The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-20
st. PAUL LEADS THE
STOCK MARKET
7 Gained as Much as Five and q
Half Points.
lo-DAy's BANK STATEMENT
Much Depends Upon the Character and
Size Of the Totals Figured-Penn-
sylvania Group Strong-Large
Dealing in Tobacco Bonds.
.a.IInnn the Character and
nv Associated Press.l

NEW YORK. Sept. 12.-1f to-morrow's
sank statement does not make a strong
Knowing SPECTATORS who bought stocks
Today will be disappointed. The buying
vas based on the reason that surplus
reserves to the banks has been replen-
shed as result of the weeks transac-
ZION. The publication of the preliminary es-
innate of the cash movement OF the week
somewhat chilled the hope of good bank
statement, as decrease In cash reserves
pf upwards OF sS,ooovD was indicated.
OF TINS amount the sub Ireasuiy has ab-
torbed some S26t0,uJO including deposits
Of city banks for Geographic transfer to
the interior. The regular movement by
express on return banking operations
makes up the rest, but II is not lmprob-
Lbie that there have been shipments OF
money not included in these routine
operations. 1t is never possible TO fore
cast accurately the changes in the loan
item, but st is confidently believed in the
street that there has been a large con-
traction IN the loan account. The steadi-
hess of the call money market to-day. in
lace of the demand for loans to carry
over until Monday. was stated indications
that the position of banks is strengthened
The leader was easily st. Paul to-day,
which was 5ik points over last night at
pne time, with sympathetic effect on
the whole list. The movement was IN
explained, but the early tendency OF Mis-
runors of an alliance between the two
systens. There was a setback in Mis-
.ouri Pacific when the July statement Of
earnings appeared, showing 4 decrease
IN net OF s26S, 100; The stock lost most
sf It's gain, and the other Southwesterns
turned heavy in sympathy The unfaTor-
able cotton reports were also a darW on
that group.
The old comparison with the price paid
tor Burlington. which was 200. and an In
crease dividend was revived. The con-
tinued rise above 200 of Rock Island fur
h!shed an additional parallel. The con-
tracts for the new securities were &C.
live and strong on the curb. The rever-
sal by the New Jersey Court of Errors
and Appeals OF the vice chancellors de-
rision against the STOCK conversion ana
bond Issue plan Of the United States Steel
Corporation caused q squirt in its secu!f-
ties
The Pennsylvania group was strong and
Canada Pacific showed UP well on large
earnings The upward movement of
number OF minor industrials was due to
several causes. Considerable realizing
was accomplished on the advances. anu
the best
The bond market was quite active and
strong, and especially In Consolidated
Tobacco As.
The total sales of stocks for the day
were $4,000 shares, including Atchison,
1880: Baltimore and Ohio 80 900 Can
ada. Pacific. 24,700; Illinois Central ex-
right. l2.l00: Manhattan. 2i,1G0. Missouri
Ing, $500; ST. Louis Southwestern, 800:
St Louis Southwestern preferred. Q, 100:
ST. Paul. III, 800; St. Paul preferred. 500:
Southern Pacific. 20,530; Texas Pacific 25.-
National Lead. 1890; United States
Leather. 122oo: United States Steel. $1,000:
United States Steel preferred 2s,loO:
Western Union eS-divtdend. $500.