The age-herald., 1902-03-05
STOCK MARKET ON DOWNWARD COURSE Traders Quick to Take Profits
 on Small Turns SLIGHT RALLY NEAR CLOSE Growing Dimensions of Requirements Upon New York Cash Reserves
 Seemed to Be the Cause of
 Rather Acute Uneasineso.
SLIGHT RALLY NEAR CLOSE

New York, March 4.-Today's stock market for the greater part of the day represented the retracing of yesterday upward course in taking pronts on small turn which is characteristic or tne narrow professional market. Late Tn the day, however, the selling movement gained appreciabIe force and carried prices downward by rapid stages to the lowest of the day, making the close active and weak The market also broadened considerably in the late selling movement and the dealings were much better dls- tributed than at any other time during the day The standard stocks were as greatly affected as some of the minor specialtes which have lately been so conspicuous in the market.
 The growing dimensions of the require ments upon New York cash reserves seemed to be the cause of rather acute uneasiness manifested. The engagement of gold for export announced today for Thursdays and Sundays steamers and estimates of others likely to be made, in- dicate the probability of an outgo of So,- 0O0,0 900 or over this week to foreign shores.
  Francisco traction reorganization called upon It's subscribers today for 20 per cent payment on Thursday. This means the remittance to San Francisco at that time of about $4, 900 00O.. It is true that this opinion will mean an encroachment upon the country's available money supply, as the treasury authorities will pay out in San Francisco immediately the amount deposited in the sub-treasury in New York. But the operation involves a de- pletion of New York bank reserves never theless.
 The sub-treasury has already taken from the New York money market since Friday on routine operations S,11lOOO. With the surplus reserves of the last bank statement below $10,0000OO these fig- ures indicate sufficient requirement to wipe out the surplus entirely under the average systems of computation. It is expected that part of last weeks de- crease in cash reserve will be felt in this weeks bank statement. The confi- dence which has been felt in the con- tinued ease of the money market in face of these developing factors was partly based upon the belief in government bond circles that government bonds would be offered to the treasury departrn ent for redemption in case of any real need In the money market As a matter of fact bonds to the par value of $1,OOO,OOO was offered to the sub-treasury late today for which $1,121, 401 was paid in cash. But this did not seem to relieve the ap- prehenson of a money squeeze. It was noticeable also that the sterling ex- change market was affected by the offer ings of bills of gold exchange. The state ment of the Missouri Pacific for Janu- ary shows a decrease in net earnings of $51OOOO and caused an early sharp decline in that stock and affected the list by sympathy. offsetting the influence of various other favorable railroad re- ports, notably the extraordinary showing made by the annual report of the Penn sylvania The early market was largely one of specialties fin which Chicago and Northwestern was prominent, with a rise of 3h. Lackawanna became equally con- spicuous in the late dealing with a drop of 6A.
 The bond market was inclined to dull ness, but held comparatively steady Total sales par value 2,940000 United States old 4s advanced b on the last call.
 New York Stock Market.
 By Private Wire to Murphy & Co.,