The Washington times., 1902-09-28
MARKET RALLIES ON
SHOWING OF BANKS
Eauorobie Statement Comes
as a Surprise After Easlp
Session = Violent and IL
Seguldr Price Mouen1enfs.
Qpenns Marked BY Uncer-
fanny, Foizowed by De-
clincs-Leaders Close at
Net Declines.

NEW YORK, Sept. 27.-Today's marke
was erratic In the extreme and mum
Der of more or less violent price move
n1ents occurred, the net result bein
fractional declines for the majority o
me list. Trading was on the basis o
over million shares for a full day
business and was we'll distributed.
An attack on prices by the trader
early, which was accentuated by pro
nounced weakness in Louisville an,
Nashville and to a lesser extent in St
Paul. and the down swing became gen
orally severe until the market made
complete change of front on the publ
cation Of the bank statement.
The exhibit profoundly surprised thu
street, being unaccountably as fayora
BILE as the statement a week ago ha,
been unaccountably unfavorable. Banl
presidents generally professed as mucf
mystification over the document as the
average layman. Loans decreased S13..
S52. 900 and deposits decreased $12, ,351 900
which was less than had been expected
in each item.
These changes, in view of the loss in
cash OF approximately s4,25o, 600, indi-
Gated by the movements Of money OF
which actual records are obtainable on
Friday each week, would have barely
brought the banks out whole in the mat.
ter Of reserve on this weeks operations.
The surprise was in the showing OF
cash. which increased 81 ,79o, 700, turning
the deficit of s1.s42.O5o reported. last
week into surplus of s., 1885, ,625. year
ago the surplus reserve was $16, ,293, OPS
and two years ago it was $12.942, 800.
Interest Anticipated.
Favorable financial developments to-
day included the announcement of a
leading banking house that it would an
ticipate the payment OF interest due Oc-
tober ], aggregating s14.00o,00o, the
United States Steel Corporation also an
ticipating the payment of over e$5, 900, 005
representing the regular quarterly div
fdend on its common stock, due Septem-
Der 80. 1t was stated today by an Off
cial of one of the principal banks in
this city. which is one of the largest
holders of Government deposits. that the
institution and practically all of the
other large Government repositories
will accept the offer of Secretary Shaw
to anticipate the interest on Gorern-
ment bonds up 70 the end of the pres
ent fiscal year.
statement an increased inquiry for for
eign exchange for next week was noted
and that market on the theory that the
bank figures indicated an easier condi-
tion of money next wees- closed firmer.
The stock market was unfavorably
affected early by an advance in the
posted sterling demand rate and by un-
certainty regarding the probable char
acter of the bank statement. Weakness
developed in Louisville and Nashville
from the start, on theories that the
current figure is too high for the minor
ity shares. 1t is known, however, that
some prominent interests have recently
made extremely favorable representa-
tions regarding Louisville and Nash
yille's prospects to their friends.
The stock lost about 4 per cent in the
early decline, and st. Paul sustained an
equal loss on denials OF the recent re-
ports of a probable new issue of capital
stock. incidental to which valuable
rights might be. given to the present
shareholders. The declines in the gen.
sral list approximated per cent.
Rally Follows.
After The publication of the bank
statement the market Immediately ral-
lied, the extreme advances extending to
about per cent in St. Paul, per cent
in Louisville and Nashville and Mis-
souri Pacific. and between ] and per
cent in a number OF other active shares
Louisville and Nashville afterward de-
yeloped fresh weakness, however, and
st. Paul also receeed, the result being
to again unsettle the general list.
Louisville and Nashville sustained a
net loss of AZ per cent, closing at the
lowest figure: the final loss in st. Paul
was 3h per cent. Other active stocks
which suffered net declines ranging from
small fractions TO 11s per cent or up
ward included Atchison issues, Balti-
more and Ohio, Canadian Pacific, Il
iinois Central, Manhattan Railway, Mis-
souri, Pacific, Southern Pacific. Reading
common, Pennsylvania. Southern, Union
Pacific, New York Central, Norfolk and
Western, and Erie.
The Industrial List.
In the industrial list, strength was
displayed by United States Steel issues,
sloes- Sheffield. and Consolidated Gas,
while In a number of other shares frac-
tional losses were sustained on mod
crate transactions.
The railway bond market was fairly
active, but price movements were ir-
regular in sympathy with the stock list. /,
The stock market closed unsettled
and rather heavy in tone.
New York Stock Exchange, Sept. a7.
The following table shows the highest.
lowest, and last prices of all stock sold |
On the stock exchange today. ahd the |
net changes from yesterdays closing |
prices:
fob I.nxr- I,et