The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-09-09
FINANCIAL AND COMMERCIAL.
SAruRpAY, Sent. s.

haq expected. Although a n loans de-
CREASED in the fair amount OF s1l ,soS, 500,
tho bank surplus, owing to a loan in cash
of gnearly $4,000 COO, was so reduced as 70
cause it to exhibit a deficit Of to,S77,925,
90 that the total surplus now stand at
the lowest figures seen for many years.
Tha loss Of cash shown was 90, 900, 600 greater
than yesterdays largest forecast thereof
made out and appears to ave been caused
after a fashion not unusual in such matters
hv a sort Of making up in the statement
Of the actual losses that have for som time
past not been shown in the weekly return.
Up to last Saturday, In other words, the
cash losses Of the Clearing House institu-
lions, as officially stated, were about co.
100000 less than as shown in the so-called
known movement Of money out Of the city.
To-day the full loss appeared. The sub
stantial character Of prevailing financial
and business conditions was. however,
fully illustrated IN the failure OF the b4nk
statement to disturb The security market.
IL was in the first place fully appreciated
by everybody that early next week some
where between SIS, 900, 600 and $50, 600 900
would pass from the Sub-Treasury 70 the
banks, representing a release OF Government
funds in anticipation Of gold imports.
Known engagements of gold in foreign
lands within the last few days for ship
ment to this country already foot up over
SIC, 200, 900, and bankers in a position 20
speak upon the matter with authority de-
clared itsthis morning TO be their opinion
that at least double that sum OF money
would be similarly imported here before
the movement Of cash from other countries
TO this centre ended. II is also clear, sec
ondly, that both the power and the moral
obligation Of the Treasury Department to
render help in the existing situation Is
greater than it ever has been before in a
similar exigency. On the first of the month
the Treasury had IN itsOw n Golfers $43 900 900
more than it had a! year, ago, and this in
crease was wholly due to an excess OF Gov
ernment receipts over expenditures, caused
by a withdrawal Of money from the open
market Of the country at a time when the
demands of the country for money for
use in business have been the largest ever
known. The Treasury Department is
justly bound and in the strongest manner
to replace in business channels, nav, that
q period Of monetary strain has come
about, not only a portion but If need be
the entire amount Of money thus absorbed.
And finally there Is due appreciation Of the
fact that some tifne before July I next
year the Treasury. will be called upon to
refund sll0, 900 600 Of 4 per cent bonds OF
1907 which then fall due. Some Of the
great national banks have already accumu-
lated a large quantity OF these b onds. with
the idea Of Offering them to the Secretary
of the Treasury considerably before, the
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Government cannot we'll refuse to accept.
Previous to the appearance Of the bank
statement to-day the security market was
utterly inactive with very slight fuctua-
hidns in prices despite the universal expec-
tation that it would be disclosed before the
end Of business that the bank surplus had
been wiped out, and when the report was
published the market, after a few minutes
Of h~esitancy, turned strong and moved |
rapidly upward, closing at round net ad- |
vances in the leading stocks. Buying Of
the United States Steel, Erie and Reading
stocks attracted especial attention. The
legal Developments in Minnesota yestsr-
day led 10 the belief, that is undoubtedly |
well founded, hat the consummAtion Of |
the lease Of the Great Northern Railway
Company's ore lands to the United States
Steel Corporation is near at hand, while the
rise in the Erie and Reading issues was
thought to have some relation to what are
now seen to be the far reaching effects
of the laws passed at the last session of
Congress bearing upon interstate commerce.
Changes Of ownership, arrangements of
rehabilitation and deals, as Wall Street 7
calls them, OF various kinds are undoubtedly
impending in consequence of this new legis-
lation, and Wall Street is apt to discover.
as it did only a little time ago in the case
of the Southern Pacific and Union Pacific
companies, that the market price of many
stocks Of the great railway corporations
OF the country is below the figures repre- 4
senting a fair valuation Of these properties.
This was rather signally attested to-day
In an announcement, that did not come
until after the close OF the market, in
the shape Of a preliminary statement
leshed by the executive committee Of the
Atchison Railway Company OF the ac-
counts Of the company for the fiscal year
ended June, SOS fhSchport showed a con-
diion OF the Atchison's finances far more
prosperous than had been commonly
Imagined, and 10 deUived additional signih-
canoe from the statement ACCOMPANYING
Il that the management Of the company
had deemed il fair to its stockholders TO at
once make public the data that had been
compiled in order that no ground might be
Afforded for the charge that the informa-
ton had been kept secret for anybody's
private benefit. The summaries contained
In the report showed that the net income
OF the Atchison in the last year was ST., 1884,
2Oo.l2, as against 31i ,742, $4,000 in 1905.
These earnings, added TO the undivided
surplus income Of the Atchisons auxiliary
companies, amounting 60 t62e, 6e0.9 30, were !
equivalent to S per cent. on the Atchison's
preferred stock and 1921 per cent. on the
Atchison's common shares. Mention was
made in the statement issued by the e1ecu-
tive committee Of the fact that the next
dividend on the Atchison's common stock
would be fixed and declared by the direc-
tors at the regular board meeting TO be
held on the first Wednesday in October,
and it IL, If course, practically certain that