Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-09-13
Uncertainty of Politics Prin-
cipaI Topic ION the Street."
MAINE ELECTION NEXT
Hartman Issues and Reading Head
Active List.
MONEY PLENTY IN LONDON
Weekly Statement of the "Finan
cier' Indicated Decrease in
Surplus Revenue.
ELECTION
MONEY PLENTY IN LONDON

NEW YORK. September 12.-The pro-
fessional element in the speculation
showed some symptoms of disquiet over
the prospect of staying short of stocks
over the Sunday closed interval and they
bought to cover. The days short session
was dull and embarrassing and showed
no new phase in the situation. The stiff
ening of the money market the omission
of the American Locomotive dividend.
the possibility of sensational outcome
of the Maine election and the lack OF
proper moisture for the maturing of the
corn crop to the best advantage were SUBJ
jects under discussion and exerted some
influence in the early dealings. st. Paul
was a weak feature of the railroads, and
American Smelling and some of the rail-
road equipment stocks extended the de-
cline in force when the market closed
yesterday.
Remarks by influential capitalists,
pointing to the uncertainties of politics,
were interpreted as an admon1tion to
conservative action pending the result of
the presidential election. When prices
started upward the Hartman issues and
Reading We're found again in their Gus
tomary position of prominence. The re-
turn from his vacation of the head of the
Hartman system and the expectation of
his appearance in Wall street Monday
seemed TO have favorable influence on
the stocks associated with his name.
Effect Of Court Decision.
Reading moved upward anew on the
strength of the winning by the coal roads
of the suit to test the validity of the COM
modities clause of the Hepburn act.
Money and exchange markets were lit
tie more than nominal for a weekend.
and offered no important developments.
The complexion to be shown by the bank
statement was considered with interest,
but the statement. as is now the rule,
was not published until after the stock
market closed. 1t disclosed that the
weeks decrease of cash had been closely
gagged by the preliminary estimates OF
between 100000 and $5Wo.OOO. The
heavy loan expansion bore on the re-
serve requirement, well, the net re-
suit being decline in proportion of re-
serve to 2S.S4 per cent, bringing the sur
plus to below 52,oO0,O0O. not an made
quate supply for all normal necessities
ahead OF the money market.
Bonds were irregular, the total safes,
par value being, S1,S2O,0OO.
United States bonds were unchanged on
call during the week.
Expansion in Loans.
The Financier will say:
1.-The statement of the associated banks
of New York city for the four business
DAYS included in the week ended Sep
TENDER IL showed very large expansion
in loans and deposits, with shrinkage of
81 900 300 in cash The result of the
changes noted brought about decrease In
surplus reserve of S6.32l, 100, this pelnS
based on actual conditions and to aver
ages The decrease in cash had been an
ticipated. as the banks are now for the
first time this season losing money to
the interior notably to the south, for
crop moving purposes. The movement mas
been very much delayed this year,
but now that il has started it Is reason
able to suppose the banks will report
shipments to the interior for some time to
come.
The expansion of S1s351.3OO in loans,
6S5 500 in deposits, was rather unex-
pected and cannot be attributed Alto
gather to stock exchange requirements.
Money has been showing a rather higher
degree of firmness than noted for some
time past and while the surplus reserve
based on actual conditions is still 500
APO. 22J some bankers look for a con-
tinued hardening in rates. The summaries
of the banks and trust companies In
Greater New York. not reporting to the
New York clearing house, show very
small changes in the totals for the week.
The present cash reserve of the associated
banks is 2S.12 per cent, the reserve OF
trust companies is 81 50 per cent, of which
g36 per cent is In the form of cash in
vaults and the reserve of the state banks
is 50 t6 per cent of which 12.71 per cent
is in the form of cash in vaults. 1t will
be seen, therefore. that the strength OF
the financial institutions of New York is
still al a very much higher average than
nSual.'