The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-07
PRICES YIELDED UNDER
WEEKLY BANK Statement.
CLOSING, AS 4 WHOLE. WAS
WEAK AND HEAVY.
Market for Week Was Generally
Active and Strong, Suggesting
a Return of Boom Period.

J New York. Sept. SIN the absence of
London quotations the local market was
without 4 clew from any particular quar-
ter. Nevertheless. the opening was decid-
edly firm with much strength Of undertone.
The excellent showing made by Norfolk
and Western in its annual report impaired
strength 10 the block, as well as TO others
In the soft coal grorp. but the upward
movement in ontario and Western. follow
ing hard upon reports showing heavy stock
losses, was not altogether clear.
Readings displayed heaviness at the out
set, presumably as a result Of a decline in
July earnings, but show ed evidence OF sup
port, closing with a net loss. st. Paul
and Missouri Pacific. leaders Of the previ-
Gus day. were fairly active, while the Atch-
isons were strong; much OF the buying be-
ing attributed to Rock Island interests.
The move in Peoples Gas and Brooklyn
Rapid Transit appeared 10 have its origin
in the operations of. a prominent commits
sion house. During the nrst hour. ad-
yances were scored by Republic Steel pre-
Iron Pipe, Minneapolis. 81. Paul and Sault
Ste. Marie, -Sloss-Sheffield Steel, Pacific
Mail, Lac.ede Gas and the Cotton Oil
stocks.
The publication of the bank statement
was awaited with almost painful interest.
the list haltIag somewhat In anticipation of
a very unfsyorabIe showing. In point of
fact. the statement as a whole WAS a faith
tul retection of the weeks operations. al
though the loss of cash amounting to g.
$1,000 was somewhat la excess OF expert
calculations. The decrease OF almost $780,
900 In reserves reduced the surplus TO 1901
9e. the lowest figure since last May.
BANK STATEMENT CAUSED Loss.
Prices yielded very generally under the in
nuence of the bank statement, ST Paul and
Peoples Gas making the greatest losses.
with declines of a point or so elsewhere
than the active issues
A partial recovery was effected by some
of these stocks but the closing as a whole
was weak and heavy.
Barring a temporary halt the market for
the geek was generally strong and very
active. so much so as TO SugRpsI NJ times "A
return OF the boom periods OF the last few
years. With the resumption OF business on
Tuesday the entire list excepting a few
issues seldom IL ever exert any influence,
moved to a higher level. with Reading COM
mon in the lead.
The advance was well maintained On the
second day. resulting I'm a large number Of
new high records. The United States Steel
stocks. especially the common. were very
strong on London buying and general belief
of a speedy termination of the pending lIti-
CATION In the middle of the week the mar
ket received Its first douche. the primary
causes oeinS a sharp rise In call money,
which advanced to s per cent, fears of serf-
Gus injuries TO the President. hear rumors
resaruIhg inc cotton crop and repressive
measures applied by the conservative ele-
ment-
The chief feature of the week was Reading
common. which In the first two days was
dealt In on an enormous scale. with at
Iendant rumors OF competitive buying.
Later this stock lost the greater part OF its
gain on heavy selling by the specuIatiye
element, no less than TO the beiieS tba, De
lAE OEL+L I'LL Us
control Is now lodged with one of the main
trunk lines. Pennsylvania received consid-
etaoie attention on the second day, making
snarp gains. largely because Of its excellent
trainc returns as well as rumors crediting
1t with control OF Reading.
DECREASE EXPECTED.
Later In the week st. Paul and Missouri
Pacific assumed market Ieadership me
nrst named selling higher than ever before
"a reSiving rumors of a close alliance with
Missouri Pacific. The practicaI colisnse Of
the soft coal strike in Western VI ginia was
OF assistance TO the stocks in the group
which gained on the week with the hard
conditions such as Increased raflrosd cam
ings. many of which were noteworthy FOR
their gains. excellent crop reports ana an
aI.,arouno Ieeiing OF optimism. there was
ket. ma
London was a factor throughout the week.
3lthough on only one occasion did she buy
on balance The local banks nave LOST. ac-
eording to careful estimates, something
Ike 100000 during che week. &.O10o00 10
the subtreasnry: the balance TO the interior.
ployed by the Associated Banks, il e quite
unlikely that this loss will show to the full
extent In the weekly bank statement.
serves Is regarded as inevitable. IN seq
ond Hurry In call money was not OF long
duration, and the closing quotations for
money on demand was really the lowest OF
Time money. while in moderate demand.
was not loaned in any great volume be-
cause OF the higher rates for cali loans.
There were no DEVELOPMENTS n foreign ex-
charge. but runrors OF approaching gold
imports were hold Large dealings in semi
pa.heticaily the course Of the stock markef.
Dealings we're rather irregular and there
was a good undsrtone for the bond market
throughout, United States S coupon ana
new A. REGISTERED advanced Z per cent ana
the old q, coupon, per cent. as COM
pared with last weeks closing cali