The Washington times., 1902-10-05
MARKET BECOMES WEAK
AFTER BANK STATEMENT
Change in Tone Follows
Hesitanoy-Street Fails to
/, Note Conditions Not In
dicated by the Figures.
Bear Party Grows Pronoun-
ced, and Fair Short inter-
est Forms = Railways
Again Share in Activity.

NEW YORK. Oct. Am opening dis.
play of hesitancy in the stock market
gave way after the announcement of the
weekly bank statement to positive weak.
ness.
The sentiment in professional circles
was sufficiently blue to cause the fac
to be overlooked that the banks have
not made use of the ruling of the Sec
retary of the Treasury permitting then
20 loan up to the extent of % per cent
of the deposits of the Government ir
the depository banks. AS these deposits
are estimated at nearly s40.000.000 th,
banks have in reality about sl0.00O,oo(
surplus in addition to the reported sur
plus reserve of 81 Isis. 200.
Disappointment Manifest.
Speculative Wall Street was disap-
pointed at the showing made. The dras-
tic liquidation which occurred early In
the week would. it was believed, lead
to very considerable decrease in loans
Instead of such a development, however
the curtai:ment of loans amounted to
only sl,S1S,000, so that the reserve re-
quired, after reducing deposits to the
extent of $4,343, 100, was only s1,OS5, 77j
less than last week.
I II the amount which the banks have
on hand as safety fund had been. in
icluded in the surplus. the amount held
Co MI. ho
corresponding week of last year. when it
was about 81, ,000, 900. All considerations
in the market were lost sight of in view
of the failure of the Washington con-
ference to evolve some plan for set
Element of the anthracite coal strike. !.
!, Naturally, with existing money condi-
tions; and the perplexities of the coal
strike directly in view, the operators
and spectators in the market are in
clined to make haste slowly. The banks
find this temper among spectators quite
to their liking. 1t is now incumbent
upon the financial leaders to bridge sue
cessfully over present complications.
Money should begin to return to this
center in the middle of November. The
interior drain should stop in the latter
part of this month. 1t is likely that ac-
tivity will develop in the stock market
when the outgo of money ceases, without
waiting the period of the usual return
flow.
Bear Movement Pronounced.
Aside from the bank statement and
some stray fragments of rumor and gos
sin on the coal strike situation, there
was no news during the day. Trading
was well distributed. The railway shares
mcnopolized most of the speculative at
tentaon and with but few exceptions
theyisweres weak. very pronounced
bear party has developed among the
traders and already considerable short
interest has been built up.
The most pronounced activity IN the
railway list was in Atchison, st. Paul,
Erie, Missouri Pacific, Pennsylvania.
Reading, Southern Pacific. Southern
Railway and Union Pacific. Without ex-
ception these shares closed with de-
ciines ranging from slightly less than
one per cent 10 rs, WHICH WAS iue net
decline for Missouri Pacific.
Reading was the most active of tho
shares, its closing quotation
of 691s showing a net loss Of e% per
cent other anthracite issues we're ne
elected excepting Erie and Ontario and
Western, each of which lost about /
point
Bond Market Quiet.
Railway bonds were quite as uninter-
esting in their movements as stocks |
Ss per cent warrants.
Union PACIFIC convertibles, Green Bay
and Western debenture BIS and |
Wabash debenture BIS were The feat
ures.
Industrial shares, while relatively
ffrmer than the railway, were less ac-
tive Amalgamated Copper on email
held fairly steady.
On the curb" there was a curtailment
of activity and declines were scored by
Northern Securities, Rock Island Issues
and United States Realty shares Cop
per stocks we're steady. particularly
Montreal and Boston and British Co.