Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-31
Money Affairs Again Absorbed
All Interest
AMONG THE BROKERS TODAY
Net Loss Of Banks Past Week in Mil
lions.
STERLING EXCHANGE FIRMER
Decrease In Activity In Stocks-Small
Number Only Attracted Atten-
tion-Earnings Statements.
Special Dispatch to The Star.

Special Dispatch 10 The Star.
NEW YORK, August 31.-Moncy market
AFFAIRS again absorbed the larger part OF
WALL streets attention today. but their
main influence in the stock market was
rather In the direction of depressing activ-
,ity than Of depressing values. The prelim-
inary estimates OF the principal movements
In currency during the week concurred in
setting forth q net loss In cash by the banks
in excess OF 100000 OF this sum the
banks lost to the sub-treasury A,5OO,OO0
the remainder representing their direct
shipments to the interior.
The surplus reserves reported In last Sat
urday's bank statement. 1t will be recalled,
were only little in excess OF $4.OOO.OOO'
and the loss in cash shown in that docu-
mont was less than 20 per cent OF the
amount indicated In the known movements
Of currency.
According to precedent. II Is thought
likely that last weeks discrepancy in this
respect may be corrected in tomorrow's re-
turn. Renewal rates for loans on call were
fixed this morning at per cent, and little
new borrowing was effected below that
figure.
Sterling exchange was flrmer in the early
part Of the day. but reacted upon the ad-
vance in the rates for money on call. There
were frequent rumors from the floor of the
stock exchange of large engagements OF gold
in London for shipment TO this country. but
during the greater part Of the day definite
Information as to any transactions OF TINS
character was unavailable.
Foreign Exchange Circles.
Some doubt was expressed in foreign. ex-
change circles as to the verify Of these re-
ports, and there even Appeared to be some
skepticism as to whether the gold due to
arrive in the open London market next
week will be secured for shipment hither.
No word came from Washington with re-
gard to the possible Intervention in the
money market situation Of the Secretary of
the Treasury. The London stock market
also had the reports that large engagements
of gold for shipment to New York were be-
ing negotiated and was consequently weak,
except in the American department, where
q number Of round advances were scored.
The internationally listed shares opened
in the local market we'll below the prices
quoted at London, and this circumstance
resulted in fairly large purchases by the
arbitrage houses.
In the stock market. as already observed.
there was a great decrease in activity, and
With the course Of the day interest con-
verged almost entirely upon the dealings
In small number of stocks. These we're
Ii0tably Union and Southern Pacific, which
We're exceptionally strong; Great Northern
preferred, Reading, Atchison. Amalgamated
Copper and the United States Steel stocks
There was, however, virtually nothing &C.
aompanying the dealings in the stocks men
toned, aside from discussion of a purely
technical character. Some interesting
statements of earnings were made public
with the course of the day. and these, TO-
gsther with the dividend announcements.
comprised the only actual news there was
relating to individual securities.