Show STOCKS II H EAST Transvaal War News Causes Small Buying Orders In New York J A 1 fl 1 I I WEEKLY BANK STATEMENT t 4 0 SHOWS DECREASE OF OVER A BULLION IK CASH RESERVES I Public Keeps Aloof From Wall Stfeet and the Professional Element Ele-ment Fumes and Frets Over ths Dullness of Trade Condition of the Money Market + Nw York Get 14ne das stock market reflected nothing more than a contest of profeseSonnl operators and tnosc not or very large cnlibre There i were small 1 buying1 orders at the opening I fur London account on rumors of u re verso for tttio Boars at the hands ol the British In Natal which seemed to help prices to moO upwards The bear campaign cam-paign against Brooklyn Transit was euc cebsfuUj prosecuted and the stock was 0 at ono time forced 2i linger lat nSfflU Metropolitan and Manhhtlun seemed to ejmpathize but recovered tho decline I vith final rally of 154 Brooklju Transit Pullman leas added throe more points to its price md Groat Northern preferred 314 Gains wen prtitty generally wiped out alter the ptibUeaftton of tho bank statement state-ment Intt covering Ty tho bears brought v > me i > llce < a fnaoflon above last nights uba1n I1ie decrease of over u million in cash reserves of the banks was a disappointment disappoint-ment Ut4 expert had figured on on in ireasc of about that much Had it not btvn for u larger uan contraction than had been looked for tho surplus rve Mould have been wiped out Extra dlb burscmonw by the government during tho w ek on axxxniiut of pemslons liat offset the drain on account of revenue payments can that Iha Innln h a fa 100t nnthinf h l the trobtr 1i url on routine operation This Is not expeotwl to eonanuc next week and not much confidence is felt that the government gov-ernment interest to be panl on Monday in ojitlcSDttUon of its maturity will avail to oCfedt tile drain itrto the swbtreabury ¼ on aoeourit of the surplus ncnues Neither ie there any hope of duplicating thiN wt kii recwpts of gold which annoum to raStwr over JSOOOOOO with firci n bid a small amount from Cuba and some from San Francisco llie outlook out-look is for further depletion of bank cash and axWrtiomil conltraetlbn of lonnx IMP publlo < hast lifqrt aloof from Wnl direct during the week and the profct bJonal trading1 ckwieiit has fretted and funiod over the dullness of trade and th ar InaWlitv to cause any movement of prices to tatko pnpfits for a turn It la well recognized that speculative liquidation liquida-tion is U1 thait has alforded such relation rela-tion In the money rate GB has occurred and a renewal of money stringencywould be likely to quickly follow any speculate specula-te c activity Tho State of war which has dey < iOped between England and the Soutfi African republic wiis of very little effoct and seejns to have been j = o thoroughly thor-oughly discounted UwU the markets of the ivhute world have adjusted themselves to Iho conditions There was a recovery In prices when the announwmen1 was made that the treasury denartmcnt had decided to pay in advance interest for the whole fiscal year on government b ndfc but a further study of the plan brought conviction that it offered no assuranca of uotual iasy money such us Wall etreat wants for speculatSve campaign The very merit of the plan from the btand point of its pro jectors that is that it insures a general gen-eral distribution the of relief through the money centers of the whole country mil itatis agAinst it from Wall streets stand point Alon < y markcfts from tba rest of the 1 oountiy have had money to lend in New York thus far 4icii rise call loan l rate soared to MfrSO JO per cent A large pelt of tho total customs and internal revenue payments are made through New York banks and the direct drain thus made upon tihsir resources would only be Jndlffeperttlj rcWeved by the tmtitsipatiGd Interest pa mems at other points iu the ctnmvry Besidor the large amounts of governments held elsewhere than In New York It Is believed that some very large holder in New York itself wHl not be disposed to give up the rwiulretl rebate of government interests and take the risk IYr nxplanns the mom at advantage Tim is notably true of savings banks winch are restricted to highgrade bonds for in vestment