New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market liquidation was resumed in yes
terdaY's dealings and a consequence lower
level of values was esta blished. An unexpected
ly favorable bank statement checked for time
the downward tendency but before the close
renewed selling. especially in Louisville and
Nashville. unsettled values throughout the list
leaving final quotations al net losses in most
issues. The bank reserve required by law.
which week ago. showed a deficit of S16i205o
increased in the week S4.S1S.615. restoring the
amount held against deposits TO 25.3 per cent
compared with a6.7 at this time a year ago, and
26.4 in 1900 The increase in reserve was
brought about by an increase in cash OF
S7a07o0 a decrease of S12.:}31 900 in deposits
and a decrease Of So. 30 coo in loans. Loan
contraction represented the weeks liquidation
in stocks while the gain in cash reflected move
ments that were not included in Fridays esti-
mated figures. 4 loss of S4.He,ts1 in cash was
indicated. and the unexpected gain was doubt
less due 10 unrecorded local movements.
Total dealings were above 100000 shares with
the heaviest sales in Atchison. St. Paul, Louis
Vile and Nashville Manhattan. Missouri Pa
ciic. Pennsylvania, Reading. Southern Pacific.
Union Pacific and United States Steel. ST. Paul
lost 31s points. after maximum decline of As.
Louisville and Nashville lost AZ to 14S&s. the
closing price. Missouri Pacific declined from
III to 1143&. recovering most Of the loss before
the close its last price being only y point lower
than Fridays final level. In the industrial list
decided frmness was exhibited by Pressed Steel
Car which closed fractonally higher. There
was a good demand for American Car and
Foundry. which only declined fractionally. while
throughout the industrial list there no in
dication of the weakness that developed among
the railway shares The industrials have not
flepT1 fay
the attractive shares have been absorbed by
investors. and it is likely that in the next bull
market speculative interests will see the wisdom
of having Il line of good Industrial shares on
hand Buying of q per cent issues. such as
Pressed Steel Car preferred and American Car
and Foundry. means a return on the investment
of more than per cent. The enormous demand
by the railroads for rolling stock in the
last two years and the prospects for active
demand for years come make the railway
equipment company shares attractive.
The decline in yesterdays market, following
the advance on Friday. was doubtless encour-
aged by hint from the banks that resump
ton of bull activity was not desired at present.
Wall Street is not impressed with Secretary
Sh iw's offer TO buy the government > per cent
bonds at los. and it is not thought likely that
holders Will be philanth7opic enough TO sell
their rs at the Secretarys price. when better
quotation is bid in the open market. 1t is the
general opinion Of well informed bankers that
sufficient pressure may be brought to bear
Secretary shaw to induce him offer to buy
other series of government bonds at a price
equivalent to open market figures. II this were
done. from S1ooeoef0 To SoooeoOs0 of bonds
would he offered in this city at once II is quite
evident that relief TO the money market will not
result from the measures far proposed by
Secretary Shaw.