The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-23
FINANCIAL AND COMMERCIAL
Sept. %.

4 SATURDAY. Sept. "a.
N q dull market and on . relatively
limited volume OF trading to-day prices OF
gtocks declined. Tn on tne
nocr Of the Stock Exchange was small ana
he general market appeared TO DO one IN
which little interest was taken by the rank
and file OF spectators and which was
almost left to itself by the large holders OF
stocks. Greater strength than has been
nodded for some time In the United states
etScl shares attracted attention and leo
10 rumors that the arrangements betWeen
the Steel Corporation and the Great North
@n Railway Company regarding the lease
Of orc lands were once more on the point
OF being settled. Elsewhere dealings IN
tha market were inconsequential. A faIl
At ~. ~oints In Reading stock weakened
me market, perhaps, as much as anything
else, although the recession in the price OF
the stock was small compared with It's re-
sent advance. The weekly bank state
ment was favorable, as 1t was almost GER
Aainly known that it would be, since 1t wal
we'll understood that there would be made
up In this weeks statement the large actual
eain In cash that was not shown in last
weeks return. Cash reserves OF the banks
AZ they appeared in to-day's xhibi increased
aI1. 70, 800, and loans increased 81, 400, 900. The
mrplus reserve was enlarged by 81, 100000,
bringing the total surplus up to I'll ,Sib 600,
which is the largest surplus shown at this
date since 1901, with the exception OF the
two years 1903 and 1904, when business
throughout the country was at a much
lower ebb thar 1t Is now n demands for
o were comparatively slack. IL GER
tainly can be said that a review OF the bank
condition and OF stock market prices here
does not bear out the statements 40 COM
monty made that the current tightness In
money u due in chief degree TO Wall Street
speculation. Bank loans here now are
40. OOo.O less than they we're a year ago
at this time, and the average price OF stocks
N no higher than it was last January. IL
may be true, so far as the loan account Is
concerned, that our borrowings are now
larger in foreign countries b they
were twelve months since; but tho fact
remains that by reason OF the increasing
profits OF business and the magnificent re-
suits OF the seasons harvests that gen.
eral credit position il much stronger than
Il VA last year, and that more substantial
reasons exist than were formerly pre-
aented for a rise in prices OF securities.
6peculation in stocks under such circum-
stances is unavoidable AMI Is as logical a
consequence OF the state Of the country's
business as Is the Joy felt by the farmers
over their splendid crops or the pleasure
experienced by stockholders in railway
and industrial corporations over the receipt
Of an increased distribution upon their
shares.
The feeling has become very strong In
Ehe financial district, however, that 1t Is
high time for the Secretary OF the Treasury
Co release some part Of the S43 900 900 OF
tho peoples money that has been with
drawn from circulation by the Government
In the course Of the present year and along
with nearly $50, 900. 600 more stands idle In
tho Treasury vaults. The first OF October
IN always a time when dividend payments
are heavy and when large amounts OF
money have to be called in by the banks
20 prepare for these disbursements. The
local trust companies must also on that
date place SO, 900, 900 more to their reserve
account in accord with the provision OF
the State law, and there are a good many
tnstalments Of payments on stock and
bond subscriptions that must then be made.
The impression has strongly prevailed in
rood quarters in the last few days that the
Seca etary Of the Treasury would next week
come to the relief Of the money market in
a more positive way than he has heretofore
done. It is only to be hoped that the Score
tary will bear in mind in whatever action
he NAV take that it is the mercantile Dor
rowers in the large cities that are more
hurt by the present money stringency than
ANYBODY else, and that assistance, II 1t is
20 be given to them at all, should be given
through the banks in the central reserve
cities. The bank statement to-day fur
nished the only important item OF news
presented for Wall Streets consideration
Further engagements Of gold for import
brought the amount Of money disbursed
bv the Sub-Treasuries here and in Boston
on this account to nearly $50, 900, 900. The
state OF affairs in Cuba has not figured at
all OF late as a stock market factor, nor ha'
any notable influence been exerted by
domestic political matters. II can hardly
be accounted as other than a favorable
circumstance however, that all indication
point to the fact that in thisS State the party
cf socialism is losing force.
sew Tori Stock Exchange Sales Sept. =
CLOSING PRICES OF UNITED STATES BONDS.
BID. ASKED. BIZ Alksd