The daily morning journal and courier., 1902-03-05
CA IS Y ' ORIA
 For Infants and Children. The Kind, You Have Always Bought Bears the " I'VE z
EtnaMctwI.
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 THE STOCK If 4 RKEI.

Retracing uf Yesterdays Upward CouTf c
 New York, March 4.-To-daX's stock
 market for the greater part of the day
 represented the retracing of yesterday S
 of taking profits on a small turn, which
 is a characteristic of q narrow profess
 sional market. But late in the day the
 selling movement gained appreciably in force and carried prices downwards by
 rapid stages to the lowest of the day,
 making the closing active and weak. The market also broadened out consid-
 erably in the late selling movement and
 the dealings were much better dlstribu-
 day. The standard stocks were as
 greatly affected as some of the minor specalties which have lately been so
 conspicuous in the market. The grow
 ing dimensions of the requirements up-
 on New York cash reserves seemed to
 be the cause of the rather acute uneasi-
 ness manifested.
 The engagement of gold for export
 announced to-day for Thursdays and others likely to be made indicate the probability of an outgo of five million dollars or over this week to foreign shores. The underwriting syndicate of 1 the San Francisco Traction reorganiza- tion called upon it's subscribers to-day for 20 per cent. payment on Thursday This means the remittance to San Francisco at that time of about $4,O00,- 900. It is true that this operation will mean encroachment upon the country's available money supply, as the treasury authorities will pay out in San Fran cisco immediately the amount deposited In the sub-treasury in New York But the operation involves a depletion of New York bank reserves, nevertheless. 1 The sub-treasury had already taken from the New York money market since on routine operations $3.11l,000. With the surplus reserves of the banks last week at below S10000,000 these figures indicate sufficient requirements to wipe out the surplus entirely Under the average systems of computation it Is also expected that part of last weeks decrease in cash reserves will be felt in this weeks bank statement
 The confidence which has been felt In the continued ease of the money market in face of these developing factors was partly based upon the belief In govern ment bonds circles that government bonds would be offered to the treasury department for redemption In case of any real need in the money market. As a matter of fact, bonds to the par value of a million dollars were offered to the sub-treasury late to-day, for which $1,~ 122 401 was paid in cash. But this did not seem to relieve the apprehension of a possible money squeeze. It was no- ticeable also that the sterling exchange market was affected by the offering of bills against the gold engaged for ex- port. so that rates yielded fraction, ! which was not the case when gold was | engaged last week.
 The statement of the Missouri Pacific | for January, showing a decrease in net r earnings of $521 000 caused an early | sharp decline in that stock and affected | the list by sympathy, offsetting the in- nuence of various other favorable rail- | road reports, notably the extraordinary made by the annual report of the Pennsylvania.
 The early market was largely one of specialties. in which Chicago and was prominent, with rise of BE. Lackawanna became equal ly conspicuous in the late dealings, with a drop of 6h,
 The bond market was inclined to dull ness, but held comparativel steady. The total sales, par value, aggregated s2. .930 OO0
 United States old fours advanced k on the last call.