Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-10-10
STOCKS CLOSE HEAVY
United States Steel Common
Makes New Low Record.
LIQUIDATION ALL week
Weekly Trade Reviews Afford
Cheerful Reading.
BANK STATEMENT A SURPRISE
Total Surplus Proves Much More
Satisfactory Than Last satur-
day-Loans Decrease.
Weekly Trade Reviews
Cheerful Reading.
BANK STATEMENT A SURPRISE
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October Cit Is doubt
full IL at any time during the present
year the publication Of the weekly bank
statement has been awaited with more
interest than it was today. 1t was con-
ceded that the banks had suffered another
very large loss in cash, and 1t appeared
to be thought probable that decrease
had occurred in bank loans, which would
of course to 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
in and Of itself produce some contraction
of the loan account, but whether this
contraction. however accomplished. would
be enough to counterbalance the great
shipments of money westward during the
week was a serious question. The most
hopeful view taken in Wall street was
that the two opposing influences might ar
range themselves at stand-on. leaving
the surplus reserves about the same as
they were a week ago.
Much to the surprise Of every one even
to those in control of the large banking
institutions. a contraction of loans was
exhibited in the actual figures of the
bank returns of record-breaking pro-
portions.
The loans in the actual statement de-
creased $49.414OOO, and as In this state
ment deposits decreased $50, 1890 and
a loss in cash of less than 81, 900. 900 was
$500, 600, leaving the total bank surplus
therefore in much more satisfactory
shape than last week. This favorable
result was apparently mostly brought
about in the latter part of the week. as
under the average figures a decrease of
about $11. 100000 was shown in cash, with
q decrease In loans of $3.50 100000, result
ing in q small decrease in the surplus
reserves.
Due to Transfer Of Loans.
In addition to the stock market liquida-
ton this more gratifying state of affairs
was due partly to a transfer Of loans
from clearing house banks to those in
stitutions classified as "other banks"-that
Is to say. the greater number Of trust
companies, state banks and the like: but
as the increase of loans of these other
banks was but 1880. 600 these institutions
alone could not have taken from their
shoulders the large volume Of loans that,
as IL evident. was shifted from the clear
ing house bank ledgers.
Further loans by European bankers
and by private possessors OF funds in all
parts OF our own country was doubtless
responsible for the showing made in to-
days bank figures. and the matter IL
illustrates how much more elastic the
ternational banking world than many
people suppose.
Meanwhile. and in ignorance of
the highly favorable bank exhibit that
change business. the security market to-
day was heavy throughout United States
Steel common stock made q new low
record on the present declining move
below its closing quotation yesterday.
But In hardly any important quarter Of
the market was more than q fractional
recession exhibited at the last
Railway Earnings.
Aside from one or two good railway
earnings statements, Of which the Illinois
Centrars report Of an increase of 1884,
$50 in gross for September was the most
conspicuous, and the publication of the
figures of the American Railway Associ-
tion. showing that the idle cars on rail-
way lines were but 53,3S8 on September
20. as compared with 1878 on Septem-
Der 15. there were no noteworthy de-
velopments in the way of news during
the business day proper.
The weekly reviews of the commercial
agencies still made exceedingly cheerful
reading. all telling of charging, and, SO
far as can be seen. of increasingly profit
able business operations While in the
week, as whole. Wall street has de-
voted its attention almost exclusively to
the higher tendency shown in money
rates. and managed to get itself into such
state of apprehension on the subject
as to lead to a large throwing over of
stocks carried speculatively for the rise,
everything that has come to hand from
legitimate business circles has been of a
kind calculated to produce encourage
ment.
Not the least instance of the kind was
hA 0nfs noto