Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-06
Currency Movements Leading
Topic on Change.
GOSSIP ON BANK LOSSES
Looking Toward Washington for
Early Intervention.
LONDON'S DEALINGS LIMITED
Sharp Upward Movement In "Pennsy"
Stock Rallied General List
High Rates for Money.
GOSSIP ON BANK LOSSES
IONDON'S DEALINGS LIMITED
Special Dispatch TO The Star.

Special Dispatch TO The Star
NEW YORK, April 6-The, several esti-
mates Of the principal movements In cur
rency since the compilation Of last Satur-
days bank statement indicated that the
banks had lost In consequence sums rang
ing from S7.300.OO0 to Slo.49SOoo- Inc
larger estimate is about double the total
amount OF surplus reserve which was re-
ported last Saturday OF this very heavy
loss the subtreasury absorbed nearly
S. 200. 900, partly on customs receipts ana
other ordinary business, and partly be-
cause of transfers OF currency to the inter-
Tor through that institution.
Customs payments have been very heavy
this week a circumstance which. In view
OF the conditions prevailing In the days
money market, served naturally to excite
much discussion In Wall street with regard
10 the probability that the Secretary OF the
Treasury would adopt some measures to re-
lieve the situation. Washington dispatches
and recent unofficial utterances did not.
however. suggest that the Secretary had IN
contemplation an early intervention IN the
local money market
The main facts In the latter today were
that renewal rates on standing loans were
fiAed all the way between II and - per
cent. and that the greater part of the day
borrowing on call was arranged between
20 and 30 per cent. Practically all OF the
accommodation extended was by individual
lenders and out-of-town banks through
their local correspondents.
Bank Statement Conjectures.
These circumstances would seem to point
to a very considerable curtailment In the
lean item in tomorrows bank statement,
and II such a reduction is not shown In
that account tomorrow 1t will certainly
appear In next weeks returns. The for
eign exchange market weakened further.
but there was no definite information 20
be had with regard to the prospects of an
early import movement OF gold.
At the same time, In the decline In Ster-
ling. together with the hopes that were en-
tertained that Secretary Shaw would take
some steps to relieve the monetary
stringency appeared 70 be the main ev-
PLANTATION of the further obstinate resist
ance which the stock market displayed to-
ward the rates for money. As matter OF
fact. there appeared at no time TO be any
great pressure of liquidation, practically all
OF the selling being made up of the closing
out of accounts by frightened spectators on
margin and of operations for the short &C
count.
upon a large scale and showed q small pre-
ponderance of purchases. representing for
the most part merely arbitrage transact
lions. American railway shares were ex-
ceptionally firm In the London market,
which was otherwise heavy in advance of
the approaching fortnightly settlement. In
stock market where interest and discus
sion were virtually monopolized by the mon
etary stringency, 1t would serve little pur-
pose to comment in detail upon the move
ments in any particular issues. 1t Is neces-
sary, at the same time, to refer to a sharp
upward movement In Pennsylvania stock.
as that Incident was unquestionably effec-
tive In a Simultaneous rally In the general
list during the morning.