Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-29
Opened at Generally Lower
Range of Prices.
RALLIES AND REACTIONS
Americans Depressed in London oy
Gold Outflow.
ADVANCE IN COTTON MARKET
Irregular Movements Influenced Fur
Their by Anticipated Weak Bank
Statement and Money FURRY.
ADVANCE IN COTTON MARKET


Special Dispatch to The Star.
NEW YORK. September 29-The stock
market this morning opened at q generally
lower range of prices than prevailed at
the close of business yesterday. and price
movements throughout the remainder Oh
the business session were characterized py
great irregularity. slight rallies being 1oi
lowed by sudden reactions. The market
initial tone was to some extent oeriSeo
from London. The stock market there was
generally depressed, mainly because or the
renewed outflow of gold to America anu
other countries and American stocks were
particularly depressed on reports with re-
yard to the tremendous destruction OF prop
erty consequent upon the great storms
Which have been raging In the gulf states.
The cotton market. which was yesterday
unaffected by the accounts Of the losses
which have been suffered. today advanced
sharply Other influences In the irregular
course OF the stock market were the expec-
tatlons that the bank statement would make
4 weak showing and apprehensions of
Severe furry In the money market on Mon
day. and there seemed to be some increase
In uneasiness as to the political outlook.
There was some disappointment evident
also at the absence of any definite conhrma-
ton of yesterdays positive reports that
Steel Corporation and the Great Northern
railway by which the steel corporation
will take over the operation OF the latter. 8
iron ore lands had been concluded, al
though 1t was still commonly assumed
that such was the case. The United States
Steel shares and Great Northern preferred,
in common with the general market. opened
well below yesterdays closing figures, later
moving irregularly. The most active fea-
lures of the railway list were Reading.
Union and Southern Pacific, Atchison and
Baltimore and Ohio. Amalgamated Cop
Der was steady. Brooklyn Rapid Transit
and the other public service stocks moved
In common with the general market.
Statement Unexpectedly Strong.
The bank statement made an unexpected
ly strong showing but the items were far
out of line with the preliminary estimates.
The latter had indicated a loss In actual
cash in excess of S5OOOOOO. whereas the
statement set forth an increase in that par
ticular of So. 90, 600. The loan account rose
81, 80. 600 and together with the gain in cash
caused an expansion In deposits of $1O,SO7.-
600 Surplus reserves increased 81, 224 900
and the banks now hold $12. 539, 600 cash In
excess OF the lawful requirement Surplus
reserves In the corresponding week OF last
year were $744OOO0; in 1904, $19. 5000. and
In 1903. S13. 937, 600.
The unlooked-for change in the cash item
was due to the fact that the banks have
gained on account of their arrangements for
gold imports more than they lost through
their shipments to the interior Their large
apparent loss shown in the figures of their
dealings with the subtreasury represented
nothing more than the return to that insti-
tuition of the gold actually received from
Europe
The sock market rallied sharply on the
appea rance of the bank statement leading
features being Reading. Norfolk and West
ern. Texas Pacific and Amalgamated Cop
per.