The Birmingham age-herald., 1902-08-24
STOCK OPERATORS SHOWS LANGUOR Decrease in Bank Reserves Has
 Effect on Market SOUTHERN WAS EFFECTED Believed That Road Is Now Arranging for Consolidation With L. 6 N.
 Interest In Morsar's
 Return.
 
SOUTHERN WAS EFFECTED

New York, August 2S-The interest in today's stock market was 1anguid in spite of some brisk operations on the part of speculative pools and substantial increase in the surplus reserves of the banks, which Is usually made signal for an upward movement of stocks. It did not escape notice, however, that the ac- tual reserves of the banks failed to show the expected small Improvement the turn in the tide of the sub-treasury operations having taken up entirely the contribution to the money market made earlier in the week so that the cash of the banks was decreased some s871OOo. The con- traction in the loans of S10, 100 shows that the funds which supplied the stock market during the week came from the trust companies and from proceeds of borrowing abroad as had been supposed. The action of the banks in reducing their loan account Is in expectation of the coming demand from the interior, which has recently set In for the season. The decision to postpone the dissolution of the Southern railway voting trust by re- Training from the declaration of the divi- dend on the preferred stock. had only a slightly depressing effect upon that com pany's stocks, as it is supposed to be a step towards the completion of the ar rangement with the Louisville and Nash vile. Colorado Fuel was cratic and be- came weak after an early advance. The newly arrived operator whose buying advanced Southern Pacific, published ex- tensive announcements to explain the faith he had, and the demand for Penn sylvania was supposed to come from the same source. The moderate advances that followed these movements and the publication of the bank statement met selling to realize.
 A somewhat vaccilating statement re- gaiding the speculative outlet has been fef1ected by the fluctuations of prices In the stock market during the week Conf- uence has continued unabated over the pr osperity of the general conditions In the country, but solicitude has been manifested d at different times over the resources of the money market to carry the present expanded credits through the period of expanded circulation of money in the country. The return to New York of J. P. Morgan after an extended vaea- tion gave rise to 2 revival of speculative animation which was followed by sharp reactions. As there has been speculation for some time past over the expected de- yelopments to follow MT. Morgan's re- turn, and as these developments were not announced immediately, the realizing Of profits was natural consequence, ac cording to the custom of speculative buyers. There can be no doubt that there are settlements outlined of im- portant problems which have awaited MT. Morgans approval and advice and which will have an important effect on financial affairs, but the hope professed in speculative quarters of the rapidity ard scope of these decisions was some what absurd.
 It Is evident, also, that the speculation alr eady has partly if not wholly discount ed the effect of some of these projects.
 The bond market was unsettled this week by the reduction of disbursements on the Central of Georgia first income bends from to per cent and resulting in active liquidation. The general market has been irregular and the important dealings were in ihe speculative values. United States new As and old 4s advanced F, the 2s advanced ss and the 5s A per cent as compared with the closing call of last week.