Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-20
Stocks Opened Strong, but
Broke Later On.
BAD BANK STATEMENT
ACTIVE STOCKS WERE THE
HEAVIEST LOSERS.
The Outlook for the Immediate Future
is Not Altogether
Measuring.

Special Dispatch to The Evening Star.
NEW YORK. September 20.-The London
stock exchange was closed today.
In the local stock market the opening
showed a very firm tone, but the important
changes in the early dealings were confined
to few Of the issues which showed
much strength yesterday. ST. Paul being the
leader both in point Of activity and. with
few exceptions. in the tendency to advance.
the stock quickly gaining over one point on
heavy transactions, in which the buying
was again credited to the Standard Oil peo-
pie.
The rumor this morning in regard to the
stock was that through the purchase Of the
Smith holdings the Rockefellers had ac-
quired a dominating voice in the affairs Of
the company. St. Paul preferred stock also
gained over l per cent. Gould stock dis
played a very firm tone and Texas and Pa
cific-in that group-rallied easily.
Canadian Pacific was well bought and the
price quickly gained about 2 per cent Union
Pacific. Atchison. common and preferred,
Southern Pacific, all improved fractionaily
The local traction shares We're quiet but
displayed frmness. In the Industrial lists
United States Leather. rubber stocks and
the United States Steel issues all scored ad-
gas was a strong feature in the initial deal
ings and soon gained over 1 per cent
The feeling of confidence in regard to the
monetary situation which prevailed in the
early dealings was disspated when. on pub
LEGATION Of the weekly bank statement. 1t
was seen that the decrease in cash was
about S2,OOO,O0O more than the preliminary
estimates had figured it, and this was
quickly appreciated by a general selling
movement, in which the greatest losses
were scored by the stocks which had been
the standard leaders in the first hours
trading.
The gains in St Paul. Union Pacific,
Atchison and Missouri Pacific were more
than wiped out in most of these stocks, and
soma of them closed nearly a point below
yesterdays final prices. Louisville and
Nashville was also a conspicuously weak
feature, losing over per cent, while the
traction shares showed irregularities, but
with Manhattan and Metropolitan pretty
selling movement. The general market
closed weak and feverish, with the average
prices somewhat below last nights level.
Government bonds were unchanged, while
railroad bonds were firm.
Total sales Of stocks, $50. 200 shares; OF
bonds. 81 SIG 600.
The bank statement is as follows: Re-
serve decreased s.. 357 1875; loans decreased
81 ,964 $50; specie decreased. So, 76S, 100;
legals decreased, 81. 500. 600 deposits de-
creased, So, sss,aoo and circulation increas-
eU. $4S5,SO
1t will be seen by the above statement
that the banks have lost in cash 81 .331, 100,
loans have decreased 81. 1894 600 and the de-
posits show a decrease Of SIC sos 300. The
decrease in the last two items. though
large, were not sufficient to offset the I'M
expectediy heavy loss of cash. and the net
result is a decrease in reserve of s., 357, 125-
leaving that item 81 "a, $50 below the legal
requirements.
The statement is. OF course, a bad one.
and this, too, despite the steps taken by the
treasury officials during the past week to
relieve the situation, and the market re-
sponded to 1t promptly.
While the monetary situation seems to be
the only seriously unfavOrable factor on the
speculative horizon at present-barring the
anthracite coal strike-this in itself seems
sufficiently serious to warrant extreme eau
ton in making new ventures.