New-York tribune., 1902-09-07
THE DAYS OPERATIONS IN STOCKS,

Notwithstanding the expectation of an IN
favorable bank statement. the stock market was
strong in the early dealings on fair sized VOL
u1le OF business. The publication Of the state
r1ent in the last half hour was followed by ffac
4ienal reactions in the greater number OF issues
and as q consequence final prices generally pre-
seated small net losses as compared Win n
dav's last quotations Cash holdings OF the as
s,cfa+ed hanks decreased by the average system
IS 7a5. 500. about 100000 more than prelin1-
i,,erv estimates. week ago. however the loss
a. shown by the statement was about s5oeV'oVo
under the known movement of money The pol
So of reducing loans was continued IN the
y-aaz the reduction in this item. however, not
t,pirg heavy enough TO offset as an influence on
s7,-7,lus reserve the loss in cash. Deposits oe-
creased SO 600.3 800. AS a result of all changes
reserve above legal requirements oecreaseo
s5f4a 725 TO s4.097.050. against S6.91o.e79 at
this time year ago and S26056,2a0 in I9i"'
The general understanding that preparations
have been made to prevent important olsIuIo-
ance in the money market encourages owners OF
securities 70 maintain a firm hold OF tnelr pos
session. Sentiment is not upset because OF the
rostion Of the Nev-York banks High rates
for money Will attract gold from abroad, and
calling Of loans due 70 the monetary situation
VIII affect adversely the weakly margined mold
e-S only. Reactions may develop this week. hut
The consensus Of opinion is that values vii
eventually work much higher than the current
level Declines in yesterdays market were IN
siz-lificant. Bear operators attacked the mar
ket but little genuine liquidation followed I'M:
3 a time for big margins. but not q time fo1
. fear and uneasiness- In the railway Lst MIS-
souri Pacific was we'll supported. It touched
higher. figure than on Friday and closed sub
stan+iary unchanged ST Paul broke a poln
after the appearance of the bank statement, bu
its final net loss was only fractional Reading
declined 1la per cent. but in the late dealings
recovered half the loss. Other changes were II
regular The feature of the local traction grouI
was Brooklyn Rapid Transit. which advanced
IlS per cent and closed near TO the best point
of the day The final changes were Irregular
hut the market ended fairly firm in tone.
There was a good demand for induStria
shares. notably Pressed Steel Car. Republic
steel United States Steel and Cast iron Pipe
preferred Profit taking sales caused a loss OF
point in Peoples Gas. but the stock was vel
absorbed on the decline. The demand for
Pressed Steel Car in the last few days has come
from excellent sources and higher prices are
predicted for the stock. AS the company is
earning upward Of 20 per cent on its common
stock. there is good reason for current bullish-
ness on this security American Grass Twine is
slowly moving higher on quiet buying for the
account of insiders and public investors The
conpany's earnings are double the amount re-
ported a year age. Peoples Gas stock has at
last begun TO move toward higher level and
good market judges believe that this issue
ought to sell many points above its current quo
1ation The Peoples Gas Company controls the
gas business Of Chicago, and, despite political
strikes against the company, dividends are al
,,.av,s Maid. while each years results show a
comfortable surplus above dividend require
ments