The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1909-10-10

New York, oct Sit IN doubtful II at
any time during the present year the
publication Of the weekly bank state
ment has been awaited with moro inter
est than it was to-day Il was conceded
the banks had suffered another large loss
in cash. and It appeared probable a de-
crease had occurred in bank loans which
would, 10 some extent. Offset the effect
upon the bank surplus OF the Drain in
cash.
The stock market liquidation OF the
week. aside from any other cause. would
OF itself produce some contraction Of
the loan account, but whether this con-
traction would be enough to oounterbal-
anoe tho great shipments Of money west
ward during the week was a serious ques-
ton
Most Hopeful View.
The most hopeful view taken In Wall
street was that tho two opposing lnhu-
ences might arrange themselves at a
stand-on. leaving the surplus reserves
about the same as they were q week
ago.
70 those IN control OF the large banking
institutions, a contracting OF loans was
exhibited in tho actual figures Of the bank
returns OF Notwithstanding proportions.
The loans IN the actual statement de-
creased t4s.414000. and as in this state
ment deposits decreased SO, As, 900, and q
loss IN cash OF less than S7.5oO.oOO was
81
than &5,6OOOOO. leaving the total bank sur
plus IN much more satisfactory shape
than Il was last week.
This favorable result was apparently
brought about IN the latter part OF the
week. as under the average figures a
decrease Of about S11.00o.OOo was shown
in cash. which. with a decrease IN loans
or t26.o00.o0O. resulted in a small decrease
IN the surplus reserves.
In addition 20 the stock market IQui-
dalton this more gratifying state OF az
fairs was due partly 20 a transfer Of
loans from Clearinghouse banks 70 those
institutions classified as "other banks, %
that Is 70 say. the entire number Of trust
companies. state banks, and the Ike. but
as the increase OF loans OF these other
banks was but S7.SoOOoo, these institutions
alone could have taken from their
shoulders the large volume OF loans that
as Is evident. was shifted from the clear
ing-house bank ledgers
Further lendings BY European bankers
and by private posEessOrs OF funds In ell
parts OF our own country was doubtless
responsible FOR the showing made n to-
days bank figures, and the matter illus
trates how much moro elastic tho state of
credit is IN the country and interna-
tlonal banking world than many people
suppose.
Security Market Heavy.
Meanwhile to-day. and IN ignorance OF
the highly favorable bank exhibit that
was 70 come after the close OF stock
exchange business. the security market
was heavy throughout United States
Steel common stock made a new low
record on the present declining move
ment, selling At one time at fzn point
below its closing quotation yesterday.
But IN hardly any important quarter
OF the market was more than frac-
tiOnai recession exhibited at the last
Aside from one or two good railway earn
ings stRtemcntB OF which the Illinois
Centrals report OF an increase OF SlS4. 0Oc
In gross receipts for September, the most
conspicuous was the publication OF the
figures Of the American Railway Associ-
alton, showing the idle cars on the rail-
way lines were but 6S,3Ss on September
g as compared with e, 7ss on September
Is, there were no noteworthy develop
ments IN the way OF news during the
business day proper.