whlcn offer only a low return The insurance companies and the trust compaarics are also unlikely to avail themselves of the nrivilece U the general condition of the money miwket in the country at largo were aj jSringent as New York doubtless the proffered relief would be more generally taken advantage of The treasury de partment however has given it to be understood that it Is not disposed to > tttko special measures for relieving the peculiar distress in rock market circles so long lio money is to be had for commercial purpose at 6 per cent Bankers in Isew York view the condi tion wiutvequlnlmtty They are satisfied t l > so a good stiff money flute based on IietUtliv business activity and arc not jorry to be able to diferiminaitc against 1 he more doubtful class of securities and Tims check unsound speculative inflation VTth the oetiviity and prosperity In all Hues of business it Is not feared that real values will suffer on account of the dis crimination in extending credits The course of the foreign exchanges makes it evident that relaxation of SCS tho money rate here would be folJowed by outgo of gold Credits hnve been over an extended in the active industrial sion in Russia and Germany and adjudg expan ing from the weeks developments i that country initial The trade is active in Grout Britain while the war in the I Trsuisvaul cuts off the source to which London has looked for regular replenish l meat of its gold supply With a univer I F rat scramblo among the great credit ln MiMiUonts of the world toward recuper Won of reserves no point of relief from Wfdi money rates is discemable ljA tendency of prices of bon s has boii uniformly downward Business ha been 1 fairly active and well distributed United States 9 advanced y and old Is r pgif red The 3s declined B in ttio s bid pnce Bond Quotations C 3 2s glOQ1 X Y Central IslUV U S 3 < > re0I1I J C gen 6s130 V S CoupIS8Nor Pac Isll V S n 4s res LT Nor Pac 3s CT 1 S II 48 coupllSXor Pac 8101 T 1 S o 4e rag111K Y C St r S o 4s ooup112 L 4s 104 T S 6s reg 112H2C VV con 4s 31 1 S Ss coupllli ½ General 133 IX C 3 65s11i Ore Xav IsUr Atdr gen 4s 9S Ore Nay dS03 Adjustment 4s SO O S L Gs > 12C Oir So 2s MIS OonftCi 5s jff C O 4Y ill > Reading gen 4s S5H C O 1isI1S R G W Is 9C C K con 7S14S St L Iron M V Debenture 5S105V4 consol fis tn I Chic Term 4s > lSot San F 10951 L D R G is 108 i general Gs 124 IX R G Is I 0 St Paul 001168 t U T V G IslOSkSt P C P ls2iy Eric gen Js 70 St P C P Es lM i t Ft W Den So Railway 6S10S p City Is 77feStandard Rope Gen Bloc 5s11C Tin Gs Sf G H S A fislOS Te x k Pac S114 tJt 13 f S A SsllO Tex Pac 2s ij t J 1j Sfi = ILi + T a C510S Union Pac 4sl08V tf Consol 10S I C S 4b ST t u S JlrAlSih Is 115 K C r f G 15 7lrabltt5h 2s 11104 L N t ° 45 OS1iest Shore 4s 112 5i R T s 6 ½ ½ WiS Cent Is So Stock Quotations cbtm1 9hj 1WL Oentrol 1 Wi Prcferrori eJMiSo t Rallwaj m w Dan OhVo 4 > Preferred iill Can Paotfit 01 Union Pacific 42 Can Sairthen lillJi Preferred 8 fr C1t Pacific i71f1Vnlr1sb ClHR A Ohio 25S Preferred if ij I CMc Gt WiaiW u K ii f JJ Q12i ½ 2nd preferred C I vS Lt aOftiAdarns I Express a Preferred 4o Ama Expres5s m 1 C E I So V S Express 50 N W164ifltVellsFrrgo Exl C R Pl111mn Ootblf 4tL w C C C St L i t Preferred 73 1 c Co3o Southern Amn Making 12V 4 1st preferred At > Preferred cr I I 2nd preferred119 Aran S R ga I 3nd preferredJ5 I Preferred S7 Del Hudwnl39 Amn Spirits 3 ½ lf L VllF4 Prefered15 t D K G iOUAmn S Hoop 42V I Preferred 73 Preferred S3 ErIe 32U Ama S W 51r Ifet preferred 251 Preferred 05 G l Nor J1f1o1OfilAmtt pla1t F j I 3 1tikklbC4ia1 i17t pJ1Qr1f ii Ills CejtriM TT1I2 TAmb Tobacco 1l Hoclirig Valej JO Pruferreal l la Ccsnral 13 IB R T gl Preferred t l Cob F 1 5i h c P G 8 Con Tobacco 41 Lake E W 18 Preferred 41 Preferred SO Federal Steel 5m Lake Shore lOG Preferred 7G 1ou15 Nal1l 4 Gen Electric 117 Ilnhatltan LIOG Glucose Sugar OO Met St Ry191 Preferred 100 fexIcul Cant 13 I Internl Paper 25 l1nn S t L 70 rrfeed li Preferred 03 1J Gas 70 No Pacific I2i1Nat Biscuit 40 ½ Mobile OhIO 4t I PreCerre 9G lI K r 12 Nat lead 29 Preferred 37 Pretened 11Q X J Centra1117 ½ Nut Steel 50 N Y Centra113J Preferred J4 Nor West 2iNew York A BH3 Preferred GS1 North Ares JW Nor Pacific 51 l Pacific