1t Ia probable that the recent lioui-
dalton of the stock market also contributed
something to his end. In consequence Of
the heavy falling away In the deposit ac-
count. surplus reserves decreased only $685.
900 and the banks still hold 81, S31. 900 In ex.
cess OF the lawful requirements. Surplus
reserves IN the corresponding week Of last
year amounted to S3S ABS 600, in 1908 to
900 and In 1902 to $4,000. The
stock market naturally rallied quite yigor-
onsiy upon the appearance Of the bank
statement because as noted above, It had
been feared that the large decrease In
cash would result In wiping out entirely
the small surplus reserve fund.