The Indianapolis journal., 1902-09-07
STOCK MARKET REVIEW
BANK STATEMENT CAUSED A SLIGHT
DECLINE IN PRICES.
Partial Recovery Was Followed by
Weakness and Heaviness-Condi-
tions During Last Week.

NEW YORK, Sept. Elm the absence of
London quotations the local market was
without cue from any particular quarter
Nevertheless, the opening was decidedly
firm, with much strength of undertone.
The excellent showing made by Norfolk
& Western in it's annual report impaired
strength to that stock, as well as 10
others in the soft coal group but the up
ward movement in Ontario & Western,
following hard upon reports showing heavy
strike losses, was not altogether clear.
Readings displayed heaviness at the out
set, presumably as a result OF decline
in July earnings, but showed evidence of
the support closing with a net loss. st.
Paul and Missouri Pacific. leaders of the
previous day, were fairly active, While
the AtchiSons were strong, mucn OF the
buying being attributed TO Rock Island
interests. The move in Peoples Gas and
Brooklyn Rapid Transit appeared TO nave
its origin in the operations of promi-
nent commission house.
During the first hour advances were
scored by Republican Steel preferred, Nlr-
ginia-Carolina Chemical Cast-iron Pipe,
Minneapolis, St. Paul and Sault Ste. Marie,
SlOss-Sheftield Steel, Pacific Mail, Laclede
Gas and the Cotton-oil stocks.
The publication of the bank statement
was awaited with almost painful interest,
the list hating somewhat In anticipation
of a very unfavorable showing. In point
of fact the statement as whole, was a
faithful reflection Of the weeks opera
tions, although the loss of cash, amount
ing to s., 100000. was somewhat in excess of
expert calculations. The decrease or al
most $5,650,000 in reserves reduced the sur
plus to $1,097 $50, the lowest figure since
last May. Prices yielded very generally
under the influences of the bank statement,
ST. Paul and Peoples Gas making the
the greatest losses, with declines of point
or so elsewhere than the active issues. A
nar rf vya affected
these stocks named, but the closing as a
whole was weak and heavy.
Barring a temporary halt the market
for the week was generally strong and very
active, so much so as TO suggest at times
a return of the boom periods of the last
few years. With the resumption of busi-
ness on Tuesday the entire list, except
ing a few issues which seldom, if ever,
exert any influence, moved to a higher
level, with Reading common In the lead.
The advance was well maintained on the
second day, resulting in a large number
of new high records. The United States
Steel stocks, especially the common, were
very strong on London buying and gen.
eral belief of a speedy termination or
the pending litigation. In the middle or
the week the market received its first
douche, the primary result being rise
| in call money, which advanced to per
| cent, fears of serious injuries to the Presi-
| dent. bear rurnors regarding the cotton
| crop and repressive measures applied by
| the conservative elements.
| ing common, which in the first two days
was dealt In on an enormous scale, with
attendant rumors of competitive buying:
| Later this stock lost the greater part OF
its gain on heavy selling by the specula-
/ tive element, no less than to the BELIEF
| that its control is now lodged with one
| of the main Trunk lines. Pennsylvania
received considerable attention on the sec
| ond day, making sharp gains, largely be-
| cause Of its excellent traffic returns, as
| well as to the rumors credting ii with
| Of a
| St. Paul and Missouri Pacific assumed
marked leadership. The first named sold
/ higher than ever before and reviving
| rumors of a close alliance with Missouri
| Pacific. The practical collapse of the sort
| coal strike in West Virginia was of as
| sistance to the stocks in that group which
| gained on the week with the hard coalers.
Except for generally prosperous conditions
| such as increased railroad earnings, many
| of which were noteworthy for their gains,
| excellent crop reports and an all-around
feeling of optimism, there was little to
| account for the strength of the marke.
| London was factor throughout the week
although on only one occasion did she buy
| on balance.
The local banks have lost. according to
/ careful estimates, something like S6,JOO,OO>
during. the week, s4,O00,O0 to the sub
| treasury, the balance to the interior. AS
| a result of the system of averages en-
ployed by the Associated Banks it is quite
unlikely that this loss will show to the
| full extent In the weekly bank statement
though a further decrease of surplus re-
serves is regarded as inevitable. The sec
| ond furry in call money was not of long
duration. and the closing quotation foI
money on demand was really the lowest
for the week. Time money while ir
| moderate demand, was not loaned in any
| great volume because of the higher rates
| for the call loans There were no develop
ments in foreign exchange, but rumors OF
| approaching gold imports were held.
Large dealings in semi-speculative issues
| of bonds followed sympathetically the
course of the stock market. Dealings were
rather irregular and there was good un.
| dertone for the bond market throughout
| United States twos and threes coupon and
new fours registered advanced Il per cent
and the old fours common Ia per cent
| as compared with last weeks closing call
The following table shows the range Of