Coast 4j ½ I Preferred 74 let preferred S i Ont West 24 2nd prefeITd G I O R S 42 Pacific Mall TI4 Preferred 5 Peop1ts Gas 19 8 Pennsylvania sPresred Steel C Li ½ Rending 20 PreferrEd SS 1st preftrred 5G j 1ulL Pal CdrI9J 2nd prefer 1 Standard Rope It G W 3716 8 Twine G Preferred SO Sugar 111 SLL San J10 Preferred 115 i 1st preferred 19 Tenn C I i15 li f I 1i i aa ii e 117L St LS VC 12V Preferred h i A 7 I Preferred aG IT S Rubber 46 ½ St Paul 121 l I Preferred 42 Preferred 170 Western Union n St P 0117 Rep I S 26 So Pacific 6 Preferred 71 Tex Pacific 1SC C C St L w The Financiers R view New York Oct HThe Financier stiys The banks of New York were aWe last week to add a hmilf sum to the surplus reserves but this result was made possi ble only through a contraction of loans and deposits There was a decrease of inJ i J4CS2000 In loans and of 6212000 in dopes its The contraction in the latter item los gal reserve requirements by one and I fi1i F n sa l thie onehalf millions of dollars and this more than comiterbdlaiices the loss of a million in cash thus accounting for the gain of 554150 in surplus The statement is to be considered fairly satisfactory but if its totals are correct the receipts of gold from Europe and the Pacific coast have not been sufficient to meet losses to the interior and to the treasury As there is no diminution in the demand for money in the interior the outlopk for a further accession of cash at this center is not as bright as > was the case during the previous week and the nf1atflr1 r1 YI exkpefl tt Inference that the familiar expedient of meeting the situation by liquidating loans is not at an end Still it Is not to Ue foitd t1 tt nl overlooked in this connection that the 1f ticipation of treasury interest may afford s inie relief but not enough to jnaterialrv alter the existing situation The loans and deposits of the banks are now at tho lowet Doint of the wholo lear A remarkable feature of the case is that the time money and commercial loans do I not reflect the existing stringency here rates holding only a little above the average aver-age but the action of interior banks which are steady buyers of paper is accountable ac-countable for this The next two or three weeks will I go far toward determining the f average rate for money o tr a considerable consider-able time as the crop season is ending but the fact that prices are unusually higher and business more active two fac tots necessitating larger volume of currency cur-rency at all points sets the usual calcu lation as the amount of possible relief through a return How of money at naught During the week domestic exchanges ex-changes at important cities dropped from 10 to 25 cents a tangible Illustration that the demand for funds is not jet at an end Stocks at London Now York Oct HThe Commercial Advertlseis London financial cablegram The markets today were generally inact lye but firm om the reported nctojy in I Natal Fluctuations however were narrow nar-row AmerIcans were particularly quiet and featureless They closed firm wIth a slight advance over New York parity In mining stocks Rio Tintos were steady at 47i hut Utahb were weak at 7 stlersi Money was easier with no change in rates Discounts were steady Sliver was quoted ut 2C with no feature to the transactions transac-tions In the gold marl the important operations w ero 21000 in German coin bought try the Bank of England and iWO 000 tent out to Natal Weekly Bank Statement New York Oct HThe weekly bank statement shows the following changes Surplus reserve increase 534 150 loans decrease f GSi60U specie decrease 1134 700 legal tenders increase 895700 deposits de-posits decrease 6212400 circulation increase > in-crease 52200 The bank now hold fl 1 177S50 in excess of legal requirements Loans Exchange and Silver New York Oct 14 Money on call was easy at 3 per cent prime mercantile paper pa-per 5G per cent sterling exchange was steady with actual business in bankers bills at 4S6i5WkGi for demand and at 4 S2ft4S23 for CO days posted rates 4S3 t45iL commercial bills 481 f Silver certificates 5Si469 Bar silver 5S Mexican I dollars 47 4L London Oct HBar silver f26id Metal Quotations New York Oct HThe brokers price for lead is I 140 and for copper 18 J |