The Savannah morning news., 1902-09-20
STOCKS AND BONDS.

New York, Sept. EFF to-morrow's
bank statement does not make a strong
showing, spectators who bought
stocks to-day will be disappointed. The
buying was based on the expectation
that the surplus reserve of the banks
has been replenished as result of the
weeks events. The publication of the
usual preliminary estimates of the cash
movements of the week somewhat
chilled the hope of a good bank state
ment as a decrease in cash reserves of
upwards of SO, 600 was indicated. OF
this amount the sub-treasury has alb
sorOed some 81. 100000. including depos-
its of currency for Geographic transfer
to the interior.
The regular movement by express on
routine banking operations makes up
the rest, but it is not improbable that
there have been special movements of
money not included In these routine
operations. 1t is never possible to
forecast accurately the changes in the
loan item, but it is confidently believ-
ed in the street that there has been
large contraction in the loan account
during the week. The steadiness of
the call money market to-day in face
of the demand for loans to carry over
until Monday was strong indication
that the position of the banks is
strengthened. The leader of the mar
ket was to-day easily ST. Paul, which
was 5ia points over last night at one
time, with a sympathetic effect on the
whole list. The movement was unex-
planned, but the early tendency of Mis-
souri, Pacific to keep it company revived
rumors of an alliance between the two
systems.
There was setback in Missouri Pa
ciflc when the July ACKNOWLEDGEMENTS
! ings appeared, showing a decrease arr
| net of $3.50, 1876. The stock lost most of
| it's gain and the other Southwesterns
| turned rather heavy in sympathy. The
unfavorable cotton reports were also
| an influence upon that group. The fact
that a 4 per cent. dividend is included
in the price of St Paul was given as
an argument for it's strength and the
old comparison with the price paid for
| Burlington which was 200, was also
revived The continued rise above 200
of Rock Island furnished an additional
| parallel The contracts for the new Sc
curities were active and strong on the
curb. The reversal by the New Jer-
sey Court of Errors and Appeals of the
vice chancellor's decision against the
stock conversion and bond issue plan
of the United States Steel Corporation
| caused a squirt in its securities. The
! Pennsylvania group was strong and
! Canadian Pacific showed the effect of
| continued large earnings. the upward
movement of a number of minor in
| dustrials was due to special causes.
| Considerable realizing was accomplish
| ed on the advances and the market
closed irregular and below the best.
The bond market was quite active
and strong. especially for the ConsoH-
dated Tobacco As. Total sales. par
value. $3.50. O00 United States re-
funding rs. the 3s. new As and SIS
advanced 4 and the old as n per cent
| on the last call.
Total sales OF stocks to-day were
/ S29, 200 shares. including Atchison. "a
300: do preferred. 2.400. Baltimore and
! Ohio $1,000. Canadian Pacific. 24,700.
| Illinois Central, l2l00; Manhattan. "a
/ 100. Missouri Pacific. i09 800. Pennsyl-
yania. 1880; Reading. $500. ST. Louis
/ Southwestern. 5000: DO preferred. a.
/ 100: ST. Paul. 1890. do preferred, g.
/ 800. Southern Pacific. 20. 100. Texas and
/ Pacific. $500. Union Pacific 80 800.
/ Wabash preferred. s 100 National Lead
I = 800. United States Leather. r. 300
I United States Steel 81 200; do preferred
Z -. 100. Western Union. 500
Ass f0Fk si0ei. ana load List