The age-herald., 1902-03-01
STOCK PRICES DRAGGED DOWNWARD Late Liquidation Was Neither
 Urgent Nor Serious BANKS LOST S6,0OO,OOO Net Losses of the Day Ran Over
 Point In Some of the Most
 Important Stocks-Bonds 3<.= Were Unchanged.
BANKS LOST S6,0OO,OOO

New York, February 2S-The forecast of the bank statement and the prospect of additional heavy runs upon the oahK reserves. oyercame the market today and dragged prices down. The decline towaro the latter part of the morning sno"eu more consistency than any pTeVious movement during the week. Prices ol aii classes of stocks were alike affected, ln- cluding t.,e minor specialties' among which there had been some snow or strength earlier in the day, and the leao- ing standard stocks, which had laln inert until the selling movement began. The liquidation was not urgent ana showed no signs of being serious, but 1t was thought best to be prepared for con- .tingencies in the money market and take fin all sail possible. These preliminary figures of the weeks cash movement as usually published on Friday. which lh- c,ude the known movement or money up to Thursday night, indicates that the banks have lost nearly s6,OOO,OOO In cash during the week. The exports Of gold called exactly for $9,513,S2S. The routine sub-treasury operations took SS93,lH. The regular express movement with the interior was in favor of New York to the extent of less than million dollars and today there was deposited with the sub-treasury 900 for transfer to Chi caeo, which would about wipe out the earlier gain by the banks. The loan item remains in the usual obscurity, but there has been no important stock hquloatioh'
 Syndicate subscriptions to the interior and the starch combination have been called and there Is a possibility that the gold exports represent the paying OH of foreign obligations and their transIer to local banks as was the case Wlth the last gold movement There is no great hope, therefore, of a very weak oahh turn tomorrow. Beyond that, the persist ent firmness of the foreign exchange mar ket indicates that further gold will go out by export next week. The first de- posit at the sub-treasury for transfer 10 the west is generally accepted as the slgn of the turning movement or currency away from New Y ork to meet the usual spring requirements in the interior NC" York exchange at Chicago. however re- covered today from soc discount to 2oc discount, The request to the treasury au- thoIitics for permission to deposit gold in Nov York to be drawn on at san Franrisco foreshadows a further move
 
 ment which promises to reach nearly Slo,- OOO.oG0 and which is connected with syndl- cate payments for street railway proper ties. With surplus reserves or the bank last Saturday are already down to the modest showing of SIP, 456,6SO the money outlook seems somewhat formida- ble for speculators on margin who are dependent upon the call loan market for accommodation with which to carry their holdings. On the other hand March in terest and dividend disbursements will be unprecedently large this year, estimates of the amount running to $570OO,OOO. The spectators, however evidently took the view that caution was desirable ana thev sold their holdings. The days net losses run over a point in some of the most important stocks
 New York Stock Market.
 By Private Wire to Murphy q Cn.